Tokio Marine's Q1 net income slips 12% to $940m

Net premiums written rose 8.3% YoY to $8.6b.

Tokio Marine Holdings registered a 12% drop in net income in Q1 2020 to $940m (JPY99.23b) from $1.07b (JPY113m) last year, according to an announcement.

Net premiums written (NPW) rose 8.3% YoY to $8.6b (JPY912b), excluding FX effects, due to steady domestic and overseas growth and rate increase despite the pandemic. Domestic non-life NPW grew with additional coverage for auto and fire insurance and uptick in specialty insurance.

On the other hand, life insurance premiums fell 3.1% YoY to $2.15b (JPY227.5b) brought by the decline in new policies due to the suspension of face-to-face sales activities.

Domestic non-life underwriting profit inched up $435b (JPY45.9b) to $707b (JPY74.6b) on the back of lower net incurred losses. Net investment income declined to $648 (JPY64.8b) led by decreased dividends from business-related equities. These factors contributed to the surge in net income to $1.04b (JPY110b).

Domestic life net income surged to $79.6m (JPY8.4b) mainly driven by the reversal effect of the increase in system development expenses in Q1 and a drop in FX hedging costs. NPW grew 1.6% YoY on a local currency basis thanks to the execution of growth measures in each business, exceeding the reduction caused by the underwriting practice focusing on profitability.

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