Tokio Marine HCC has reported a 35.6% increase in net premiums written in its Q2 2022 financial year results to JPY 367.5 billion ($2.63bn).
Net premiums earned saw an even larger increase year over year of 46.8%, totalling JPY 327.4 billion ($2.34bn) compared to JPY 223 billion ($1.6bn) in 2021.
Tokio Marine HCC’s underwriting profit for the quarter sits at JPY 36 billion ($257 million), a 106.3% increase from JPY 17.4 billion ($124 million) in Q2 of 2021.
Meanwhile, the firm’s combined ratio was 87%, down slightly from Q2 of 2021 where it was 88.3% as both loss and expense ratios saw slight declines to 64.7% and 22.2%, respectively.
Tokio Marine HHC reported net incurred losses of JPY 211.9 billion ($1.5bn) for the quarter, an increase of 45.2% from the previous year of JPY 146 billion ($1.04bn)
The estimated net incurred losses related to Hurricane Ian for the Group is approximately JPY 33.bn ($236 million).
The firm notes that its North American business is diversified around specialty lines and its losses are relatively small comparing its market share in North America.
It adds that it exceeded original projections due to increased top-lines from rate increases and an increase in underwriting, and a decrease in natural catastrophes.
