Tokio Marine Holdings has announced its full year results for the 2025 fiscal year, reporting a 9.5% (excluding FX effects) year on year increase in its International business profits, rising to JPY473.9 billion from JPY428.4 billion.
Despite the annual growth, this final figure represents a JPY50.1 billion decline compared to February projections. The dip was largely driven by an increase in reserve provisions related to the Greensill litigation in Australia.
The standard adjustments leading to this figure were notable. In February, preliminary figures had been bumped up to JPY 524 billion from November projections of JPY 461 billion, following decreased capital losses in North America, Japanese Yen depreciation, and decrease in natural catastrophes losses.
Overall, the non-life segment saw a 2025 profit of JPY489.2 billion in FY 2025, a 5.4% year on year increase. However, the Life segment saw fell to a loss of JPY28.7 billion, an improvement on the prior year’s loss of JPY44 billion.
Regionally, North America was a major profit driver, surging 18% year on year to profit of JPY428.4 billion. Within this market, PHLY profits stood at JPY105.5 billion, a 19% increase. According to the company, this “record profit” was driven by strong underwriting.
DFG profit grew 46.5%, to JPY188.4 billion, driven by strong underwriting, investment income, and decrease in capital losses. TMHCC profits were JPY122.1 billion, a 3.9% decrease year on year, mainly due to the negative impact of FX effect between foreign currencies; excluding this impact, both underwriting and investment performance remained solid.
Europe experienced an increase of 6.1% to JPY40 billion, mainly due to favourable loss ratio despite the FX effect between foreign currencies. South & Central America profits stood at JPY37.9 billion, a 7.2% increase, normalising after an exceptionally strong previous year and intensifying price competition.
Meanwhile, Asia Oceania saw its profits decrease 153.4% to a loss of JPY16.5 billion. While operations for Malaysia and Taiwan increased, driven by strong underwriting, overall profits decreased mainly due to increase in reserve provision relating to the Greensill litigation in Australia.
The firm’s International operations also reported a 6.1% year on year increase to JPY3,574.0 billion in net premiums written for 2025, a figure that closely aligns with November projections of JPY3,366.0 billion.
Total non-life net premiums written in 2025 climbed 6% to JPY3,422.2 billion, while life net premiums written also rose to JPY151.7 billion, a 9.5% increase.
By segment, North America saw its net premium written go up 3.8% year on year to JPY2,418.2 billion. At JPY698.6 billion, PHLY increased 6.5%, driven by strong rate increases and expansion of new businesses.
DFG net premiums written increased 3.6% to JPY658.9 billion, due to strong underwriting for P&C (excess WC) and life (disability/group life). TMHCC’s grew 1.6%, to JPY919.7 billion, driven by continued robustness of core MSL business, despite softening in some lines of business (FY2025 rate increase: -1.3% (excl. A&H, Surety, and Credit).
For Europe, net written premiums increased 3.5% to JPY264.6 billion. At JPY374.6 billion, South & Central America’s net written premiums increased 22.9%, driven by strong underwriting in auto insurance and commercial lines, etc. Asia & Oceania stood at JPY308.4 billion, an increase of 5.7% due to strong underwriting in Malaysia.
