Tokio Marine posts strong results

Tokio Marine Holdings posted strong results for the three months ended June 30, 2014 as it continued to improve the performance in its property/casualty and life insurance businesses.

Its ordinary profit increased 37.4 percent to ¥116.1 billion in the quarter, compared with ¥84.5 billion in the same quarter of 2013.

Its net income grew 56.4 percent to ¥88.4 billion, compared with ¥56.5 billion in the prior year quarter.

The group’s underwriting income also saw an increase to ¥946.3 billion in the quarter from ¥797.9 billion in the same period of 2013. Within this, net premiums written rose to ¥772.9 billion, compared with ¥704.8 billion in the same period of 2013.

All lines of business grew, with fire and allied lines net premiums written showing growth of 5.8 percent, voluntary automobile showing growth of 8.9 percent and compulsory automobile liability showing growth of 13.9 percent.

Tokio Marine & Nichido Fire Insurance’s profits grew to ¥105 billion, compared with ¥58.5 million in the same quarter of 2013. Its combined ratio improved by 7.2 percentage points to 86.7 percent.

“During the three months ended June 30, 2014, while some developing countries showed signs of weakness, the world economy gradually improved on the whole. The US economy recovered from the economic downturn resulting from a severely cold winter. Although European economies improved, a comprehensive monetary easing policy was introduced which included a negative interest rate due to fears of low inflation,” the company said.

“In Japan, despite some signs of weakness resulting from the increase in the consumption tax rate, the economy generally continued to recover gradually.”