Japanese reinsurance group Toa Re has reported that net income for the fiscal year ending March 2024 was 15.5 billion yen ($97.4 million), marking an increase of 13.1 billion yen ($82.3 million) compared to the previous fiscal year.
Toa Re reported that its ordinary income for fiscal year 2024 decreased by 20.2 billion yen, totaling 329 billion yen ($2.07 billion).
This decline was primarily due to a reduction in underwriting income, which fell by 32.4 billion yen from the previous fiscal year to 296.2 billion yen ($1.86 billion).
This included net premiums written of 280.8 billion yen ($1.76 billion).
In contrast, investment income increased by 12.4 billion yen to 32.6 billion yen ($204.9 million), while other ordinary income remained stable at 0.2 billion yen ($1.3 million)
Meanwhile, Toa Re reported that ordinary expenses decreased by 38.2 billion yen to 307.8 billion yen ($1.93 billion), as a result of underwriting expenses decreasing by 28 billion yen from the previous consolidated fiscal year to 288 billion yen ($1.81 billion), including net claims paid of 229.5 billion yen or $1.44 billion, investment expenses decreasing by 8.9 billion yen from the previous consolidated fiscal year to 4.7 billion yen ($29.5 million), operating expenses and general and administrative expenses decreasing by 1.0 billion yen from the previous consolidated fiscal year to 15 billion yen ($94.3 million), and other ordinary expenses increasing by 37 million yen.
According to Toa Re, ordinary profit increased by 17.9 billion yen from the previous consolidated fiscal year to 21.1 billion yen ($132.6 million).
The firm’s Total assets as of the end of this consolidated fiscal year increased by 115.6 billion yen compared to the end of the previous consolidated fiscal year to 1,021.4 billion yen ($6.42 billion)
Net assets as of the end of this consolidated fiscal year increased by 93.3 billion yen compared to the end of the previous consolidated fiscal year to 289.6 billion yen ($1.82 billion).
