Tokio Marine’s international segment sees increased profits with 5.4% net premium growth

Tokio Marine Holdings has announced its results for the fiscal year third quarter of 2024 (January to September), highlighting strong growth in its international non-life insurance business.

Net premiums written for the international segment reached JPY 2,383.5 billion, a 5.4% increase compared to JPY 2,351.4 billion in Q3 2023. The company attributes this increase to the consistent execution of growth strategies across its various entities.

Within the international portfolio, North America operations contributed significantly, generating JPY 1,632.8 billion in net premiums written. This includes JPY 650.6 billion from TMHCC, JPY 440.7 billion from DFG, and JPY 458 billion from PHLY.

Performance varied slightly across its North American subsidiaries in Q3 2024. PHLY saw a combined ratio improvement to 93.8% from 94.1% in Q3 2023. However, DFG’s combined ratio increased slightly to 94.1% from 93.3%, as did TMHCC’s, rising from 87.2% to 88.6%.

Overall, international profits reached JPY 314.1 billion in Q3 2024, a 4.4% year-over-year increase. North American operations accounted for JPY 260.6 billion of this total, with TMHCC contributing JPY 77.9 billion, DFG JPY 105.1 billion, and PHLY JPY 65.4 billion.

The international non-life segment demonstrated particularly robust growth, with total profits of JPY 338.6 billion in Q3 2024, a 14.2% jump from JPY 296.6 billion in the same period last year.

On the other hand, Tokio Marine’s life insurance segment reported a loss of JPY 27.6 billion in Q3 2024, widening from a loss of JPY 2.4 billion in Q3 2023.

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