Tokio Marine releases quarterly results update
Tokio Marine releases quarterly results update | Insurance Business Australia
Insurance News
Tokio Marine releases quarterly results update
Underwriting income and investment income both up
Insurance News
By
Terry Gangcuangco
Tokio Marine Holdings has released its earnings report for the quarter ended June 30, which is considered the first quarter in the international insurer’s financial results reporting.
In the three-month period, Tokio Marine posted a 12.5% increase in the group’s ordinary income – from ¥1.62 trillion in 2022 to ¥1.82 trillion this time around.
Of the ordinary income in Q1, ¥1.47 trillion was underwriting income; ¥317.46 billion, investment income; and ¥38.18 billion, other ordinary income. All three figures were higher compared to their corresponding amounts a year ago.
Ordinary profit, meanwhile, saw a 0.1% decline to ¥171.36 billion. Also, according to Tokio Marine’s summary of its consolidated business results, net income attributable to owners of the parent fell by 1.4% to ¥127.95 billion.
As for the insurer’s adjusted net income, Tokio Marine enjoyed a positive result, which it attributed to robust growth of domestic non-life, fire insurance profitability improvement, expansion of specialty insurance, strong international insurance underwriting, and increase in investment income.
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