Tokio Marine’s international business produced a profit of 91.7 billion yen for the first quarter of the 2023 fiscal year, representing year-on-year growth of 37.2%, driven by a 35.2% rise in profit to 93.2 billion yen within non-life operations.
The rise in total profit comes as the firm’s international operations reports overall growth in net premiums written of 16.7%, year-on-year, to 686.8 billion yen, driven by expansion above plan in North America, and the implementation of growth measures by each business.
North America posted 465.3 billion yen, representing year-on-year growth of 15.4% from 403.2 billion yen.
Asia & Oceania reported 66.8 billion yen, compared to 60.1 billion yen from the same period last year.
Notably, non-life premiums spiked by an impressive 17.6% to 658.7 billion yen, while life premiums were flat at 28.1 billion yen.
Tokio Marine’s full-year predictions for profits and net written premiums within its international segment now stand at 376.0 billion yen and 2,654.0 billion yen, respectively.
In North America, Tokio Marine says that it exceeded plan across all of three businesses in Q1 2023, mostly as a result of strong underwriting supported by rate increases.
In Europe, progress is in line with plan as a result of supported rate increases.
The company also notes that profits in South & Central America significantly exceeded the plan mainly due to strong rate increases to cover a rise in loss cost in auto and the expansion of underwriting.
And in Asia & Oceania, the carrier notes profit progressed well against the plan mainly due to higher revenue in auto and overseas travel.
Meanwhile, in North America, Tokio Marine saw a combined ratio performance of 95.3%, for its PHLY business. Additionally, its TMHCC business reported a combined ratio of 87.8%.
