Total non-life profits from the international operations of re/insurance holding company Tokio Marine rose by 199.2% to $1.1bn in the second quarter of 2021’s financial year.
The improved performance was driven by North America, although a better result was also evident in its European operations.
According to Tokio Marine, its international operations were also boosted by a reversal from COVID-19 effects, while its investment and underwriting performance greatly exceeded plans.
The company attributes the improved profit to a strong underwriting and investment performance in North America, aided by fewer-than-expected natural catastrophes. At the same time, non-life net premiums written (NPW) were reported at roughly $7.8 billion compared to roughly $6.9 billion for FY20 Q2.
In North America, the firm attributes the growth in premiums to rate increases and new business above plans.Despite continuing underwriting with a focus on profitability, performance is tracking above original projections, says the firm.
In Europe, higher premiums were a result of rate increases despite ongoing disciplined underwriting and heightened reinsurance use to stabilise earnings.
