Tokio Marine's Q1 2024 net income surges 55.3% YoY

Its international business reported the largest gains.

Tokio Marine’s consolidated net income for the three months ended 30 June (Q1 2024) saw $1.33b (¥195.31b), surging 55.3% on a year-on-year (YoY) basis.  

During the first quarter of the fiscal year ending 30 June, the global economy showed signs of recovery, with the United States demonstrating resilience and the Eurozone improving, the insurer said.  

However, Japan’s economy faced challenges due to weak domestic demand and inflation, leading to a slower recovery.  

Despite these mixed conditions, the company achieved strong financial performance through its expansion in both domestic and international insurance markets.  

As of June 30, 2024, the company’s consolidated total assets rose by $4.76b (¥700b) to $212.80b (¥31,294.8b) from the previous quarter.  

Ordinary income increased 5.6% YoY to $13.09b (¥1,924.0b), driven by underwriting income of $9.89b (¥1,455.7b) and investment income of $2.88b (¥423.2b). The company's ordinary profit grew 54.6% YoY to $1.80b (¥265.0b).  

The International insurance business reported the largest gains, with ordinary income up by $1.29b (¥189.0b) to $6.99b (¥1,028.8b), and ordinary profit increasing by $0.43b (¥63.5b) to $1.02b (¥150.6b).

($1.00 = ¥147.02)