Tokio Marine Holdings raises full-year net income forecast by $258m

Its first-half net income surged 77% YoY.

Tokio Marine Holdings’ first half of its fiscal year (FY 2024) adjusted net income reached $4.98b, achieving 77% of the initial full-year forecast. 

The revised forecast now stands at $6.71b, up by $258m. 

However, normalised full-year net income remains at $6.61b due to offsetting factors such as CECL provisions related to CRE loans and reduced profits in Asian life insurance.  

The Japanese company also announced an upward revision of its full-year adjusted net income forecast, citing strong international underwriting and accelerated sales of business-related equities.  

Net premiums written for the first half rose 5.7% year-on-year, excluding forex effects, due to rate increases in Japan and internationally. However, life insurance premiums dropped by 32.9% following block reinsurance transactions. \

For the full year, net premiums written are expected to grow by 5.3%, whilst life insurance premiums are projected to decline by 15.9%, excluding forex effects.