Tokio Marine Holdings, Inc. · TSE:8766
Tokio Marine — Q3 FY2024 Earnings Presentation
36 slides from Tokio Marine's earnings presentation, Feb 14, 2025
Slide 1: Overview of 3Q FY2024 Results and Upward Revision of Full-Year Projections
Overview of 3Q FY2024 Results and Upward Revision of Full-Year Projections February 14, 2025
Slide 2: Table of Contents
Table of Contents Highlight Reference – Key Messages ・・・・・・ 3 – Reference ・・・・・・ 25 – Executive Summary (3Q FY2024 Results, Full-Year Projections) ・・・・・・ 4 3Q FY2024 Results ◆Abbreviations used in this material P&C: Property & Casualty (non-life insurance) – Group (Adjusted Net Income) ・・・・ 9 TMNF
Slide 3: (Blank Page)
(Blank Page) Copyright (c) 2025 Tokio Marine Holdings, Inc. 2
Slide 4: Key Messages
Key Messages Adjusted net income in 3Q (excl. capital gains from sales of business-related equities) was JPY472.5bn, with 89.5% progress rate against the full-year projections of JPY528.0bn announced in November 2024 (hereinafter, the “November projections”) Strong 3Q Results In addition to the
Slide 5: Executive Summary: Top-Line 3Q Results and Full-Year Projections
Executive Summary: Top-Line 3Q Results and Full-Year Projections TBU 3Q results made steady progress towards Nov. projections, with net premiums written increasing +5.1% YoY (excl. FX, hereinafter the same) due to rate increases in Japan and international, and life insurance premiums decreasing -2
Slide 6: Executive Summary: Adjusted Net Income 3Q Results (Actual basis)
Executive Summary: Adjusted Net Income 3Q Results (Actual basis) Adjusted net income in 3Q (excl. capital gains from sales of business-related equities) was JPY472.5bn, with 89.5% progress rate against full-year projections of JPY528.0bn announced in Nov. projections In addition to the above, sa
Slide 7: Executive Summary: Upward Revision of Full-Year Projections
Executive Summary: Upward Revision of Full-Year Projections Full-year projections for adjusted net income on actual basis is revised upwards by +JPY140.0bn from Nov. projections to JPY1.180tn, due to the acceleration of the sales of business-related equities and strong underwriting in Internationa
Slide 8: (Reference) Update of CRE loans
（Reference）Update of CRE loans The total capital loss remains unchanged from November projection, except for the recognition of valuation gains through workouts The provision amount for Q4 FY2024 is still under consideration by the external auditor Investment Return on CRE Loans (Group basis, be
Slide 9: 3Q FY2024 Results
3Q FY2024 Results [Reference] FX Rate (USD/JPY) FY2023 FY2024 End of December JPY141.83 JPY158.18 (Japan) (JPY8.30 depreciation vs Mar. 31, 2023) (JPY6.77 depreciation vs Mar. 31, 2024) End of September JPY149.58 JPY142.73 (International) (JPY16.88 depreciation vs Dec. 31, 2022) (JPY0.90 depreciatio
Slide 10: Group Results: Adjusted Net Income (Actual Basis) YoY Change
Group Japan Life Group Results: Adjusted Net Income (Actual Basis) YoY Change Japan P&C International Adjusted net income for 3Q increased by +JPY470.6bn YoY, mainly due to the acceleration of sales of business-related equities (significant increase in capital gains) and increase in profits in the
Slide 11: Natural Catastrophes
Natural Catastrophes Actual net incurred losses relating to Nat Cats for 3Q decreased by -JPY21.7bn YoY to JPY146.0bn (before tax) Full year projection was revised down by -JPY7.0bn to JPY194.0bn (before tax), considering the progress of International business. (Impact of LA wildfires that occur
Slide 12: Japan P&C 1: TMNF Results
Group Japan Life Japan P&C 1: TMNF Results Japan P&C International Business unit profit on the actual basis was below Nov. projections mainly due to negative impact from further JPY depreciation*1 (progress rate : 73.2%) Business Unit Profit excl. one-off impacts*2 is generally in line with Nov.
Slide 13: Japan P&C 2: TMNF Net Premiums Written
Group Japan Life Japan P&C 2: TMNF Net Premiums Written Japan P&C International Progress was mostly in line with Nov. projections at +4.5% YoY due to increased revenue from rates / product revisions for fire and auto and increased sales of specialty insurance (billions of JPY, except for %) FY2024
Slide 14: Japan P&C 3: TMNF Net Incurred Losses
Group Japan Life Japan P&C 3: TMNF Net Incurred Losses Japan P&C International Slightly exceeding Nov. projections with the increase in provision for foreign currency denominated reserves due to JPY depreciation from Nov. projections*1 (c. JPY35.0bn*2), increase in loss cost for auto, and the impa
Slide 15: Japan P&C 4: TMNF Combined Ratio
Group Japan Life Japan P&C 4: TMNF Combined Ratio Japan P&C International Combined ratio was slightly above Nov. projections mainly due to the increase in provision for foreign currency denominated reserves due to JPY depreciation (E/I loss ratio deteriorated) Improved YoY due to lower E/I loss
Slide 16: Japan P&C 5: TMNF Asset Management
Group Japan Life Japan P&C 5: TMNF Asset Management Japan P&C International Net investment income exceeded Nov. projections mainly due to acceleration in sales of business-related equities (billions of JPY) FY2024 FY2023 FY2024 Projection 3Q 3Q YoY (November Progress Results Results Change project
Slide 17: Japan Life: TMNL Results
Group Japan Life Japan Life: TMNL Results Japan P&C International Annualized Premium of New Business was below Nov. projections due to below-projection sales of protection-oriented products resulting from intensified competition, etc. Business Unit Profits were mostly in line with Nov. projectio
Slide 18: International 1: Net Premiums Written
Group Japan Life International 1: Net Premiums Written Japan P&C International Progressed steadily towards Nov. projections YoY increase of +5.4% was achieved due to the steady implementation of growth measures by each entity (billions of JPY, except for %) FY2024 FY2023 FY2024 Projections 3Q 3Q
Slide 19: International 1: Net Premiums Written
Group Japan Life International 1: Net Premiums Written Japan P&C International [3Q (Jan. - Sep.) Results] - North America (see pages 21-23 for details on the three main entities) PHLY: Continued strong performance due to rate increases (3Q results: +11%) and expansion of new businesses, etc. DFG: Co
Slide 20: International 2: Business Unit Profits
Group Japan Life International 2: Business Unit Profits Japan P&C International 3Q results progressed well against Nov. projections Strong performance YoY at +JPY13.3bn, with strong results by each entities partly offset by decrease in profits for Asian life insurance due to interest rate cuts (
Slide 21: International 2: Business Unit Profits
Group Japan Life International 2: Business Unit Profits Japan P&C International [3Q (Jan. - Sep.) Results] - North America (see pages 21-23 for details on the three main companies) PHLY: Strong performance due to favorable loss ratio (excl. Nat Cats) and favorable prior year loss reserve development
Slide 22: International 3: PHLY
Group Japan Life International 3: PHLY Japan P&C International ■ Changes in Major P/L Items (billions of JPY, except for % and pt) FY2023 FY2024 3Q 3Q YoY Results Results (Ref.) As of end As of end YoY % (Excluding FX rates Sep. 2023 Sep. 2024 Change % FX effects *2) （USD/JPY） JPY 149.5 JPY 142.7 Ne
Slide 23: International 4: DFG
Group Japan Life International 4: DFG Japan P&C International ■ Changes in Major P/L Items (billions of JPY, except for % and pt) FY2023 FY2024 3Q 3Q YoY Results Results (Ref.) As of end As of end YoY % (Excluding FX rates Sep. 2023 Sep. 2024 Change % FX effects *2) （USD/JPY） JPY 149.5 JPY 142.7 Net
Slide 24: International 5: TMHCC
Group Japan Life International 5: TMHCC Japan P&C International ■ Changes in Major P/L Items (billions of JPY, except for % and pt) FY2023 FY2024 3Q 3Q YoY Results Results (Ref.) As of end As of end YoY % (Excluding FX rates Sep. 2023 Sep. 2024 Change % FX effects*2) （USD/JPY） JPY 149.5 JPY 142.7 Ne
Slide 25: (Blank Page)
(Blank Page) Copyright (c) 2025 Tokio Marine Holdings, Inc. 24
Slide 26: Reference
Reference Copyright (c) 2025 Tokio Marine Holdings, Inc. 25
Slide 27: Investment Performance by North American Entities
Investment Performance by North American Entities Income is expected to exceed Nov. projections by +USD40mn due to expanding AUM while generally maintaining yield, and capital is expected to exceed Nov. projections by +USD60mn due to the recognition of valuation gains through workouts of CRE loans
Slide 28: Definition of KPIs (1)
Definition of KPIs (1) Adjusted Net Income (Group total) Business Unit Profits Enhancing transparency and comparability / Creating long-term corporate value Linking with shareholder return For the Group total, “Adjusted Net Income” For each business domain, “Business Unit based on financial acco
Slide 29: Definition of KPIs (2)
Definition of KPIs (2) Definition of Adjusted Net Income / Adjusted Net Assets / Adjusted ROE Adjusted Provision for Provision for Provision for price Provision for Nat Cats Provision for Net Net Income underwriting + underwriting result for = + catastrophe loss + contingency + fluctuation + Income*
Slide 30: Reconciliation of Adjusted Net Income
Reconciliation of Adjusted Net Income • Reconciliation*1 Note: Factors positive to profit are shown with a plus sign FY2024 Projections (billions of JPY) FY2023 FY2024 November YoY Revised 3Q 3Q FY2023 Projection (b)-(a) Change (b) Results Results (a) Net income attributable to owners of the parent
Slide 31: Adjusted Net Assets / Adjusted ROE
Adjusted Net Assets / Adjusted ROE (billions of JPY) Adjusted Net Assets*1 Adjusted ROE FY2024 FY2024 FY2024 FY2024 FY2023 November FY2023 November Revised (b)-(a) Revised (b)-(a) Results Projections Results Projections (b) (b) (a) (a) Net assets 5,176.6 4,960.0 5,052.0 92.0 Net income(consolida
Slide 32: Reconciliation of Business Unit Profits
Reconciliation of Business Unit Profits （billions of JPY） Japan P&C*1 (TMNF) Japan Life*1 FY2024 FY2024 FY2023 FY2024 FY2023 FY2024 Projections Projections 3Q 3Q YoY 3Q 3Q YoY (November (November Results Results Results Results projection) projection) Net income for accounting purposes 339.7 855
Slide 33: Impact of FX Rate Change on the Group's Financial Results
Impact of FX Rate Change on the Group’s Financial Results Estimated impact of the JPY depreciation to USD by 1 yen*1 Impact on net income on financial accounting basis*2 Impact on adjusted net income*2 1. Increase in overseas subsidiaries profit: 1. Increase in overseas subsidiaries profit Incre
Slide 34: MEMO
MEMO Copyright (c) 2025 Tokio Marine Holdings, Inc. 33
Slide 35: MEMO
MEMO Copyright (c) 2025 Tokio Marine Holdings, Inc. 34
Slide 36: Disclaimer
Disclaimer These presentation materials include business projections and forecasts relating to expected financial and operating results of Tokio Marine Holdings and certain of its affiliates in current and future periods. All such forward looking information is based on information and assumptions a
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