Japan’s Toa Re has reported a strong increase in consolidated profitability for the year ended March 31, 2026, with ordinary profit rising by more than a third and net income attributable to owners of the parent increasing by almost 38%, despite a modest decline in net premiums written.
Net premiums written fell 0.9% to ¥273.4 billion ($1.71 billion) in fiscal 2026, from ¥275.9 billion a year earlier.
Despite the lower premium income, ordinary profit increased 34.9% to ¥51.0 billion ($319.0 million) for fiscal 2026, compared with ¥37.8 billion in 2025.
Net income attributable to owners of the parent rose 37.9% to ¥39.3 billion ($245.6 million), up from ¥28.5 billion in the prior year.
The improvement was also reflected in Toa Re’s capital and profitability metrics. Its capital ratio strengthened to 36.25%, from 30.94% in 2025, an increase of 5.31 percentage points.
Return on equity (ROE) rose to 10.12%, compared with 9.04% a year earlier, marking a 1.08 percentage point improvement.
Meanwhile, Toa Re’s US operations, Toa Re America, reported a largely stable top line alongside a substantial improvement in profitability for the year ended December 31, 2025.
Gross premiums written increased 0.5% to $520.4 million, from $517.8 million in 2024, while net premiums written rose 2.1% to $390.1 million from $381.8 million.
Pre-tax net income jumped 85.4% to $51.6 million, compared with $27.8 million a year earlier, while after-tax net income increased 138.2% to $42.6 million from $17.9 million.
Toa Re America’s business was led by casualty, which accounted for 47.8% of gross premiums, followed by agriculture at 27.5%, property at 18.8% and automobile liability at 5.2%.
Elsewhere, Toa Re Europe reported lower premium volumes for the year ended December 31, 2025, but delivered a significant improvement in earnings.
Gross premiums written fell 6.4% to CHF248.3 million from CHF265.4 million, while net premiums written declined 8.3% to CHF225.5 million from CHF246.0 million.
Despite the lower premiums, pre-tax net income increased 15.5% to CHF31.1 million, compared with CHF26.9 million in 2024. After-tax net income rose 45.3% to CHF25.7 million from CHF17.7 million.
Property represented the largest share of Toa Re Europe’s gross premiums at 34.5%, followed by engineering at 29.0%, automobile liability at 19.1% and casualty at 9.1%.
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