Tokio Marine Holdings announced its financial results for the third quarter of fiscal year 2025, with international business profits reaching 376.7 billion yen, a year-on-year increase of 19%.
This performance was driven by strong underwriting across all entities, lower capital losses in North America (approximately +30 billion yen) and a weaker yen (approximately +14 billion yen), despite exchange effects between foreign currencies (approximately -8 billion yen).
TMH now expects its full-year results to exceed its November forecast by about 63 billion yen.
This was despite the previous year’s reserves of 10 billion yen being reserved for specific projects. The outlook remains positive due to lower than expected capital losses in North America (approximately +27 billion yen), favorable currency movements (approximately +25 billion yen), and reduced natural disasters (approximately +20 billion yen).
TMH also reported international non-life insurance business profits of 382.6 billion yen in the third quarter of 2025, an increase of 13% from the third quarter of 2024.
North America contributed 294.4 billion yen to total profit in the third quarter of this year, an increase of 13% from 260.6 billion yen in the third quarter of 2024.
PHLY’s profit was 71.3 billion yen, an increase of 9% over the same period last year. TMH said momentum in the business unit remained strong, supported by continued strong loss margins.
TMHCC contributed 83 billion yen, an increase of 6.5% from the fourth quarter of 2024. Its results were slightly below plan due to the impact of market weakness, but the combined ratio remained stable at 88.0% due to strict priority on profits.
Momentum in Europe remains strong, contributing 35.9 billion yen to total profit in the third quarter of 2025. Loss rates remain high, including lower-than-planned natural disaster losses.
Profit in Asia and Oceania in the third quarter of 2025 was 24.5 billion yen, which was the same as in the third quarter of 2024. TMH noted that progress in the sector was ahead of plan as strong loss ratios in countries such as Thailand and Malaysia more than offset the deterioration in India.
South and Central America contributed 29 billion yen. Momentum remains strong as loss rates remain strong, including lower than planned natural catastrophe losses.
In the fourth quarter of 2025, total net premiums from international business reached 2,604.9 billion yen, an increase of 9.4% from the third quarter of 2024. Tokio Marine noted that NPW is making steady progress towards its November forecast. Year-over-year growth of +4.8% was driven by strong underwriting expansion at PHLY, DFG and TMSR (Brazil).
Compared with the third quarter of 2024, total non-life insurance premiums increased by 9.6% in this quarter to 2,501.3 billion yen. Life insurance net premiums increased slightly, reaching 103.6 billion yen, an increase of 5.9%.
North America contributed 1,790.2 billion yen to total non-life insurance premiums in the third quarter of 2025. PHLY continues its strong performance thanks to rate increases (Q3 results: +9.5%) and new business, among other things. DFG continues to underwrite businesses such as group life and disability strongly.
TMHCC’s results fell short of plan due to continued weakness in certain business lines while strictly prioritizing profitability (Q3 hike: -1.1% (excluding A&H, Guarantees and Credit)); MSL’s core business remains strong.
Europe contributed 187.3 billion yen, South and Central America contributed 270.1 billion yen, Asia and Oceania contributed 214.9 billion yen, and the Middle East and Africa contributed 38.6 billion yen.
According to TMH, PHLY continues to perform strongly due to rate increases (Q3 results: +9.5%) and new business. DFG also continues to underwrite strongly, including group life and disability.
New business underwriting in Europe remained stable despite softening trends in some businesses. Meanwhile, South and Central America remained strong, driven by strong commercial insurance underwriting, although core auto insurance faced stiff price competition.
The performance in Asia and Oceania was slightly below plan, mainly due to the poor performance of motor insurance such as India.
