Tokio Marine international net premiums segment jumps 29.8% in 2022

The insurer expects net income to grow 9% for the year.

The international units of Tokio Marine saw its total net written premiums (NPW) reach ¥2.57t (US$19b)for 2022.

Compared to the previous year’s ¥1.98t (US$14b), this surged 29.8%.

Its total non-life premiums written climbed 30% to ¥2.44t (US$18b) whilst life premiums also increased 25.5% to ¥131.7b (US$960b).

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Asia and Oceania together accumulated ¥244.1b (US$1.77b), up 24.4% from 2021.

For 2023, the insurer forecasts an adjusted net income to record at ¥670b (US$4.87b), this would mean a 9% growth year-on-year (YoY).

“Profit growth will be driven by an ‘increase in underwriting profit’ supported by rate increases and the expansion of underwriting, an ‘increase in income gains’ capturing the rise in interest rates, etc., and ‘accelerated sale of business-related equities (sale of ¥600b [US$4.36b] or more in the next four years.’” said Tokio Marine in a report.

(¥1.00 = US$0.0073)