Despite a decline in total assets, Tokio Marine Holdings has reported an increase in ordinary profit and net income for the nine months ending December 31, 2024. The company has also revised its full-year profit forecast.
As of the end of 2024, Tokio Marine’s consolidated total assets stood at ¥30,519.3 billion, a decrease of ¥75.5 billion from March 31, 2024.
Ordinary income for the period rose by ¥615.0 billion year-on-year to ¥6,249.6 billion. The main contributors were underwriting income of ¥4,540.0 billion and investment income of ¥1,580.9 billion.
Meanwhile, ordinary expenses fell by ¥14.2 billion to ¥5,030.5 billion, with underwriting expenses accounting for ¥3,795.7 billion, investment expenses for ¥229.5 billion, and operating and general administrative expenses for ¥978.1 billion.
As a result, ordinary profit increased by ¥629.3 billion to ¥1,219.1 billion compared to the same period in the previous year. Net income attributable to owners of the parent rose by ¥377.7 billion to ¥895.2 billion.
In November, the company revised its full-year adjusted net income forecast upward by ¥40 billion, citing factors such as accelerated sales of business-related equities and strong international underwriting.
Earlier this year, the company also announced Masahiro Koike (pictured above) will succeed Satoru Komiya as president and CEO of Tokio Marine Holdings and group CEO of Tokio Marine Group.
In the domestic non-life insurance segment, ordinary income grew by ¥641.2 billion to ¥3,049.7 billion, while ordinary profit rose by ¥599.8 billion to ¥823.4 billion.
The domestic life insurance segment recorded a decline in ordinary income of ¥105.3 billion, bringing it to ¥345.9 billion. However, ordinary profit saw a slight increase of ¥0.7 billion to ¥35.9 billion.
For the international insurance segment, ordinary income increased by ¥211.9 billion to ¥3,058.3 billion, with ordinary profit rising by ¥28.6 billion to ¥353.2 billion.
With these results, Tokio Marine has adjusted its consolidated forecasts for the fiscal year 2024, now projecting an ordinary profit of ¥1,380.0 billion and net income attributable to owners of the parent at ¥1.0 trillion.
The company noted that global economic conditions showed overall recovery during the period. The US economy remained strong despite a gradual softening of the labour market, while the Eurozone experienced moderate improvement.
In contrast, China’s economy continued to slow, driven primarily by weaker consumer spending. Japan’s economy showed signs of weakness in domestic demand due to inflation, resulting in a moderate pace of recovery.
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