Reinsurance News

Tokio Marine triples international profits through Q3

14th February 2022 - Author: Matt Sheehan

Re/insurance holding company Tokio Marine has reported profit of 186.6 billion yen (USD 1.6 billion) for its international business at the third quarter mark of the fiscal year, more than three times as much as it recorded for the same period in the previous year.

Tokio-Marine-LogoThe unit’s Q3 performance made progress above November projections which had conservatively incorporated natural catastrophes, and profits were also helped by a reversal of COVID-19 effects.

Profits came almost entirely from the non-life segment of the international business, which increased 178.5% over the previous year.

Total net written premiums within the international segment came to 1,465.7 billion yen (USD 12.7 billion), representing a 16.9% increase over the previous year.

Tokio Marine’s full-year predictions for profits and net written premiums within its international segment now stand at 202.0 billion yen (USD 1.8 billion) and 1,887.0 billion yen (USD 16.4 billion), respectively.

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In North America, Tokio Marine saw strong underwriting performance with controlled combined ratio at 88.7% at its TMHCC business, while achieving steady premium increase.

Also in North AMERICA, Insurance underwriting at PHLY achieved strong combined ratio of 95.5% due to profitability improvement measures, rate increases, and takedown of past reserves, etc., despite the impact of natural catastrophes.

And life insurance also performed strongly at Delphi despite the impact of COVID-19 which was within expectation. Here, investment maintained strong yields as the revenue driver leveraging asset management capabilities.

Meanwhile, in Europe TMK saw rate increases alongside continued measures to stabilize earnings including reinsurance and
disciplined underwriting and made progress as expected. South & Central America achieved solid increase by steadily capturing strong market growth, and Asia & Oceania also achieved solid increase due to reversal of COVID-19 effects.

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