Japanese insurance company Tokio Marine has reported net income attributable to owners of the parent of Y695.80bn in FY23, an 85.7% surge from Y374.60bn in 2022.
During the 12 months from 1 April 2023 to 31 March 2024, the company’s ordinary income rose by 12.3% to Y7.42trn, compared with Y6.61trn in FY22.
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The key components of ordinary income were underwriting income, which totalled Y5.96trn, and investment income, which reached Y1.29trn.
Net premiums written by Tokio Marine during the fiscal year amounted to Y4.82trn, with life insurance premiums contributing Y1.04trn.
The global economy’s strength, particularly in the US, bolstered the company’s performance, despite a slowdown in the Chinese market and moderate recovery in Japan due to domestic demand weakness and price inflation.
Ordinary expenses for the insurer increased to Y6.58trn, up by Y466.2bn from the previous fiscal year.
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By GlobalDataThe domestic non-life insurance business saw an increase in ordinary income to Y3.26trn, while the domestic life insurance business experienced a decrease to Y641bn.
However, the international insurance business showed growth, with ordinary income rising to Y3.65trn.
As of 31 March 2024, Tokio Marine’s consolidated total assets stood at Y30.59trn, an increase of Y3.19trn from the previous year.
The company also announced a dividend payment of Y123 per share for the year.
For FY24, Tokio Marine has forecast a net income of Y870bn and aims to pay a dividend of Y159 per share.
