Tokio Marine Holdings announced its full-year results for fiscal 2025. International business profits increased by 9.5% year-on-year (excluding currency effects), from 428.4 billion yen to 473.9 billion yen.
Despite the year-on-year increase, the final figure was 50.1 billion yen lower than the February forecast. The decline was primarily due to an increase in provisioning provisions related to the Greensill litigation in Australia.
The adjustment in standards that led to this figure is noteworthy. Preliminary data for February was revised up to 524 billion yen from the 461 billion yen forecast in November due to lower capital losses in North America, a weaker yen and fewer losses from natural disasters.
Overall, the 2025 profit of the non-life insurance business in fiscal 2025 was 489.2 billion yen, a year-on-year increase of 5.4%. However, the life insurance division’s loss fell to 28.7 billion yen, an improvement from the previous year’s loss of 44 billion yen.
From a regional perspective, North America was the main profit driver, with profits increasing 18% year-on-year to 428.4 billion yen. In this market, PHLY’s profit reached 105.5 billion yen, an increase of 19%. The company said the “record profit” was driven by strong underwriting.
DFG’s profit rose 46.5% to 188.4 billion yen, driven by strong underwriting, investment income and lower capital losses. TMHCC’s profit was 122.1 billion yen, a year-on-year decrease of 3.9%, mainly due to the negative impact of foreign currency exchange effects; excluding this impact, both underwriting and investment performance remained solid.
Europe increased by 6.1% to 40 billion yen, mainly due to good loss ratios despite exchange rate effects between foreign currencies. Profit in South and Central America reached 37.9 billion yen, an increase of 7.2%, which has normalized after an unusually strong and intensified price competition in the previous year.
At the same time, Asia Oceania’s profits fell by 153.4%, with a loss of 16.5 billion yen. While operations in Malaysia and Taiwan grew on strong underwriting, overall profits fell, mainly due to higher provisioning related to Australia’s Greensill litigation.
The company’s international business also reported net premiums increased 6.1% year-on-year in 2025 to 3,574 billion yen, a figure that was well in line with the November forecast of 3,366 billion yen.
Total non-life insurance net premiums increased by 6% to 3,422.2 billion yen in 2025, while life insurance net premiums also increased to 151.7 billion yen, an increase of 9.5%.
By market segment, net written premiums in North America increased by 3.8% year-on-year to 2,418.2 billion yen. PHLY grew 6.5% to 698.6 billion yen, driven by strong interest rate increases and new business expansion.
DFG’s net written premiums increased 3.6% to 658.9 billion yen due to strong property and casualty (excess casualty) and life (disability/group life) underwriting. TMHCC grew 1.6% to ¥919.7 billion (FY2025 rate growth: -1.3% (excluding A&H, Guarantees and Credit)), driven by continued strength in core MSL operations, despite weakness in some businesses.
Net written premiums in Europe increased by 3.5% to 264.6 billion yen. Net written premiums in South and Central America increased by 22.9% to 374.6 billion yen, mainly due to strong underwriting in underwriting businesses such as automobile insurance and commercial insurance. Net written premiums in Asia and Oceania were 308.4 billion yen, an increase of 5.7%, mainly due to strong underwriting in Malaysia.
