Tokio Marine Group's full year adjusted net income for FY2024 amounted to JPY1.1tn ($7.4bn), a 56% increase from FY2023 (JPY685.5bn).
In Japan, the company’s property and casualty (P&C) profit was JPY137.9bn, a spike from JPY28.8bn in FY2023 (+478%). This was attributed to increases in automobile and fire rates, a decrease in large-scale accidents and positive FX impact, according to Tokio Marine.
The net written premium (NWP) for P&C in Japan rose 4% due to rate increases for auto and fire and expanded sales of specialty insurance.
The combined ratio for the P&C business in Japan for FY2024 went down 1.6% to 96.1%, from 97.7% in FY2023.
However, NWP for life in the country fell by 44%, and was attributed to block reinsurance issuance in FY2024.