Toa Re’s H1 2024 net income nearly doubles

This was the second year of growth since a net loss in 2022.

Toa Reinsurance’s net income for the six months to September 2024 (H1 2024) skyrocketed by 97.3% year-on-year (YoY) to $110.08m (¥17.2b).

This was the second year of growth for the reinsurer after it recorded a net loss in H1 2022.

Its ordinary income grew by 1.3% YoY to $1.11b (¥172.9b). Meanwhile, the company reduced its first-half expenses by 5.6% YoY to $960m (¥150b).

The company’s total assets for the period also climbed 10.8% YoY to $7.04b (¥1.1t), whilst total liabilities increased 5.1% YoY to $4.77b (¥745.7b).

($1.00 = ¥155.41)