Tokio Marine Holdings has announced its full year 2024 financial results for its International business, reporting JPY 428.4 million in profits, a 2% decrease compared to 2023’s JPY 436.9 million.

According to the firm, the decrease was mainly due to “one-off effects” totalling -JPY38.3 billion. This included capital loss mainly due to CECL provisions for CRE loan -JPY56.0 billion, offset by Nat Cats gains of +JPY12.5bn, and positive FX effect between foreign currencies of approximately +JPY9.0bn).

The decrease in 2024’s profits was also impacted by a decrease in Asian life insurance associated with lower interest rates (c. -JPY21.0bn), decrease in prior year loss reserves takedowns (c. -JPY22.0bn), partly offset by strong underwriting and investment income in key entities, and the JPY depreciation (+JPY42.9bn).

North America produced the strongest performance reaching JPY 362.9 million, an 0.8% year-on-year increase from JPY 359.9 million reported in 2023.

The Middle East & Africa region experienced 42.3% growth in the year, to JPY 3.0 million from JPY 2.1 million in 2023.

While Europe and Asia & Oceania also experienced growth in the year, JPY 37.7 million from JPY 36.1 million in 2023 and JPY 31.0 million from JPY 30.0 million in 2023, respectively, South & Central America saw a decline, to JPY 35.3 million from JPY 38.5 million.

Moving towards net premiums written (NPW), Tokio Marine Holdings’ International business posted a 6.6% increase from 2023’s JPY 2,910.0 million to JPY 3,367.2 million.

Once again, North America produced the strongest performance growing 19.6% year-on-year, to JPY 2,329.0 million, followed by Europe, which grew 15.8% to JPY 255.6 million.

Within North America, TMHCC’s NPW increased 17.1% to JPY 905.6 million. This growth was attributed to underwriting expansion mainly driven by A&H (MSL) and international, despite softening rate trend in Financial Lines, including D&O and Cyber as expected

While Asia & Oceania also experienced growth, 8.0% to JPY 291.7 million, as well as Middle East & Africa, 11.8% to JPY 3,367.2 million, South & Central America saw a 1.7% decrease, to JPY 304.8 million.

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