Tokio Marine’s international business posts 99.8% rise in profit in FY23

Tokio Marine Holdings’ international business has reported a 99.8% increase in profits for 2023, at JPY 436.9 billion, which the company attributes towards a strong underwriting result, as well as investment income, and the reversal of the impact of COVID-19 in Taiwan.

North America produced the strongest performance at JPY 359.9 billion, representing year-on-year growth of 29.3% from 2022’s JPY 278.2 billion.

While Asia & Oceania bounced back from last year’s JPY 87.3 billion decrease, and produced JPY 30.0 billion.

Moving towards net premiums written (NPW), Tokio Marine Holdings’ International business posted a 13.2% rise from last year’s JPY 2,570.4 billion figure, as it reached JPY 2,910.0 billion for FY23.

Once again, North America produced the strongest performance at JPY 1,946.8 billion, compared to JPY 1,754.3 billion from the previous year.

South & Central America also saw a notable performance, climbing 34.4% from the previous year’s JPY 230.6 billion, to reach JPY 310.0 billion.

Meanwhile, in North America, Tokio Marine saw a strong combined ratio performance of 91.9%, which consisted of a 31.6% expense ratio and a 60.3% loss ratio, for its PHLY business.

Further, its TMHCC business also reported a solid performance, with a combined ratio of 86.7%, which included a 24.6% expense ratio and a 62.1% loss ratio.

Elsewhere, Europe also delivered a combined ratio of 85.7%.

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