Tokio Marine’s international business posted a 29.8% rise in total net written premiums (NPW) to 2,570.4 billion yen at FY22, compared with 1,980.6 billion yen a year earlier.
North America produced the strongest performance with 1,754.3 billion yen, representing year-on-year growth of 27.2% from 2021’s 1,378.9 billion yen.
Asia & Oceania reported 244.1 billion yen, compared to 196.2 billion yen from the same period last year.
Total non-life premiums written jumped 30.0% to 2,438.7 billion yen and life premiums increased by 25.5% to 131.7 billion yen.
A presentation from the firm said that these figures exceeded November projections primarily led by the strong underwriting through North American entities.
Meanwhile, in North America, Tokio Marine saw a strong combined ratio performance of 93.8%, due to takedown of past reserve, despite the impact of Nat Cats, for its PHLY business. Additionally, its TMHCC business also reported a strong performance with controlled combined ratio at 87.1% while achieving a steady premium increase.
Elsewhere, in South & Central America, Tokio Marine produced a solid performance with strong investment income mainly from inflation-linked bonds held for hedging purposes covering the deteriorating loss ratio for auto due to inflation, and measures including rate increases and raising amount of deductibles.
Lastly, Europe also delivered a strong performance except for the one-off effects of Hurricane Ian, loss reserves for Russia & Ukraine conflict and losses due to a rise in interest rates, etc.
