Tokio Marine posts 10% increase in NPW for FY24

By Rebecca Delaney

May 20 - (The Insurer) - Tokio Marine has posted net premiums written (NPW) of 5.31 trillion yen ($36.80 billion) for the 2024 fiscal year, with the group targeting an increase to 5.45 trillion yen for the 2025 reporting period.

• Domestic NPW of 2.71 trillion yen, international business accounts for 2.60 trillion yen

• Japan P&C posts normalised profit of 137.9 billion yen for FY24

• Tokio Marine International profit up 6.6% year on year

• FY25 projections: group adjusted net income of 700 billion yen

Of reported NPW for 2024 (which marked a 10% increase from FY23), 2.71 trillion yen was attributable to the domestic business, with international entities accounting for 2.60 trillion yen of NPW.

The latter was in line with the projections communicated by Tokio Marine in November 2024, and marked a year on year increase of 6.6%.

Tokio Marine HCC posted NPW of 905.6 billion yen, a 17.1% increase from the prior-year period.

For the 2025 fiscal year, Tokio Marine has projected 3% NPW growth to 5.45 trillion yen, divided between the domestic (2.81 trillion yen) and international (2.64 trillion yen) segments.

In the Japan P&C unit, profit on a normalised basis totalled 137.9 billion yen, driven by positive foreign exchange impacts, a decrease in large losses, and the effects of revised rates and products for fire insurance.

Tokio Marine's international segment reported normalised profit of 478.2 billion yen, marking a year on year increase of 6.6% driven by yen depreciation, partially offset by capital losses in North America and higher nat cat losses.

Nat cat losses in the international business unit were driven by Hurricanes Helene and Milton, with Tokio Marine reporting net incurred losses before tax of 19.9 billion yen and 11.0 billion yen respectively.

Tokio Marine is targeting business unit profit of 147.0 billion yen and 477.0 billion yen in its Japan P&C and international segments respectively for the 2025 fiscal year.

The group reported adjusted net income of 608.9 billion yen, up 6% driven by the positive impact of yen appreciation on Japan P&C results.

Adjusted net income is projected at 700 billion yen for the 2025 fiscal year, marking a 3% increase from the prior year on a normalised basis.

This is expected to be driven by continued strong performance among key international entities, auto rate increases at Japan P&C, and the sale of business-related equities worth 600 billion yen.