Net premiums written inched up 5.7% in Q3.
Tokio Marine reported a 50.2% plunge net income to $1.08b (JPY112.8b) for the nine months ended 31 December 2020, a statement read.
Net premiums written increased 5.7% for Q3 FY2020 to $26b (JPY2.7b), excluding foreign exchange effects, due to growth measures and overseas rate increase which offset the decline in domestic business.
Life insurance premiums fell 0.7% YoY(excluding FX effects) to $6.7m (JPY699m) due to increased surrender in corporate insurance in Japan, despite overseas growth due to rate increase in Tokio Marine HCC.
Tokio Marine & Nichido Fire’s (TMNF) underwriting profit declined to $382m (JPY40b) YoY due to increases in various reserves despite an increase in net premiums earned and lower net incurred losses. Net investment income and other declined $220.8m (JPY23.1b) YoY mainly due to a fall in dividends.
TMNF net income fell to $922.5m (JPY96.5b), although its progress is slightly below FY2020 projection due to an increase in catastrophe loss reserves and provision of underwriting results due to the impact of COVID-19, and the increase in net incurred overseas losses.
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