Overall profits from the international operations of re/insurance holding company Tokio Marine rose by $358 million to $526 million in the first quarter of 2021’s financial year.
Year on year, profits rose primarily due to a reversal from COVID-19’s effects but was impacted by $133 million in natural catastrophe costs.
The firm expects to report profits of $1.5 billion for the full financial year.
Meanwhile, the Tokio Marine hit $4.1 billion worth of Net Premium Written, over $362 million more than the prior year period, when the company reported $204 million in NPW.
In North America, natural catastrophes exceeded plans by over $543 million due to the Texas winter storm.
Life insurance profitability improved thanks to a decrease in underwriting reserves associated with rising interest rates in Singapore and Malaysia.
The biggest year-on-year improvement across the international arm was non-life, which jumped from a prior year first quarter profit of $198 million to $511 million.
