Tokio Marine’s international business has reported profit of JPY187.3 billion for the third quarter of the 2022 fiscal year, representing a slight increase in profit from last year’s JPY186.6 billion.
While profit was strong across most of its international entities, in Asia & Oceania, the firm did report a decline of JPY60.1 billion, compared to a profit of JPY21.7 billion from the same period last year.
However, North America produced the strongest performance with JPY226.6 billion, representing year-on-year growth of 46.8% from 2021’s JPY154.3 billion.
The rise in profit also comes as the firms international operations reported 43.7% year-on-year growth in net premiums written of JPY2,106.5 billion, compared to last year’s JPY1,465.7 billion.
Total Non-Life premiums came in at JPY2,003.6 billion, representing 44% year-on-year growth from the prior year period.
Meanwhile, in North America, Tokio Marine saw a strong combined ratio performance of 92.3%, despite the impacts of hurricane Ian, for its PHLY business. Additionally, its TMHCC business also reported a strong performance with controlled combined ratio at 87.9% 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 and measures including rate increases and raising amount of deductibles covering the deteriorating loss ratio for auto due to inflation.
Lastly, Europe also delivered a strong performance with favorable loss ratio except for natural catastrophes despite the transient effects of hurricane Ian, loss reserves for Ukraine & Russia conflict, and losses due to rise in interest rates.
