Tokio Marine : Financial document (2Q FY2025 Summary Report e)

Published November 19, 2025 at 6:38 a.m. UTC

Source: MarketScreener

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the six months ended September 30, 2025

November 19, 2025

Company Name: Tokio Marine Holdings, Inc. (the "Company") Stock Exchange Listing: Tokyo Securities Code Number: 8766

(URL: https://www.tokiomarinehd.com/en/) Representative: Masahiro Koike, President

Contact: Toshihiro Yahata, Global Communications Dept. (Tel: +81-3-6704-4268) Scheduled date to file semi-annual securities report: November 19, 2025 Scheduled date to commence dividend payments: December 12, 2025 Supplementary information for financial statements: Available

IR Conference Call: To be held for institutional investors and analysts

(Note) All amounts are rounded down and all percentages are rounded.

Consolidated Business Results for the six months ended September 30, 2025 (April 1, 2025 to September 30, 2025)

Consolidated Results of Operations

(Note) Percentages represent changes from the same period in the previous fiscal year.

	Ordinary income		Ordinary profit		Net income attributable to owners of the parent
	million yen	%	million yen	%	million yen	%
Six months ended September 30, 2025	4,367,813	0.6	880,281	(6.1)	686,835	(0.2)
Six months ended September 30, 2024	4,342,147	16.0	937,946	239.9	688,500	235.8

(Note) Comprehensive income:

Six months ended September 30, 2025	214,795 million yen	(49.2) %
Six months ended September 30, 2024	422,819 million yen	- %

	Net income per share - Basic	Net income per share - Diluted
	yen	yen
Six months ended September 30, 2025	359.12	-
Six months ended September 30, 2024	351.38	-

Consolidated Financial Conditions

	Total assets	Net assets	Ratio of equity capital to total assets
	million yen	million yen	%
As of September 30, 2025	30,880,533	5,025,075	16.3
As of March 31, 2025	31,237,340	5,103,545	16.3

(Reference) Equity capital:

As of September 30, 2025 5,018,484 million yen

As of March 31, 2025 5,076,843 million yen

Dividends

	Cash dividends per share
	First quarter	Second quarter	Third quarter	Year-end	Annual total
	yen	yen	yen	yen	yen
Fiscal year 2024	-	81.00	-	91.00	172.00
Fiscal year 2025	-	105.50
Fiscal year 2025 (Forecast)			-	105.50	211.00

(Note) Revision to the latest dividend forecast: Yes

Consolidated Business Forecasts for the fiscal year 2025 (April 1, 2025 to March 31, 2026)

(Note) Percentages represent changes from the previous fiscal year.

Ordinary profit

Net income attributable to owners of the parent

Net income per share - Basic

Fiscal year 2025

million yen

1,230,000

(15.8)

million yen

910,000

(13.8)

yen

476.96

(Note) Revision to the latest Consolidated Business Forecasts: Yes

*Notes

Significant changes in the scope of consolidation during the period: None
Changes in accounting policies, changes in accounting estimates, and retrospective restatements
1. Changes in accounting policies to reflect amendments of accounting standards: None
2. Changes in accounting policies other than (a): None
3. Changes in accounting estimates: None
4. Retrospective restatements: None
Number of shares issued (common stock)
1. Total number of shares issued including treasury stock
  As of September 30, 2025 1,934,000,000 shares
  As of March 31, 2025 1,934,000,000 shares
2. Number of treasury stock held
  As of September 30, 2025 30,690,668 shares
  As of March 31, 2025 11,150,271 shares
3. Average number of shares outstanding

During the six months ended September 30, 2025 1,912,518,893 shares During the six months ended September 30, 2024 1,959,411,021 shares

*"Summary of Consolidated Business Results" is outside the scope of interim external audit.

*Notes concerning the business forecasts and other items

Business forecasts are prepared based on business results for previous years, information available to the Company as of the release date of this document and certain assumptions. Actual results may significantly differ affected by various factors.

Contents of Appendix

Overview of Business Results 2
1. Consolidated Financial Conditions and Results of Operations 2
2. Consolidated Business Forecasts 2
Consolidated Financial Statements and Major Notes 3
1. Consolidated Balance Sheet 3
2. Consolidated Statement of Income and Consolidated Statement of Comprehensive Income 4
3. Consolidated Statement of Changes in Shareholders' Equity 6
4. Notes to Consolidated Financial Statements 8
Notes regarding going concern assumption 8
Notes to Segment Information 8
Others 9

Summary of Consolidated Business Results 9
Premiums written and claims paid by lines of business 10
Securities 11

Overview of Business Results
1. Consolidated Financial Conditions and Results of Operations
  During the six months ended September 30, 2025, the world economy experienced a more moderate pace of recovery as a whole. As the negative impact of U.S. trade policies remained limited, the U.S. economy maintained solid underlying strength, mainly supported by personal consumption against a backdrop of rising stock prices and other factors. In contrast, the Chinese economy saw a slight slowdown, particularly in domestic demand, due to the fading impacts of government support measures. In Europe, economic activity weakened as a reaction to last-minute demand ahead of the implementation of U.S. trade policies. The Japanese economy continued to show weakness in domestic demand against a backdrop of price inflation and other factors, and its pace of recovery remained moderate. In addition, the environment surrounding the Tokio Marine Group, which includes the intensification of disasters caused by climate change, the increasingly uncertain political and social conditions in many countries, and geopolitical risks, is becoming even more complex.
  Under these circumstances, as a result of our efforts to expand our domestic and overseas business, which is centered on non-life insurance and life insurance, our consolidated results of operations for the six months ended September 30, 2025 were as follows:
  As of September 30, 2025, consolidated total assets were 30,880.5 billion yen, an decrease of 356.8 billion yen from that as of March 31, 2025.
  Ordinary income increased by 25.6 billion yen to 4,367.8 billion yen from the same period of the previous year, the main components of which were Underwriting income of 3,081.7 billion yen and Investment income of 1,121.9 billion yen. Ordinary expenses increased by 83.3 billion yen to 3,487.5 billion yen from the same period of the previous year, the main components of which were Underwriting expenses of 2,606.5 billion yen, Investment expenses of 100.3 billion yen, and Operating and general administrative expenses of 761.7 billion yen.
  As a result, Ordinary profit decreased by 57.6 billion yen to 880.2 billion yen from the same period of the previous year.
  Net income attributable to owners of the parent, composed of Ordinary profit plus Extraordinary gains minus Extraordinary losses and Total income taxes, decreased by 1.6 billion yen to 686.8 billion yen from the same period of the previous year.
  Results by our reportable segments are as follows:
  In the Domestic non-life insurance business, Ordinary income decreased by 3.2 billion yen to 2,071.4 billion yen from the same period of the previous year. Ordinary profit decreased by 21.0 billion yen to 601.0 billion yen from the same period of the previous year.
  In the Domestic life insurance business, Ordinary income increased by 28.4 billion yen to 278.8 billion yen from the same period of the previous year. Ordinary profit increased by 28.2 billion yen to 49.7 billion yen from the same period of the previous year.
  In the International insurance business, Ordinary income decreased by 94.8 billion yen to 2,090.7 billion yen from the same period of the previous year. Ordinary profit decreased by 65.7 billion yen to 224.4 billion yen from the same period of the previous year.
2. Consolidated Business Forecasts
  The Company has revised its consolidated business forecasts for the fiscal year 2025. The revised consolidated business forecasts are 1,230.0 billion yen for Ordinary profit and 910.0 billion yen for Net income attributable to owners of the parent. The forecasts are based on the following assumptions:
  - Net premiums written and Life insurance premiums are projected to be 5,430.0 billion yen and 890.0 billion yen respectively.
  - Net incurred losses related to natural catastrophes occurring during the period are projected to be 106.0 billion yen in Japan and
    93.0 billion yen outside Japan.
    - Sales of business-related equities are projected to be 660.0 billion yen.
    - The Company assumes there will be no significant changes in interest rates, stock market conditions and currency exchange rates from those as of September 30, 2025.
    The above forecasts are prepared based on business results for previous years, information available to the Company as of the release date of this document and certain assumptions. Actual results may significantly differ affected by various factors.

Consolidated Financial Statements and Major Notes

Consolidated Balance Sheet

(Yen in millions)

	As of March 31, 2025	As of September 30, 2025
Assets Cash and bank deposits Receivables under resale agreements Monetary receivables bought Money trusts Securities Loans Tangible fixed assets Intangible fixed assets Other assets Net defined benefit assets Deferred tax assets Customers' liabilities under acceptances and guarantees Allowance for doubtful accounts	1,071,138 299,812 3,051,927 7 19,262,988 3,140,328 562,056 1,158,132 2,578,281 16,967 112,395 1,528 (18,225)	1,007,767 -4,365,226 310 18,034,715 2,906,331 624,262 1,036,468 2,683,892 17,502 219,676 1,410 (17,030)
Total assets	31,237,340	30,880,533
Liabilities Insurance liabilities Outstanding claims Underwriting reserves Corporate bonds Other liabilities Net defined benefit liabilities Provision for employees' bonus Provision for share awards Reserves under special laws Reserve for price fluctuation Deferred tax liabilities Negative goodwill Acceptances and guarantees	23,178,787 5,411,597 17,767,189 227,246 2,101,900 223,866 140,268 3,622 150,455 150,455 103,089 3,030 1,528	22,923,014 5,241,142 17,681,872 224,956 2,134,421 217,680 100,310 3,283 154,885 154,885 93,368 2,126 1,410
Total liabilities	26,133,794	25,855,457
Net assets Shareholders' equity Share capital Retained earnings Treasury stock	150,000 2,925,599 (53,643)	150,000 3,448,061 (174,406)
Total shareholders' equity	3,021,956	3,423,655
Accumulated other comprehensive income Unrealized gains (losses) on available-for-sale securities Deferred gains (losses) on hedge transactions Foreign currency translation adjustments Remeasurements of defined benefit plans Unrealized gains (losses) on insurance liability of overseas subsidiaries	868,953 (9,826) 1,186,812 8,604 343	773,350 (10,684) 824,961 8,707 (1,506)
Total accumulated other comprehensive income	2,054,886	1,594,828
Non-controlling interests	26,702	6,591
Total net assets	5,103,545	5,025,075
Total liabilities and net assets	31,237,340	30,880,533

Consolidated Statement of Income and Consolidated Statement of Comprehensive Income (Consolidated Statement of Income)

(Yen in millions)

	Six months ended September 30, 2024 (April 1, 2024 to September 30, 2024)	Six months ended September 30, 2025 (April 1, 2025 to September 30, 2025)
Ordinary income	4,342,147	4,367,813
Underwriting income	3,118,772	3,081,712
Net premiums written	2,697,943	2,685,894
Deposit premiums from policyholders	23,145	32,540
Investment income on deposit premiums	14,999	15,102
Life insurance premiums	380,635	336,166
Investment income	1,133,474	1,121,959
Interest and dividends	502,870	461,665
Gains on money trusts	0	2
Gains on trading securities	70,546	32,165
Gains on sales of securities	563,829	553,875
Gains on redemption of securities	1,269	1,063
Investment gains on separate accounts	6,744	57,771
Transfer of investment income on deposit premiums	(14,999)	(15,102)
Other ordinary income	89,900	164,141
Amortization of negative goodwill	903	903
Equity in earnings of affiliates	3,192	7,731
Ordinary expenses	3,404,201	3,487,532
Underwriting expenses	2,534,860	2,606,581
Net claims paid	1,355,046	1,368,608
Loss adjustment expenses	97,623	96,868
Agency commissions and brokerage	518,691	516,440
Maturity refunds to policyholders	62,247	61,021
Dividends to policyholders	1	0
Life insurance claims	331,138	321,428
Provision for outstanding claims	92,930	118,942
Provision for underwriting reserves	73,339	121,255
Investment expenses	156,087	100,386
Losses on sales of securities	62,102	81,507
Impairment losses on securities	661	278
Losses on redemption of securities	887	1,726
Losses on derivatives	45,315	7,458
Operating and general administrative expenses	694,792	761,778
Other ordinary expenses	18,461	18,785
Interest expenses	14,364	10,537
Increase in allowance for doubtful accounts	-	636
Losses on bad debts	98	135
Ordinary profit	937,946	880,281

(Yen in millions)

	Six months ended September 30, 2024 (April 1, 2024 to September 30, 2024)	Six months ended September 30, 2025 (April 1, 2025 to September 30, 2025)
Extraordinary gains	159	5,529
Gains on disposal of fixed assets	159	5,529
Extraordinary losses	8,197	7,511
Losses on disposal of fixed assets	2,925	1,680
Impairment losses on fixed assets	1,579	1,140
Provision for reserves under special laws	3,691	4,429
Provision for reserve for price fluctuation	3,691	4,429
Other extraordinary losses	-	261
Income before income taxes and non-controlling interests	929,908	878,299
Income taxes - current	245,356	241,641
Income taxes - deferred	(106)	(36,495)
Total income taxes	245,250	205,145
Net income	684,658	673,153
Net income (loss) attributable to non-controlling interests	(3,841)	(13,681)
Net income attributable to owners of the parent	688,500	686,835

(Consolidated Statement of Comprehensive Income)

(Yen in millions)

	Six months ended September 30, 2024 (April 1, 2024 to September 30, 2024)	Six months ended September 30, 2025 (April 1, 2025 to September 30, 2025)
Net income	684,658	673,153
Other comprehensive income
Unrealized gains (losses) on available-for-sale securities	(830,654)	(93,143)
Deferred gains (losses) on hedge transactions	253	(858)
Foreign currency translation adjustments	566,883	(360,235)
Remeasurements of defined benefit plans	236	98
Unrealized gains (losses) on insurance liability of overseas subsidiaries	471	(1,860)
Share of other comprehensive income of affiliates accounted for by the equity method	971	(2,358)
Total other comprehensive income	(261,838)	(458,358)
Total comprehensive income	422,819	214,795
Comprehensive income attributable to:
Owners of the parent	424,677	226,777
Non-controlling interests	(1,858)	(11,981)

Consolidated Statement of Changes in Shareholders' Equity

Six months ended September 30, 2024 (April 1, 2024 to September 30, 2024)

(Yen in millions)

	Shareholders' equity
	Share capital	Retained earnings	Treasury stock	Total shareholders' equity
Beginning balance	150,000	2,378,790	(14,167)	2,514,622
Changes during the six months
Dividends		(123,409)		(123,409)
Net income attributable to owners of the parent		688,500		688,500
Purchases of treasury stock			(121,477)	(121,477)
Disposal of treasury stock		(87)	669	582
Changes in equity resulted from increase in capital of consolidated subsidiaries		982		982
Others		567		567
Net changes in items other than shareholders' equity
Total changes during the six months	-	566,553	(120,807)	445,746
Ending balance	150,000	2,945,343	(134,974)	2,960,368

	Accumulated other comprehensive income					Stock acquisition rights	Non-controlling interests	Total net assets
	Unrealized gains (losses) on available-for-sale securities	Deferred gains (losses) on hedge transactions	Foreign currency translation adjustments	Remeasurements of defined benefit plans	Unrealized gains (losses) on insurance liability of overseas subsidiaries	Stock acquisition rights	Non-controlling interests	Total net assets
Beginning balance	1,927,604	(9,270)	744,786	(477)	(662)	33	6,704	5,183,341
Changes during the six months
Dividends								(123,409)
Net income attributable to owners of the parent								688,500
Purchases of treasury stock								(121,477)
Disposal of treasury stock								582
Changes in equity resulted from increase in capital of consolidated subsidiaries								982
Others								567
Net changes in items other than shareholders' equity	(829,066)	253	564,331	236	423	(33)	(8,341)	(272,197)
Total changes during the six months	(829,066)	253	564,331	236	423	(33)	(8,341)	173,548
Ending balance	1,098,537	(9,017)	1,309,118	(241)	(239)	-	(1,637)	5,356,889

Six months ended September 30, 2025 (April 1, 2025 to September 30, 2025)

(Yen in millions)

	Shareholders' equity
	Share capital	Retained earnings	Treasury stock	Total shareholders' equity
Beginning balance	150,000	2,925,599	(53,643)	3,021,956
Changes during the six months
Dividends		(175,164)		(175,164)
Net income attributable to owners of the parent		686,835		686,835
Purchases of treasury stock			(121,589)	(121,589)
Disposal of treasury stock		0	826	826
Changes in equity resulted from purchase of shares of consolidated subsidiaries		282		282
Others		10,508		10,508
Net changes in items other than shareholders' equity
Total changes during the six months	-	522,461	(120,763)	401,698
Ending balance	150,000	3,448,061	(174,406)	3,423,655

	Accumulated other comprehensive income					Non-controlling interests	Total net assets
	Unrealized gains (losses) on available-for-sale securities	Deferred gains (losses) on hedge transactions	Foreign currency translation adjustments	Remeasurements of defined benefit plans	Unrealized gains (losses) on insurance liability of overseas subsidiaries	Non-controlling interests	Total net assets
Beginning balance	868,953	(9,826)	1,186,812	8,604	343	26,702	5,103,545
Changes during the six months
Dividends							(175,164)
Net income attributable to owners of the parent							686,835
Purchases of treasury stock							(121,589)
Disposal of treasury stock							826
Changes in equity resulted from purchase of shares of consolidated subsidiaries							282
Others							10,508
Net changes in items other than shareholders' equity	(95,602)	(858)	(361,850)	102	(1,849)	(20,111)	(480,169)
Total changes during the six months	(95,602)	(858)	(361,850)	102	(1,849)	(20,111)	(78,470)
Ending balance	773,350	(10,684)	824,961	8,707	(1,506)	6,591	5,025,075

Notes to Consolidated Financial Statements

(Notes regarding going concern assumption)

Not applicable.

(Notes to Segment Information)

Ordinary income and profit (loss) by reportable segments

Six months ended September 30, 2024 (April 1, 2024 to September 30, 2024)

(Yen in millions)

	Reportable segments					Adjustments (Note 1)	Amounts shown on the consolidated financial statements (Note 2)
	Domestic non-life insurance business	Domestic life insurance business	International insurance business	Solution and other businesses	Total	Adjustments (Note 1)
Ordinary income	2,074,746	250,437	2,185,603	52,462	4,563,249	(221,101)	4,342,147
Segment profit (loss)	622,069	21,497	290,161	4,218	937,946	-	937,946

Notes: 1. "Adjustments" for Ordinary income of (221,101) million yen includes the elimination of intersegment transactions (23,939) million yen and the transfer of Reversal of underwriting reserves of 194,970 million yen. The transfer is included in Ordinary income of Domestic non-life insurance business segment and Domestic life insurance business segment, while it is included in Provision for underwriting reserves in the consolidated statement of income.

2. Segment profit (loss) corresponds to Ordinary profit in the consolidated statement of income.

Six months ended September 30, 2025 (April 1, 2025 to September 30, 2025)

(Yen in millions)

	Reportable segments					Adjustments (Note 1)	Amounts shown on the consolidated financial statements (Note 2)
	Domestic non-life insurance business	Domestic life insurance business	International insurance business	Solution and other businesses	Total	Adjustments (Note 1)
Ordinary income	2,071,472	278,842	2,090,770	127,616	4,568,702	(200,888)	4,367,813
Segment profit (loss)	601,024	49,782	224,436	5,009	880,253	27	880,281

Notes: 1. "Adjustments" are as follows:

"Adjustments" for Ordinary income of (200,888) million yen includes the elimination of intersegment transactions (23,996) million yen and the transfer of Reversal of underwriting reserves of 146,956 million yen. The transfer is included in Ordinary income of Domestic life insurance business segment, while it is included in Provision for underwriting reserves in the consolidated statement of income.
"Adjustments" for Segment profit (loss) of 27 million yen is mainly for the elimination of intersegment transactions.

Segment profit (loss) corresponds to Ordinary profit in the consolidated statement of income.
Effective from the current fiscal year, the name of the reportable segment previously presented as "Financial and other businesses" has been changed to "Solution and other businesses". This change pertains solely to the segment name and does not affect the classification or figures of segment information. For consistency, the segment information for the six months ended September 30, 2024 has also been presented using the revised segment name.

Others

Summary of Consolidated Business Results

(Yen in millions)

	Six months ended September 30, 2024 (April 1, 2024 to September 30, 2024)	Six months ended September 30, 2025 (April 1, 2025 to September 30, 2025)	Increase (Decrease)	Rate of change
Ordinary income and expenses Underwriting income Net premiums written Deposit premiums from policyholders Life insurance premiums Underwriting expenses Net claims paid Loss adjustment expenses Agency commissions and brokerage Maturity refunds to policyholders Life insurance claims Provision for outstanding claims Provision for underwriting reserves Investment income Interest and dividends Gains on trading securities Gains on sales of securities Gains on redemption of securities Investment gains on separate accounts Investment expenses Losses on sales of securities Impairment losses on securities Losses on redemption of securities Losses on derivatives Operating and general administrative expenses Other ordinary income and expenses Equity in earnings (losses) of affiliates	3,118,772 2,697,943 23,145 380,635 2,534,860 1,355,046 97,623 518,691 62,247 331,138 92,930 73,339 1,133,474 502,870 70,546 563,829 1,269 6,744 156,087 62,102 661 887 45,315 694,792 71,439 3,192	3,081,712 2,685,894 32,540 336,166 2,606,581 1,368,608 96,868 516,440 61,021 321,428 118,942 121,255 1,121,959 461,665 32,165 553,875 1,063 57,771 100,386 81,507 278 1,726 7,458 761,778 145,356 7,731	(37,060) (12,049) 9,395 (44,468) 71,721 13,562 (755) (2,251) (1,226) (9,710) 26,011 47,915 (11,514) (41,205) (38,380) (9,953) (206) 51,026 (55,700) 19,405 (383) 839 (37,857) 66,986 73,916 4,539	% (1.2) (0.4) 40.6 (11.7) 2.8 1.0 (0.8) (0.4) (2.0) (2.9) 28.0 65.3 (1.0) (8.2) (54.4) (1.8) (16.2) 756.5 (35.7) 31.2 (58.0) 94.6 (83.5) 9.6 103.5 142.2
Ordinary profit	937,946	880,281	(57,665)	(6.1)
Extraordinary gains and losses Extraordinary gains Extraordinary losses	159 8,197	5,529 7,511	5,370 (685)	3,375.0 (8.4)
Extraordinary gains (losses)	(8,038)	(1,981)	6,056	-
Income before income taxes and non-controlling interests	929,908	878,299	(51,609)	(5.5)
Income taxes - current Income taxes - deferred	245,356 (106)	241,641 (36,495)	(3,715) (36,389)	(1.5) -
Total income taxes	245,250	205,145	(40,105)	(16.4)
Net income	684,658	673,153	(11,504)	(1.7)
Net income (loss) attributable to non-controlling interests	(3,841)	(13,681)	(9,840)	-
Net income attributable to owners of the parent	688,500	686,835	(1,664)	(0.2)

Premiums written and claims paid by lines of business

Direct premiums written including deposit premiums from policyholders

(Yen in millions)

Six months ended September 30, 2024

(April 1, 2024 to September 30, 2024)

Six months ended September 30, 2025

(April 1, 2025 to September 30, 2025)

Amount

Composition ratio

Rate of change

Amount

Composition ratio

Rate of change

Fire and allied lines Hull and cargo Personal accident Voluntary automobile

Compulsory automobile liability

Others

763,946

138,504

164,462

923,904

99,313

977,380

% 24.9

4.5

5.4

30.1

3.2

31.9

% 21.1

9.1

(0.2)

4.9

(0.5)

10.0

774,183

138,747

175,981

950,572

99,535

914,404

% 25.4

4.5

5.8

31.1

3.3

29.9

% 1.3

0.2

7.0

2.9

0.2

(6.4)

Total

Deposit premiums from policyholders

3,067,511

23,145

100.0

0.8

9.9

(15.5)

3,053,424

32,540

100.0

1.1

(0.5)

40.6

(Note) Direct premiums written including deposit premiums from policyholders = Gross premiums written - Surrender benefits of direct policies - Other refunds of direct policies (including deposit premiums from policyholders)

	Six months ended September 30, 2024 (April 1, 2024 to September 30, 2024)			Six months ended September 30, 2025 (April 1, 2025 to September 30, 2025)
	Amount	Composition ratio	Rate of change	Amount	Composition ratio	Rate of change
		%	%		%	%
Fire and allied lines	604,575	22.4	27.5	581,179	21.6	(3.9)
Hull and cargo	125,818	4.7	14.1	127,808	4.8	1.6
Personal accident	137,431	5.1	3.5	138,896	5.2	1.1
Voluntary automobile	912,382	33.8	4.1	941,682	35.1	3.2
Compulsory automobile liability	100,614	3.7	(8.8)	103,125	3.8	2.5
Others	817,121	30.3	9.5	793,200	29.5	(2.9)
Total	2,697,943	100.0	10.1	2,685,894	100.0	(0.4)

Net premiums written

Net claims paid

(Yen in millions)

	Six months ended September 30, 2024 (April 1, 2024 to September 30, 2024)			Six months ended September 30, 2025 (April 1, 2025 to September 30, 2025)
	Amount	Composition ratio	Rate of change	Amount	Composition ratio	Rate of change
		%	%		%	%
Fire and allied lines	225,375	16.6	(5.2)	252,314	18.4	12.0
Hull and cargo	46,953	3.5	10.3	59,914	4.4	27.6
Personal accident	62,775	4.6	7.2	64,763	4.7	3.2
Voluntary automobile	541,898	40.0	10.4	549,363	40.1	1.4
Compulsory automobile liability	81,210	6.0	0.9	78,858	5.8	(2.9)
Others	396,832	29.3	18.9	363,395	26.6	(8.4)
Total	1,355,046	100.0	8.9	1,368,608	100.0	1.0

Securities

		As of March 31, 2025			As of September 30, 2025
		Carrying amount shown on the consolidated balance sheet	Fair value	Unrealized gains (losses)	Carrying amount shown on the consolidated balance sheet	Fair value	Unrealized gains (losses)
Those with fair value exceeding the carrying amount	Domestic debt securities Foreign securities	443,876 20,641	458,193 20,839	14,317 197	313,769 25,567	322,900 26,044	9,130 477
Those with fair value exceeding the carrying amount	Subtotal	464,518	479,033	14,514	339,336	348,945	9,608
Those with fair value not exceeding the carrying amount	Domestic debt securities Foreign securities	2,506,881 28,964	1,905,881 24,925	(601,000) (4,039)	2,615,460 20,070	1,890,256 15,248	(725,204) (4,822)
Those with fair value not exceeding the carrying amount	Subtotal	2,535,846	1,930,807	(605,039)	2,635,531	1,905,504	(730,026)
Total		3,000,365	2,409,840	(590,524)	2,974,867	2,254,449	(720,418)

Bonds held to maturity

		As of March 31, 2025			As of September 30, 2025
		Carrying amount shown on the consolidated balance sheet	Fair value	Unrealized gains (losses)	Carrying amount shown on the consolidated balance sheet	Fair value	Unrealized gains (losses)
Those with fair value exceeding the carrying amount	Domestic debt securities	44,799	45,267	468	-	-	-
Those with fair value exceeding the carrying amount	Subtotal	44,799	45,267	468	-	-	-
Those with fair value not exceeding the carrying amount	Domestic debt securities	1,985,819	1,268,010	(717,808)	1,956,958	1,187,893	(769,064)
Those with fair value not exceeding the carrying amount	Subtotal	1,985,819	1,268,010	(717,808)	1,956,958	1,187,893	(769,064)
Total		2,030,618	1,313,278	(717,339)	1,956,958	1,187,893	(769,064)

Bonds earmarked for underwriting reserves

		As of March 31, 2025			As of September 30, 2025
		Fair value shown on the consolidated balance sheet	Cost	Unrealized gains (losses)	Fair value shown on the consolidated balance sheet	Cost	Unrealized gains (losses)
	Domestic debt securities	1,593,169	1,543,581	49,588	409,735	400,696	9,039
Those with fair value exceeding the cost	Domestic equity securities Foreign securities Others (Note 2)	2,097,133 2,458,071 1,290,782	317,983 2,141,650 1,241,548	1,779,150 316,420 49,234	1,759,776 3,216,333 1,657,301	250,235 2,825,044 1,596,426	1,509,541 391,288 60,875
	Subtotal	7,439,157	5,244,763	2,194,393	7,043,146	5,072,402	1,970,743
	Domestic debt securities	1,307,792	1,378,980	(71,187)	1,690,914	1,792,895	(101,981)
Those with fair value not exceeding the cost	Domestic equity securities Foreign securities Others (Note 3)	7,678 4,252,586 1,741,547	8,271 4,660,677 1,868,291	(593) (408,090) (126,743)	596 3,439,482 2,675,639	663 3,775,571 2,766,279	(66) (336,089) (90,640)
	Subtotal	7,309,604	7,916,219	(606,614)	7,806,633	8,335,410	(528,777)
Total		14,748,762	13,160,983	1,587,778	14,849,779	13,407,813	1,441,966

Available-for-sale securities
(Note) 1. Available-for-sale securities without a market price, and investments in partnerships are not included in the table above.
1. "Others" includes items as follows:
  - Foreign mortgage securities, etc. which are presented as Monetary receivables bought on the consolidated balance sheet As of March 31, 2025: fair value 1,275,976 million yen, cost 1,227,237 million yen, unrealized gains 48,739 million yen
    As of September 30, 2025: fair value 1,640,756 million yen, cost 1,580,565 million yen, unrealized gains 60,191 million yen
2. "Others" includes items as follows:
  - Negotiable certificates of deposit which are presented as Cash and bank deposits on the consolidated balance sheet As of March 31, 2025: fair value 5,486 million yen, cost 5,486 million yen
    As of September 30, 2025: fair value 2,750 million yen, cost 2,750 million yen
  - Foreign mortgage securities, etc. which are presented as Monetary receivables bought on the consolidated balance sheet
    As of March 31, 2025: fair value 1,734,649 million yen, cost 1,861,282 million yen, unrealized losses (126,633) million yen As of September 30, 2025: fair value 2,670,663 million yen, cost 2,761,099 million yen, unrealized losses (90,435) million yen
    (Yen in millions)
    (Yen in millions)
    (Yen in millions)
Securities on which impairment losses were recognized Impairment losses were recognized as follows:

Available-for-sale securities with fair value
Fiscal year 2024: 4,817 million yen (Domestic equity securities 158 million yen, Foreign securities 618 million yen, Others 4,040 million yen)
Six months ended September 30, 2025: 3,995 million yen (Foreign securities 278 million yen, Others 3,717 million yen)
Available-for-sale securities without a market price, and investments in partnerships Fiscal year 2024: 335 million yen (Domestic equity securities 335 million yen)

Impairment loss on a security with fair value is, in principle, recognized when the fair value is below its cost by 30% or more.