Tokio Marine international business profit rises 3.2% in Q1 FY25

Tokio Marine Holdings has announced its financial results for the first quarter of the 2025 fiscal year, reporting a 3.2% rise in its international business profit to JPY 126.3 billion, while its international non life business profit decreased 12.3%, to JPY 113.7 billion.

The company noted that its overall profit remained mostly steady as planned, despite the impact of LA wildfires, which resulted in a JPY27.4 billion loss, and a negative foreign exchange (FX) effect of approximately JPY6bn.

These losses were offset mainly thanks to strong underwriting by DFG and TMSR, as well as lower-than-plan capital losses in North America (c. JPY12.0 billion), and profit increase in Asian Life due to market fluctuation (JPY11.8 billion).

Tokio Marine’s key North American subsidiaries, including PHLY, DFG, TMHCC, TMK, TMSR and Pure, outperformed their local plan by about JPY8.0bn in Q1 (of which, underwriting profits c. JPY1.0bn).

The firm noted that H1 results are expected to outperform their local plan by approximately JPY 28.0 billion (of which, underwriting profit around JPY 10.0 billion).

The North American business contributed JPY 80.1 billion to the company’s total profit in Q1 2025. This figure decreased 22.9% compared to Q1 2024. Europe contributed JPY 13.3 billion, which was a 40% increase when compared to Q1 2024.

Asia & Oceania, Middle East & Africa also experienced growth, reaching JPY 8.8 billion and JPY 0.9 billion respectively. On the other hand, South America & Central America saw a 9.0% decrease, to JPY 10.1 billion.

Performance varied slightly across the company’s North American subsidiaries in Q1 2025. PHLY saw a 3.4% increase in net premiums written to JPY 149.5 million compared to Q1 2024. Incurred losses were JPY 8.7 billion, with nat-cat losses contributing JPY 17.8 million. Underwriting profit went down 61.1%, to JPY 3.2 billion compared to Q1 2024. Combined ratio improved to 97.9% in Q1 2025, 3.5pt.

DFG net premiums written increased to JPY 161.1 million in Q1 2025, 4.3% up from Q1 2024. Incurred losses were JPY 100 billion, up 8.9%. Underwriting profit improved 12.1%, to JPY 10.0 billion compared to Q1 2024. Combined ratio went down slightly to 93.5% in Q1 2025, 0.2 pt.

TMHCC net premiums written went down slightly to JPY 236.0 million in Q1 2025, 2.3% lower compared to Q1 2024. Incurred losses were JPY 127.5 billion, up 5.0%, with nat-cat losses contributing JPY 9.1%. Underwriting profit went down significantly, 70.9%, to JPY 7.1 billion compared to Q1 2024. Combined ratio increased 5.2 pt to 91.3% in Q1 2025.