Tokio Marine’s international segment sees Q1 net premiums swell 18.5%

Tokio Marine’s international business saw total net premiums written in Q1 of 2024 reach JPY 813.6 billion ($5.62 billion), driven by strong rate increases and new businesses in North America alongside the steady implementation of growth measures elsewhere.

Of the total net premiums written figure, North America operations made up JPY 568.9 billion in Q1 of 2024, of which TMHCC contributed JPY 241.6 billion, DFG JPY 154.4 billion, and PHLY JPY 144.6 billion, all 20%+ improvements over last year.

At the same time, Tokio Marine international reported a strong underwriting profit from rate increases in Q1 of 2024, with investment income gains from AUM growth offsetting slightly higher-than-plan capital losses, resulting in total business unit profits exceeding plans.

The international’ business’ total profits for Q1 of 2024 were JPY 125.1 billion, up 36.4% from the same period last year. Again, North American operations shone, with a notable 63.3% increase year over year for TMHCC.

Looking more closely at this section of the international arm, TMHCC boasted an underwriting profit of JPY 24.4 billion in Q1 of 2024, with an 86.1% combined ratio down from 87.8% in Q1 of 2023.

This combined ratio improvement occurred despite net incurred losses increasing to JPY 121.4 billion in Q1 of 2024, including higher natural catastrophe losses.

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.