Tokio Marine Group lowers business forecasts for FY ending March 31 2020
Tokio Marine Holdings has revised downward its business forecasts for the Tokio Marine Group on an adjusted net income basis for the fiscal year (FY) ending March 31, 2020. This is mainly due to higher loss estimates of natural catastrophes in the domestic non-life insurance business.
The group projects ¥305 billion (£2.2 billion) of adjusted net income for FY 2019, revised downward by ¥95 billion (£675 million) from the original business plan announced in May 2019, reflecting recent business performance.
In addition, on November 19, 2019 Tokio Marine Holdings’ board of directors adopted the resolution to pay ordinary dividend. The company also resolved additional shareholder return of around ¥50.0 billion (one-time dividend for the capital level adjustment: the total amount of ¥24.5 billion, share repurchases: up to ¥25.5 billion).
In addition to the one-time dividend for the capital level adjustment, the company resolved to repurchase its own shares, pursuant to Article 156 of the Companies Act which is applicable in accordance with Article 165, paragraph 3 of the Companies Act. The Company will repurchase up to 6 million shares, representing approximately 0.9 percent of total issued shares excluding treasury shares. This is in order to implement flexible financial policies.
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