Tokio Marine Holdings has announced its financial results for the third quarter of the 2025 fiscal year, reporting that its international business profits reached JPY376.7 billion, a 19% increase compared to the same period they year prior.
This performance was driven by robust underwriting across all entities, as well as decreased capital losses in North America (c. +JPY30.0bn), and JPY depreciation (c. +JPY14.0bn), etc., despite the FX impact between foreign currencies (c. –JPY8.0bn).
TMH now expects its full-year results to exceed November projections by approximately JPY63.0 billion.
Despite a –JPY10.0 billion provision for prior-year reserves in specific lines. The outlook remains positive due to lower-than-expected capital losses in North America (c. +JPY27.0bn), favourable currency movements (c. +JPY25.0bn), and a decrease in natural disasters (c. +JPY20.0bn).
TMH also reported that the international non-life segment saw a profit of JPY382.6 billion in Q3 2025, a 13% increase compared to Q3 2024.
North America contributed JPY294.4 billion to this year’s Q3 total profits, experiencing a 13% increase when compared to the JPY260.6 billion reported in Q3 2024.
PHLY saw profits of JPY71.3 billion, increasing 9% from the prior year quarter. According to TMH, momentum remains robust for this business unit, underpinned by a consistently strong loss ratio.
TMHCC contributed JPY83 billion, an 6.5% increase from Q4 2024. Its performance was slightly behind what was planned as it was impacted by market softening, however the combined ratio remains solid at 88.0% by strict prioritisation of bottom line.
Momentum remains robust for Europe, which contributed JPY35.9 billion to the Q3 2025 total profits. It loss ratio remained strong, including below-plan natural catastrophe losses.
At JPY24.5 billion Asia & Oceania profits in Q3 2025 remained the same as Q3 2024. TMH noted that this unit’s progress exceeded the plan as strong loss ratios in Thailand and Malaysia, among others, more than offset the deterioration in India.
South and Central America contributed JPY29 billion. Momentum remains robust as the loss ratio remained strong, including below-plan natural catastrophe losses.
Total net premiums written across international business reached JPY2,604.9 billion in Q4 2025, a 9.4% increase from Q3 2024. NPW progressed steadily towards the November projections, Tokio Marine noted. YoY increase of +4.8% was driven by strong underwriting expansion at PHLY, DFG, and TMSR (Brazil).
Total non-life premiums written in the quarter increased by 9.6%, to JPY2,501.3 billion, compared to Q3 2024. Life net premiums written went up slightly to JPY103.6 billion, a 5.9% increase.
North America contributed JPY1,790.2 billion to the total non-life premiums written in Q3 2025. PHLY continued strong performance due to rate increases (3Q results: +9.5%) and new businesses, etc. DFG continued strong underwriting for group life and disability, etc.
TMHCC fell below the plan due to continued softening in some lines of business while strictly prioritizing bottom line (Q3 rate increase: -1.1% (excl. A&H, Surety, and Credit)); core MSL business remains robust.
Europe contributed JPY187.3 billion, South & Central America contributed JPY270.1 billion, Asia & Oceania contributed JPY214.9 billion, and the Middle East & Africa contributed JPY38.6 billion.
According to TMH, PHLY continued strong performance due to rate increases (3Q results: +9.5%) and new businesses, etc. DFG also continued strong underwriting for group life and disability, etc.
New business underwriting in Europe remains stable despite some softening trends in certain lines. Meanwhile, South & Central America maintains robust momentum, driven by strong commercial lines underwriting, even as core auto insurance faces aggressive price competition.
Asia & Oceania performed slightly below the plan, primarily due to underperformance in auto insurance in India, etc.
