Tokio Marine’s international business has posted 16.6% growth in net premiums written to 934.7bn yen ($5.9bn) in the first quarter of fiscal 2026, with underwriting performance remaining broadly ahead of plan despite pockets of deterioration, including losses tied to the Middle East conflict.
According to Tokio Marine, the increase leaves it broadly on track against its full-year target of 3.762tn yen, with Q1 2026 NWP growth broadly in line with plan.
North America accounted for 632.1bn yen of Q1 2026 NWP, up 15.4% year on year. Specialty P&C NWP increased 13%, while employee benefits rose 21.8%.
LATAM recorded the fastest growth among the major regions, with NWP up 33.6% to 106.5bn yen in Q1 2026, while APAC rose 18.5% to 104.4bn yen. EMEA increased 11.4% to 77.2bn yen.
Meanwhile, the insurance-related profit before tax of Tokio Marine’s international business rose to 133.4bn yen ($836m) in Q1 2026, from 111bn yen a year earlier, an increase of 20.2%.
North America was again the main contributor, with insurance-related profit rising 19.5% to 105.1bn yen.
The international segment’s combined ratio improved marginally to 88.8% in Q1 2026 from 88.9% a year earlier, with the underlying performance benefiting from a lower natural catastrophe contribution.
Nat cat losses accounted for 0.9 percentage points of the ratio, down from 1.6 points a year earlier.
Outside North America, results were mixed, with EMEA insurance-related profit dropping 81.9% to 1.5bn yen in Q1 2026, leaving the region behind plan after large losses related to the Middle East conflict.
Tokio Marine said underwriting performance excluding those losses remained robust. The region’s combined ratio consequently deteriorated to 98% from 87.3%.
Elsewhere, LATAM was the strongest growth market, with insurance-related profit more than doubling to 18bn yen in Q1 2026, up 130% in reported terms.
The region remained ahead of plan despite intensifying price competition, with Tokio Marine pointing to a favourable loss ratio and continued underwriting discipline. Its combined ratio improved to 84.6% from 91%.
Finally, APAC insurance-related profit rose 47.6% to 12.1bn yen in Q1 2026, driven by strong performance in Malaysia, Singapore and Taiwan. Its combined ratio improved by 3.9 percentage points to 87.6%.
The stronger underwriting result also fed through to international adjusted net income, which increased 9.2% to 164.3bn yen.
