Tokio Marine Holdings delivers financial results

Tokio Marine Holdings delivers financial results | Insurance Business Canada

Insurance News

Tokio Marine Holdings delivers financial results

All business segments see lower net income

Insurance News

By
Terry Gangcuangco

Tokio Marine Holdings has published its financial results for the year ended March 31, 2023 (fiscal year 2022).

Metric

FY22

FY21

Ordinary income

¥6.6 trillion

¥5.9 trillion

Ordinary profit

¥503.9 billion

¥567.4 billion

Net income attributable to owners of the parent

¥376.4 billion

¥420.5 billion

Highlighting the company’s efforts to expand its domestic and overseas operations, Tokio Marine reported an underwriting income of ¥5.6 trillion and investment income of ¥875.4 billion.

Across the board, however, all three segments – domestic non-life, domestic life, and international insurance – posted decreases in ordinary profit and net income attributable to owners of the parent.

Moving forward, Tokio Marine is expecting an improved set of numbers.

“The company’s consolidated business forecasts for the fiscal year 2023 are ¥750 billion for ordinary profit and ¥530 billion yen for net income attributable to owners of the parent,” Tokio Marine said. The forecasts are based on the following assumptions:

“Net premiums written and life insurance premiums are projected to be ¥4.6 trillion and ¥1 trillion, respectively. Net incurred losses related to natural catastrophes occurring during the period are projected to be ¥76 billion in Japan and ¥68 billion yen outside Japan.”

The insurance group is also not expecting significant changes in interest rates, stock market conditions, and exchange rates in FY23.

What do you think about Tokio Marine’s financial results? Share your thoughts in the comments below.