Tokio Marine Holdings has said it saw net premiums written in the US jump over a quarter between the end of 2020 and the end of 2021.
The firm, said in its latest results, that net written premiums totalled $1,378.9m in 2021, up from $1,095.8m in 2020. This represented an increase of 25.8% year on year. The story internationally was an increase of 21.3% between 2020 and 2021, with non-life premiums written jumping 21.8% and life premiums increasing by 12.4%.
A presentation from the firm said that these exceeded projections and were primarily driven by North American entities such as TMHCC. The company also singled out solid renewal ratio and new policies, rate increases, a strong performance in excess workers’ compensation (non-life) and group life/disability, and rates increases under a favourable environment.
Success in Europe, it added, was driven by rate increases and implemented profitability improvement measures such as disciplined underwriting on unprofitable lines.
Adjusted net income for 2022 is, said Tokio Marine, expected to rise by JPY 44.6bn (9%), due to the anticipated continued improvement in domestic fire insurance, improvement in underwriting results overseas through the disciplined underwriting practices including rate increases, and an increase in investment income.
It also laid out several key factors for change. It said that in the US, it predicted an increase. Europe, meanwhile, is ‘likely to fall on a local currency basis’. Similarly, falls were also predicted south and central America, Asia and Oceania, and in its life insurance business.
