Breaking down the figures by segment, the Non-life: North America category contributed JPY 137.3 billion to the net premiums written, while Accident & Health (A&H) reached JPY 124.3 billion, and the International segment recorded JPY 151.4 billion.
Simultaneously, the company witnessed a commendable 11.7% uptick in net premiums earned, totaling JPY 365.7 billion for the quarter—an increase from the previous year’s JPY 327.4 billion.
Despite the positive overall performance, Tokio Marine HCC’s underwriting profit for the quarter experienced a 17.2% decrease, settling at JPY 29.7 billion, compared to JPY 36 billion in the same period in 2022.
Furthermore, the company’s combined ratio for the quarter was 86.9%, showing a marginal deviation from the previous year’s 87%. This variance can be attributed to the firm’s loss ratio, which stood at 62%, and its expense ratio at 25% for the quarter.
Highlighting the financial landscape, Tokio Marine HCC reported net incurred losses of JPY 226.6 billion for the quarter, marking a 6.9% increase from the previous year’s JPY 211.9 billion. Notably, the Natural Catastrophe (Nat-Cat) losses for the quarter amounted to JPY 3.5 billion, a significant rise from JPY 1.1 billion in the corresponding period of the prior year.
Join Tokio Marine in Hong Kong at Insurtech Insights Asia
Masashi Namatame, Group Chief Digital Officer, will be taking part in the discussion: “The Future of Insurance Distribution: Conversation between Tokio Marine and bolttech” with Stephen Tan, Group Chief Strategy and investment Officer of bolttech in a dynamic fireside chat. Join them and other insurance leaders on December 6th and 7th at Asia’s biggest insurtech conference.
Author: Joanna England