Tokio Marine’s international business has reported profit of JPY300.8 billion for the third quarter of the 2023 fiscal year, representing an increase in profit from last year’s JPY187.3 billion.
Profit was strong across all its international entities, Asia & Oceania produced a net profit of JPY23.6 billion, representing year-on-year growth of 83.7% from 2022’s loss of JPY60.1 billion.
The rise in profit also comes as the firm’s international operations reported 11.6% year-on-year growth in net premiums written of JPY2,351.4 billion, compared to last year’s JPY2,106.5 billion.
Total Non-Life premiums came in at JPY2,259.0 billion, representing 12.7% year-on-year growth from the prior year period.
Meanwhile, in North America, Tokio Marine saw a strong combined ratio performance of 94.1% due to rate increases and takedown of prior year loss reserves, despite the impact of Nat Cats, and steady investment income, for its PHLY business.
Additionally, its TMHCC business also reported a strong performance with controlled combined ratio at 87.2% while achieving a steady investment income.
Elsewhere, in South & Central America, Tokio Marine produced Strong performance with the continued strong underwriting and investment income from the first half (however, some impact of intensified competition in auto and torrential rain, etc., is appearing in 4Q).
Lastly, Europe also delivered a strong performance with combined ratio at 84.1%, maintaining steady underwriting.
