At a Glance

Tokio Marine Group has built a highly profitable specialty insurance portfolio focused on developed markets comprised of a diversified portfolio, enabling it to weather market cycles and adverse events. This is complemented by high growth centers in emerging economies and underpinned by sustainable and profitable Japanese domestic life and non-life businesses.

Tokio Marine Group's international and domestic businesses provide an equal share of its profits, with its comprehensive portfolio and global footprint providing multiple growth opportunities.

Results

Realizing stable business expansion, profit growth, and high capital efficiency

  • Top-line(Net premiums written + Life insurance premiums)5.9trillion yen
  • Adjusted net income1.04trillion yen
  • Adjusted ROE19.5%
  • *
    Fiscal 2024 revised projection basis (announced in Nov.)
  • *
    Adjusted net income and Adjusted ROE are our original indicators excluding the effect of various reserves specific to the Japanese insurance business and goodwill, etc.

Composition of Profits

International business driving profit growth

Business Unit Profits International: 63% Japan: 34% Other
  • *
    Fiscal 2024 revised projection basis (announced in Nov.)
  • *
    Excluding capital gains from sale of business-related equities

Operating Presence

Network encompassing Japan and 44 countries and regions worldwide

Japan (Tokio Marine & Nichido) No.1 South Africa No.3 Thailand No.4 U.K. (Lloyd’s) No.4 Brazil No.4 Malaysia No.7 India No.13 U.S. (Commercial Lines) No.11
  • Sources:
    AXCO, IRDAI, IPRB, SUSEP, Swiss Re, FSCA Financial Sector Conduct Authority, S&P Capital IQ, PA annual report, Global Data forecasts, KPMG insurance survey, and Public documents from various companies
  • *
    The given country based on non-life insurance premiums

Shareholder Value

Realized above market and peers TSR

  • *
    As of end of March 2024
TOKIO MARINE:647 Peer1:361 Peer3:321 Peer4:321 Peer2:307
  • Source:
    Bloomberg
  • *
    Total Shareholder Return (TSR): Capital return after reinvesting dividends. Stock price indexed at 100 as of April 1, 2014.
  • *
    Peers are Allianz, AXA, Chubb and Zurich.

Financial Base

High ratings from third party ratings institutions

  • S&PA+
  • Moody’sAa3
  • A.M.BestA++
  • *
    Financial strength rating of Tokio Marine Nichido (as of end of October 2024)

ESG Rating

High evaluations from various global ESG rating institutions

  • AAMSCI ESG RATINGS AA
  • 8Consecutive
    Years
    2024 CONSTITUENT MSCI JAPAN ESG SELECT LEADERS INDEX
  • 15Consecutive
    Years
    Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA
  • *
    As of August 2024
  • *
    The inclusion of Tokio Marine Holdings in any MSCI index, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement or promotion of Tokio Marine Holdings by MSCI or any of its affiliates. The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names and logos are trademarks or service marks of MSCI or its affiliates.

(Reference) Market Environment

Further profit growth in the United States, the largest insurance market, expansion in emerging markets, and stable growth in Japan are the key.

The global insurance market in 2022 was worth 6.782 trillion dollars, with the United States in first place for both life and non-life insurance. Rising insurance premiums and the appreciation of the U.S. dollar have expanded the U.S. market to account for 40% of the global insurance market. Partly due to the impact of FX, Japan ranked fourth, eighth in the non-life insurance market and fourth in the life insurance market.

Ten Largest Insurance Markets in Direct Premiums Written for Life Insurance and Non-life Insurance in 2022

(Unit: Millions of USD)
Ranking Country Life premiums Non-life premiums Total premiums
Amount Change against 2019 (%) Share of the global total (%)
1 United States 672,006 2,287,801 2,959,808 8.6 43.6
2 China 364,359 333,448 697,806 0.2 10.3
3 United Kingdom 248,240 114,769 363,009 -2.8 5.4
4 Japan 243,892 93,920 337,812 -15.1 5.0
5 France 157,179 104,075 261,254 -10.7 3.9
6 Germany 99.164 142,469 241,633 -11.3 3.6
7 South Korea 88,026 94,820 182,846 -5.3 2.7
8 Canada 71,639 99,332 170,972 2.8 2.5
9 Italy 115,938 44,229 160,168 -16.5 2.4
10 India 99,503 31,538 131,041 6.5 1.9
  • Source:
    Swiss Re Institute, sigma No. 3, 2023

Life and Non-Life Insurance Premiums in 2022

Region Premium (Share)

Emerging EMEA:$1,757bn(25.9%) Africa:$70bn(1.0%) India:$131bn(1.9%) China:$698bn(10.3%) Emerging Asia:$223bn(3.3%) Japan:$338bn(5.0%) Developed AsiaPacific:$804bn(11.9%) North America:$3,131bn(46.2%) Central and South America:$170bn(2.5%) Brazil:$76bn(1.1%)
  • *
    Circle size gives a visual idea of the size of premiums

In addition to stable growth in developed markets, capturing booming emerging markets is the key.

Non-life premiums grow in tandem with economic growth in developed markets. However, in emerging markets, which have low levels of insurance penetration and upward trends in populations, insurance premiums show growth that exceeds economic growth. Note that increases in life premiums are greatly impacted by such factors as interest rates, market regulations, and taxation systems, so they are not necessarily linked to economic growth.

Growth in Non-life and Life Premiums, and Growth in Real GDP (Seven-Year Moving Average)

Developed Markets

Emerging Markets

  • Source:
    Swiss Re Institute, sigma No. 3, 2018

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