Tokio Marine Holdings, Inc. TSE:8766
Tokio Marine : Financial document (3Q FY2025 Summary Report e)
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 nine months ended December 31, 2025
February 13, 2026
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 commence dividend payments: Not applicable
Supplementary information for financial statements: Available IR Conference Call: None
(Note) All amounts are rounded down and all percentages are rounded.
Consolidated Business Results for the nine months ended December 31, 2025 (April 1, 2025 to December 31, 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
%
Nine months ended December 31, 2025
6,674,234
6.8
1,202,445
(1.4)
899,272
0.5
Nine months ended December 31, 2024
6,249,686
10.9
1,219,135
106.7
895,210
73.0
(Note) Comprehensive income:
Nine months ended December 31, 2025
735,636
million yen
192.2
%
Nine months ended December 31, 2024
251,790
million yen
(77.5)
%
Net income per share - Basic
Net income per share - Diluted
yen
yen
Nine months ended December 31, 2025
470.95
-
Nine months ended December 31, 2024
458.47
-
Consolidated Financial Conditions
Total assets
Net assets
Ratio of equity capital to total assets
million yen
million yen
%
As of December 31, 2025
31,854,185
5,351,403
16.7
As of March 31, 2025
31,237,340
5,103,545
16.3
(Reference) Equity capital:
As of December 31, 2025 5,329,185 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: None
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
1,380,000
%
(5.5)
million yen
1,020,000
%
(3.3)
yen
534.61
(Note) Revision to the latest Consolidated Business Forecasts: Yes
*Notes
Significant changes in the scope of consolidation during the period: None
Adoption of accounting methods that are specific to quarterly consolidated financial reports: None
Changes in accounting policies, changes in accounting estimates, and retrospective restatements
Changes in accounting policies to reflect amendments of accounting standards: None
Changes in accounting policies other than (a): None
Changes in accounting estimates: None
Retrospective restatements: None
Number of shares issued (common stock)
Total number of shares issued including treasury stock
As of December 31, 2025 1,934,000,000 shares
As of March 31, 2025 1,934,000,000 shares
Number of treasury stock held
As of December 31, 2025 30,684,996 shares
As of March 31, 2025 11,150,271 shares
Average number of shares outstanding
During the nine months ended December 31, 2025 1,909,450,674 shares During the nine months ended December 31, 2024 1,952,582,319 shares
*Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit firm: None
*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 AppendixOverview of Business Results 2
Consolidated Financial Conditions and Results of Operations 2
Consolidated Business Forecasts 2
Consolidated Financial Statements and Major Notes 3
Consolidated Balance Sheet 3
Consolidated Statement of Income and Consolidated Statement of Comprehensive Income 4
Notes to Consolidated Financial Statements 7
Notes regarding going concern assumption 7
Notes regarding significant changes in shareholders' equity 7
Notes to Segment Information 7
Notes to Consolidated Statement of Cash Flows 7
Others 8
Summary of Consolidated Business Results 8
Premiums written and claims paid by lines of business 9
Securities 10
Financial results of major consolidated subsidiaries 11
Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated) 11
Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated) 14
Tokio Marine Direct Insurance Co., Ltd. (non-consolidated) 17
Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated) 19
Revision of Business forecasts for the fiscal year 2025 (April 1, 2025 to March 31, 2026) 21
Glossary of terminology 22
(Note) Tokio Marine Direct Insurance Co., Ltd. has changed its name from E.design Insurance Co., Ltd., effective from October 1, 2025.
-
Overview of Business Results
-
Consolidated Financial Conditions and Results of Operations
During the nine months ended December 31, 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 Europe, amid broadly stable inflation, the economy experienced a moderate recovery, mainly supported by personal consumption. In contrast, the Chinese economy saw a slight slowdown, particularly in domestic demand, due to the fading impacts of government support measures. 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.
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 nine months ended December 31, 2025 were as follows:
As of December 31, 2025, consolidated total assets were 31,854.1 billion yen, an increase of 616.8 billion yen from those as of March 31, 2025.
Ordinary income increased by 424.5 billion yen to 6,674.2 billion yen from the same period of the previous year, the main components of which were Underwriting income of 4,824.9 billion yen and Investment income of 1,601.2 billion yen. Ordinary expenses increased by 441.2 billion yen to 5,471.7 billion yen from the same period of the previous year, the main components of which were Underwriting expenses of 4,119.4 billion yen, Investment expenses of 152.0 billion yen, and Operating and general administrative expenses of 1,170.5 billion yen.
As a result, Ordinary profit decreased by 16.6 billion yen to 1,202.4 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, increased by 4.0 billion yen to 899.2 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 116.2 billion yen to 2,933.4 billion yen from the same period of the previous year. Ordinary profit decreased by 133.0 billion yen to 690.4 billion yen from the same period of the previous year.
In the Domestic life insurance business, Ordinary income increased by 77.9 billion yen to 423.9 billion yen from the same period of the previous year. Ordinary profit increased by 81.3 billion yen to 117.2 billion yen from the same period of the previous year.
In the International insurance business, Ordinary income increased by 322.9 billion yen to 3,381.3 billion yen from the same period of the previous year. Ordinary profit increased by 33.0 billion yen to 386.3 billion yen from the same period of the previous year.
-
Consolidated Business Forecasts
The Company has revised its consolidated business forecasts for the fiscal year 2025. The revised consolidated business forecasts are 1,380.0 billion yen for Ordinary profit and 1,020.0 billion yen for Net income attributable to owners of the parent. Please refer to "3. Others (5) Revision of Business forecasts for the fiscal year 2025 (April 1, 2025 to March 31, 2026)" for the details of revision. The forecasts are based on the following assumptions:
Net premiums written and Life insurance premiums are projected to be 5,590.0 billion yen and 930.0 billion yen respectively.
Net incurred losses related to natural catastrophes occurring during the period are projected to be 74.0 billion yen in Japan and
73.0 billion yen outside Japan.
Sales of business-related equities are projected to be 721.0 billion yen.
The Company assumes there will be no significant changes in interest rates and stock market conditions from those as of December 31, 2025.
The Company assumes there will be no significant changes in currency exchange rates from those as of January 31, 2026 for domestic subsidiaries, whereas applying the rates as of December 31, 2025 for overseas subsidiaries.
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 Conditions and Results of Operations
-
Consolidated Financial Statements and Major Notes
-
Consolidated Balance Sheet
(Yen in millions)
As of March 31, 2025
As of December 31, 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)
917,146
74,876
4,267,777
311
18,840,794
2,959,031
657,574
1,132,046
2,841,301
17,668
161,316
1,410
(17,070)
Total assets
31,237,340
31,854,185
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
23,429,030
5,404,802
18,024,228
225,664
2,285,195
191,919
105,394
3,597
157,973
157,973
100,889
1,708
1,410
Total liabilities
26,133,794
26,502,782
Net assets Shareholders' equity
Share capital Retained earnings
Treasury stock
150,000
2,925,599
(53,643)
150,000
3,462,538
(174,395)
Total shareholders' equity
3,021,956
3,438,143
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
956,170
(11,910)
922,421
26,245
(1,884)
Total accumulated other comprehensive income
2,054,886
1,891,042
Non-controlling interests
26,702
22,217
Total net assets
5,103,545
5,351,403
Total liabilities and net assets
31,237,340
31,854,185
-
Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
(Consolidated Statement of Income)
(Yen in millions)
Nine months ended December 31, 2024
(April 1, 2024 to
December 31, 2024)
Nine months ended December 31, 2025
(April 1, 2025 to
December 31, 2025)
Ordinary income
6,249,686
6,674,234
Underwriting income
4,540,071
4,824,919
Net premiums written
3,863,789
4,146,094
Deposit premiums from policyholders
34,695
43,155
Investment income on deposit premiums
22,247
22,675
Life insurance premiums
603,879
598,836
Investment income
1,580,934
1,601,265
Interest and dividends
705,598
721,494
Gains on money trusts
0
3
Gains on trading securities
110,226
126,707
Gains on sales of securities
715,594
613,610
Gains on redemption of securities
1,447
1,902
Investment gains on separate accounts
31,360
94,878
Transfer of investment income on deposit premiums
(22,247)
(22,675)
Other ordinary income
128,680
248,050
Amortization of negative goodwill
1,355
1,322
Equity in earnings of affiliates
3,620
10,019
Ordinary expenses
5,030,551
5,471,788
Underwriting expenses
3,795,724
4,119,439
Net claims paid
1,981,724
2,105,216
Loss adjustment expenses
141,410
144,093
Agency commissions and brokerage
739,955
794,722
Maturity refunds to policyholders
99,138
97,898
Dividends to policyholders
1
1
Life insurance claims
457,420
494,530
Provision for outstanding claims
187,000
174,072
Provision for underwriting reserves
186,332
305,911
Investment expenses
229,536
152,080
Losses on sales of securities
67,238
90,045
Impairment losses on securities
1,607
2,680
Losses on redemption of securities
1,474
1,934
Losses on derivatives
80,559
28,607
Operating and general administrative expenses
978,180
1,170,574
Other ordinary expenses
27,109
29,694
Interest expenses
18,515
16,333
Increase in allowance for doubtful accounts
-
1,754
Losses on bad debts
138
206
Ordinary profit
1,219,135
1,202,445
(Yen in millions)
(Consolidated Statement of Comprehensive Income)Nine months ended December 31, 2024
(April 1, 2024 to
December 31, 2024)
Nine months ended December 31, 2025
(April 1, 2025 to
December 31, 2025)
Extraordinary gains
1,815
6,916
Gains on disposal of fixed assets
1,643
6,916
Other extraordinary gains
172
-
Extraordinary losses
12,768
16,030
Losses on disposal of fixed assets
4,526
2,234
Impairment losses on fixed assets
1,827
2,664
Provision for reserves under special laws
6,382
7,517
Provision for reserve for price fluctuation
6,382
7,517
Other extraordinary losses
32
3,614
Income before income taxes and non-controlling interests
1,208,182
1,193,330
Income taxes - current
316,728
313,220
Income taxes - deferred
5,090
(16,184)
Total income taxes
321,819
297,036
Net income
886,363
896,294
Net income (loss) attributable to non-controlling interests
(8,847)
(2,978)
Net income attributable to owners of the parent
895,210
899,272
(Yen in millions)
Nine months ended December 31, 2024
(April 1, 2024 to
December 31, 2024)
Nine months ended December 31, 2025
(April 1, 2025 to
December 31, 2025)
Net income
886,363
896,294
Other comprehensive income
Unrealized gains (losses) on available-for-sale securities
(654,208)
90,556
Deferred gains (losses) on hedge transactions
(533)
(2,083)
Foreign currency translation adjustments
18,229
(265,263)
Remeasurements of defined benefit plans
376
17,634
Unrealized gains (losses) on insurance liability of overseas subsidiaries
(518)
(2,239)
Share of other comprehensive income of affiliates accounted for by the equity method
2,081
738
Total other comprehensive income
(634,572)
(160,657)
Total comprehensive income
251,790
735,636
Comprehensive income attributable to:
Owners of the parent
254,309
735,427
Non-controlling interests
(2,519)
209
- Notes to Consolidated Financial Statements
Not applicable.
(Notes regarding significant changes in shareholders' equity)Not applicable.
(Notes to Segment Information)Ordinary income and profit (loss) by reportable segments
Nine months ended December 31, 2024 (April 1, 2024 to December 31, 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
Ordinary income
3,049,757
345,981
3,058,393
79,736
6,533,869
(284,182)
6,249,686
Segment profit (loss)
823,465
35,962
353,282
6,424
1,219,135
-
1,219,135
Notes: 1. "Adjustments" for Ordinary income of (284,182) million yen includes eliminate intersegment transactions (36,517) million yen and the transfer of Reversal of underwriting reserves of 224,734 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.
Nine months ended December 31, 2025 (April 1, 2025 to December 31, 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
Ordinary income
2,933,499
423,932
3,381,351
195,212
6,933,997
(259,762)
6,674,234
Segment profit (loss)
690,413
117,286
386,327
8,390
1,202,417
27
1,202,445
Notes: 1. "Adjustments" are as follows:
"Adjustments" for Ordinary income of (259,762) million yen includes eliminate intersegment transactions (36,229) million yen and the transfer of Reversal of underwriting reserves of 169,799 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.
"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 nine months ended December 31, 2024 has also been presented using the revised segment name.
The Company has not prepared consolidated statement of cash flows for the nine months ended December 31, 2025.
Depreciation (including amortization related to intangible assets excluding goodwill), Amortization of goodwill and Amortization of negative goodwill for the nine months ended December 31, 2025 and the same period of the previous year are as follows.
(Yen in millions)
Nine months ended December 31, 2024
(April 1, 2024 to
December 31, 2024)
Nine months ended December 31, 2025
(April 1, 2025 to
December 31, 2025)
Depreciation
102,978
116,328
Amortization of goodwill
61,968
63,229
Amortization of negative goodwill
(1,355)
(1,322)
-
Consolidated Balance Sheet
- Others
-
Summary of Consolidated Business Results
(Yen in millions)
Nine months ended December 31, 2024
(April 1, 2024 to
December 31, 2024)
Nine months ended December 31, 2025
(April 1, 2025 to
December 31, 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
4,540,071
3,863,789
34,695
603,879
3,795,724
1,981,724
141,410
739,955
99,138
457,420
187,000
186,332
1,580,934
705,598
110,226
715,594
1,447
31,360
229,536
67,238
1,607
1,474
80,559
978,180
101,571
3,620
4,824,919
4,146,094
43,155
598,836
4,119,439
2,105,216
144,093
794,722
97,898
494,530
174,072
305,911
1,601,265
721,494
126,707
613,610
1,902
94,878
152,080
90,045
2,680
1,934
28,607
1,170,574
218,355
10,019
284,847
282,304
8,460
(5,042)
323,715
123,491
2,683
54,767
(1,240)
37,109
(12,927)
119,579
20,330
15,895
16,481
(101,984)
454
63,517
(77,455)
22,806
1,073
459
(51,951)
192,393
116,784
6,398
% 6.3
7.3
24.4
(0.8)
8.5
6.2
1.9
7.4
(1.3)
8.1
(6.9)
64.2
1.3
2.3
15.0
(14.3)
31.4
202.5
(33.7)
33.9
66.8
31.2
(64.5)
19.7
115.0
176.7
Ordinary profit
1,219,135
1,202,445
(16,690)
(1.4)
Extraordinary gains and losses Extraordinary gains
Extraordinary losses
1,815
12,768
6,916
16,030
5,100
3,261
280.9
25.5
Extraordinary gains (losses)
(10,953)
(9,114)
1,838
-
Income before income taxes and non-controlling
interests
1,208,182
1,193,330
(14,851)
(1.2)
Income taxes - current
Income taxes - deferred
316,728
5,090
313,220
(16,184)
(3,507)
(21,274)
(1.1)
(417.9)
Total income taxes
321,819
297,036
(24,782)
(7.7)
Net income
886,363
896,294
9,930
1.1
Net income (loss) attributable to non-controlling
interests
(8,847)
(2,978)
5,869
-
Net income attributable to owners of the parent
895,210
899,272
4,061
0.5
-
Premiums written and claims paid by lines of business
Direct premiums written including deposit premiums from policyholders
(Yen in millions)
Nine months ended December 31, 2024
(April 1, 2024 to December 31, 2024)
Nine months ended December 31, 2025
(April 1, 2025 to December 31, 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
1,067,307
178,784
234,000
1,374,379
148,549
1,396,705
% 24.3
4.1
5.3
31.2
3.4
31.7
% 8.9
(0.1)
0.5
2.5
(0.5)
(1.4)
1,185,968
190,879
248,059
1,472,525
148,931
1,460,869
% 25.2
4.1
5.3
31.3
3.2
31.0
% 11.1
6.8
6.0
7.1
0.3
4.6
Total
Deposit premiums from policyholders
4,399,726
34,695
100.0
0.8
2.3
(7.8)
4,707,233
43,155
100.0
0.9
7.0
24.4
(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)
Nine months ended December 31, 2024
(April 1, 2024 to December 31, 2024)
Nine months ended December 31, 2025
(April 1, 2025 to December 31, 2025)
Amount
Composition ratio
Rate of change
Amount
Composition ratio
Rate of change
%
%
%
%
Fire and allied lines
830,380
21.5
13.1
892,597
21.5
7.5
Hull and cargo
158,466
4.1
4.8
172,127
4.2
8.6
Personal accident
189,895
4.9
1.6
196,755
4.7
3.6
Voluntary automobile
1,358,862
35.2
1.8
1,457,624
35.2
7.3
Compulsory automobile liability
149,699
3.9
(6.2)
152,976
3.7
2.2
Others
1,176,483
30.4
(0.8)
1,274,012
30.7
8.3
Total
3,863,789
100.0
3.0
4,146,094
100.0
7.3
Net premiums written
Net claims paid
(Yen in millions)
(Yen in millions)
Nine months ended December 31, 2024
(April 1, 2024 to December 31, 2024)
Nine months ended December 31, 2025
(April 1, 2025 to December 31, 2025)
Amount
Composition ratio
Rate of change
Amount
Composition ratio
Rate of change
%
%
%
%
Fire and allied lines
332,616
16.8
(11.2)
374,659
17.8
12.6
Hull and cargo
73,579
3.7
11.4
81,382
3.9
10.6
Personal accident
92,395
4.7
2.0
97,615
4.6
5.6
Voluntary automobile
812,827
41.0
6.8
855,598
40.6
5.3
Compulsory automobile liability
123,157
6.2
(0.8)
120,872
5.7
(1.9)
Others
547,147
27.6
2.6
575,088
27.3
5.1
Total
1,981,724
100.0
1.6
2,105,216
100.0
6.2
-
Securities
As of March 31, 2025
As of December 31, 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)
Domestic debt securities
Foreign securities
2,950,758
49,606
2,364,075
45,765
(586,683)
(3,841)
2,921,972
49,684
2,101,445
45,246
(820,527)
(4,437)
Total
3,000,365
2,409,840
(590,524)
2,971,656
2,146,691
(824,964)
Bonds held to maturity
As of March 31, 2025
As of December 31, 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)
Domestic debt securities
2,030,618
1,313,278
(717,339)
1,974,891
1,136,249
(838,641)
Total
2,030,618
1,313,278
(717,339)
1,974,891
1,136,249
(838,641)
Bonds earmarked for underwriting reserves
Available-for-sale securities
(Yen in millions)
(Yen in millions)
(Yen in millions)
As of March 31, 2025
As of December 31, 2025
Cost
Fair value shown on the consolidated balance sheet
Unrealized gains (losses)
Cost
Fair value shown on the consolidated balance sheet
Unrealized gains (losses)
Domestic debt securities
2,922,561
2,900,962
(21,598)
2,161,995
2,035,034
(126,960)
Domestic equity securities
326,254
2,104,811
1,778,556
240,675
1,887,327
1,646,652
Foreign securities
6,802,327
6,710,657
(91,670)
6,959,507
7,171,023
211,515
Others
3,109,839
3,032,330
(77,508)
4,273,034
4,261,591
(11,442)
Total
13,160,983
14,748,762
1,587,778
13,635,212
15,354,977
1,719,764
(Notes) 1. Available-for-sale securities without a market price, and investments in partnerships are not included in the table above.
"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: cost 5,486 million yen, fair value 5,486 million yen
As of December 31, 2025: cost 2,447 million yen, fair value 2,447 million yen
Foreign mortgage securities, etc. which are presented as Monetary receivables bought on the consolidated balance sheet As of March 31, 2025: cost 3,088,520 million yen, fair value 3,010,626 million yen, unrealized losses (77,893) million yen
As of December 31, 2025: cost 4,251,297 million yen, fair value 4,239,080 million yen, unrealized losses (12,217) million yen
Impairment losses on Available-for-sale securities with fair value were recognized as follows:
Fiscal year 2024: 4,817 million yen (Domestic equity securities 158 million yen, Foreign securities 618 million yen, Others 4,040 million yen) Nine months ended December 31, 2025: 6,156 million yen (Foreign securities 2,680 million yen, Others 3,475 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.
-
Financial results of major consolidated subsidiaries
Reference : Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated)
Balance sheet
(Yen in millions)
Reference : Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated)As of March 31, 2025
As of December 31, 2025
Increase (Decrease)
Amount
Composition ratio
Amount
Composition ratio
Assets
%
%
Cash and bank deposits
327,279
3.35
240,031
2.44
(87,247)
Receivables under resale agreements
299,812
3.06
74,876
0.76
(224,935)
Monetary receivables bought
115,659
1.18
388,019
3.94
272,360
Money trusts
7
0.00
7
0.00
0
Securities
7,461,229
76.27
7,361,169
74.81
(100,060)
Loans
386,053
3.95
470,023
4.78
83,970
Tangible fixed assets
209,158
2.14
224,078
2.28
14,920
Intangible fixed assets
184,415
1.89
191,762
1.95
7,346
Other assets
761,448
7.78
821,019
8.34
59,570
Prepaid pension costs
5,760
0.06
7,189
0.07
1,429
Deferred tax assets
33,607
0.34
64,510
0.66
30,903
Customers' liabilities under acceptances and guarantees
1,528
0.02
1,410
0.01
(117)
Allowance for doubtful accounts
(3,697)
(0.04)
(3,844)
(0.04)
(146)
Total assets
9,782,260
100.00
9,840,255
100.00
57,994
Liabilities
Insurance liabilities
5,396,396
55.17
5,417,209
55.05
20,813
Outstanding claims
1,357,976
1,404,918
46,941
Underwriting reserves
4,038,419
4,012,291
(26,128)
Short-term corporate bonds
-
-
31,972
0.32
31,972
Corporate bonds
200,000
2.04
200,000
2.03
-
Other liabilities
632,323
6.46
508,692
5.17
(123,630)
Income taxes payable
176,710
38,091
(138,618)
Lease obligations
1,610
1,708
97
Asset retirement obligations
3,334
3,317
(16)
Other liabilities
450,667
465,574
14,907
Provision for retirement benefits
202,131
2.07
198,369
2.02
(3,761)
Provision for employees' bonus
20,581
0.21
8,920
0.09
(11,661)
Reserves under special laws
120,462
1.23
125,223
1.27
4,760
Reserve for price fluctuation
120,462
125,223
4,760
Acceptances and guarantees
1,528
0.02
1,410
0.01
(117)
Total liabilities
6,573,423
67.20
6,491,799
65.97
(81,623)
Net assets
Share capital
101,994
1.04
101,994
1.04
-
Capital surplus
135,434
1.38
135,434
1.38
-
Additional paid-in capital
123,521
123,521
-
Other capital surplus
11,913
11,913
-
Retained earnings
1,711,544
17.50
1,952,686
19.84
241,142
Surplus reserve
81,099
81,099
-
Other retained earnings
1,630,444
1,871,587
241,142
Reserve for advanced depreciation of fixed assets
21,237
21,237
-
Special reserves
235,426
235,426
-
Retained earnings carried forward
1,373,780
1,614,923
241,142
Total shareholders' equity
1,948,973
19.92
2,190,115
22.26
241,142
Unrealized gains (losses) on available-for-sale securities
1,298,987
13.28
1,199,649
12.19
(99,338)
Deferred gains (losses) on hedge transactions
(39,123)
(0.40)
(41,309)
(0.42)
(2,186)
Total valuation and translation adjustments
1,259,864
12.88
1,158,339
11.77
(101,524)
Total net assets
3,208,837
32.80
3,348,455
34.03
139,617
Total liabilities and net assets
9,782,260
100.00
9,840,255
100.00
57,994
Statement of income
(Yen in millions)
Nine months ended December 31, 2024
( April 1, 2024 to
December 31, 2024 )
Nine months ended December 31, 2025
( April 1, 2025 to
December 31, 2025 )
Increase (Decrease)
Ordinary income
3,138,415
2,955,120
(183,294)
Underwriting income
2,044,245
2,048,799
4,554
Net premiums written
1,872,987
1,956,616
83,629
Deposit premiums from policyholders
33,980
42,471
8,490
Investment income on deposit premiums
21,115
21,480
365
Reversal of underwriting reserves
115,278
26,128
(89,150)
Investment income
1,086,486
898,169
(188,316)
Interest and dividends
374,425
298,808
(75,616)
Gains on money trusts
0
0
0
Gains on sales of securities
701,657
577,639
(124,017)
Transfer of investment income on deposit premiums
(21,115)
(21,480)
(365)
Other ordinary income
7,683
8,151
467
Ordinary expenses
2,076,507
2,089,617
13,110
Underwriting expenses
1,712,863
1,713,816
952
Net claims paid
1,102,396
1,099,319
(3,076)
Loss adjustment expenses
103,580
106,164
2,584
Agency commissions and brokerage
361,550
365,263
3,713
Maturity refunds to policyholders
96,655
95,547
(1,107)
Provision for outstanding claims
48,165
46,941
(1,224)
Investment expenses
83,414
80,395
(3,018)
Losses on sales of securities
5,757
763
(4,994)
Impairment losses on securities
1,050
-
(1,050)
Operating and general administrative expenses
277,738
292,462
14,723
Other ordinary expenses
2,491
2,943
452
Interest expenses
1,839
2,025
186
Ordinary profit (loss)
1,061,907
865,502
(196,405)
Extraordinary gains
128
196
67
Gains on disposal of fixed assets
128
196
67
Extraordinary losses
8,714
9,846
1,131
Losses on disposal of fixed assets
3,676
1,559
(2,117)
Impairment losses on fixed assets
188
172
(15)
Provision for reserves under special laws
4,817
4,760
(56)
Provision for reserve for price fluctuation
4,817
4,760
(56)
Impairment losses on shares of subsidiaries and affiliates
-
3,353
3,353
Other extraordinary losses
32
-
(32)
Income (loss) before income taxes
1,053,321
855,852
(197,469)
Income taxes - current
195,436
164,664
(30,771)
Income taxes - deferred
2,448
6,926
4,477
Total income taxes
197,885
171,591
(26,294)
Net income (loss)
855,436
684,261
(171,174)
Reference : Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated)Underwriting profit (loss)
97,294
89,322
(7,972)
%
%
%
Loss ratio (private sector, E/I basis)
64.4
62.5
(2.0)
Expense ratio (private sector)
31.3
30.9
(0.4)
Combined ratio (private sector)
95.8
93.4
(2.4)
Underwriting
Nine months ended December 31, 2024
( April 1, 2024 to December 31, 2024 )
Nine months ended December 31, 2025
( April 1, 2025 to December 31, 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
400,542
70,322
157,862
878,121
140,530
392,437
% 19.6
3.4
7.7
43.0
6.9
19.2
% 10.7
1.4
2.9
3.3
(0.5)
1.2
433,715
70,320
161,809
918,205
141,029
390,136
% 20.5
3.3
7.6
43.4
6.7
18.4
% 8.3
(0.0)
2.5
4.6
0.4
(0.6)
Total
Deposit premiums from policyholders
2,039,817
33,980
100.0
-
3.9
(7.6)
2,115,217
42,471
100.0
-
3.7
25.0
Direct premiums written excluding deposit premiums from policyholders
Nine months ended December 31, 2024
( April 1, 2024 to December 31, 2024 )
Nine months ended December 31, 2025
( April 1, 2025 to December 31, 2025 )
Amount
Composition ratio
Rate of change
Amount
Composition ratio
Rate of change
%
%
%
%
Fire and allied lines
340,692
18.2
9.0
366,530
18.7
7.6
Hull and cargo
67,990
3.6
8.8
68,071
3.5
0.1
Personal accident
153,604
8.2
2.5
158,310
8.1
3.1
Voluntary automobile
873,915
46.7
3.1
914,648
46.7
4.7
Compulsory automobile liability
142,172
7.6
(6.0)
145,417
7.4
2.3
Others
294,610
15.7
3.5
303,637
15.5
3.1
Total
1,872,987
100.0
3.6
1,956,616
100.0
4.5
Net premiums written
Nine months ended December 31, 2024
( April 1, 2024 to December 31, 2024 )
Nine months ended December 31, 2025
( April 1, 2025 to December 31, 2025 )
Amount
Rate of change
Loss ratio
Amount
Rate of change
Loss ratio
%
%
%
%
Fire and allied lines
165,770
(5.6)
51.1
150,887
(9.0)
43.3
Hull and cargo
39,710
17.8
61.1
42,358
6.7
64.8
Personal accident
77,703
8.7
56.7
79,042
1.7
56.0
Voluntary automobile
537,449
7.4
68.6
557,522
3.7
68.0
Compulsory automobile liability
116,689
(0.6)
91.2
114,818
(1.6)
87.5
Others
165,072
6.6
59.2
154,690
(6.3)
54.1
Total
1,102,396
4.7
64.4
1,099,319
(0.3)
61.6
Net claims paid
(Note) Loss ratio is calculated on W/P basis.
(Yen in millions)
(Yen in millions)
(Yen in millions)
Reference : Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated)Balance sheet
(Yen in millions)
Reference : Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated)As of March 31, 2025
As of December 31, 2025
Increase (Decrease)
Amount
Composition ratio
Amount
Composition ratio
Assets
%
%
Cash and bank deposits
48,742
14.02
41,564
11.93
(7,177)
Monetary receivables bought
6,038
1.74
17,930
5.14
11,891
Securities
198,955
57.23
192,599
55.27
(6,355)
Loans
39
0.01
29
0.01
(9)
Tangible fixed assets
24,015
6.91
23,577
6.77
(438)
Intangible fixed assets
6,923
1.99
7,341
2.11
417
Other assets
35,707
10.27
37,282
10.70
1,574
Prepaid pension costs
2,631
0.76
2,779
0.80
147
Deferred tax assets
24,809
7.14
25,584
7.34
775
Allowance for doubtful accounts
(191)
(0.06)
(190)
(0.05)
1
Total assets
347,671
100.00
348,498
100.00
826
Liabilities
Insurance liabilities
281,150
80.87
284,638
81.68
3,487
Outstanding claims
56,418
57,676
1,257
Underwriting reserves
224,731
226,962
2,230
Other liabilities
15,994
4.60
17,744
5.09
1,750
Income taxes payable
479
1,288
808
Asset retirement obligations
30
40
10
Other liabilities
15,484
16,416
931
Provision for retirement benefits
4,466
1.28
4,590
1.32
123
Provision for employees' bonus
527
0.15
-
-
(527)
Reserves under special laws
5,839
1.68
5,748
1.65
(90)
Reserve for price fluctuation
5,839
5,748
(90)
Total liabilities
307,978
88.58
312,722
89.73
4,743
Net assets
Share capital
10,194
2.93
10,194
2.93
-
Capital surplus
6,310
1.81
6,310
1.81
-
Additional paid-in capital
6,310
6,310
-
Retained earnings
22,549
6.49
20,773
5.96
(1,776)
Surplus reserve
3,884
3,884
-
Other retained earnings
18,664
16,888
(1,776)
Reserve for advanced depreciation of fixed assets
1,567
1,567
-
Retained earnings carried forward
17,097
15,321
(1,776)
Total shareholders' equity
39,054
11.23
37,278
10.70
(1,776)
Unrealized gains (losses) on available-for-sale securities
681
0.20
(1,177)
(0.34)
(1,859)
Deferred gains (losses) on hedge transactions
(42)
(0.01)
(324)
(0.09)
(282)
Total valuation and translation adjustments
639
0.18
(1,502)
(0.43)
(2,141)
Total net assets
39,693
11.42
35,776
10.27
(3,917)
Total liabilities and net assets
347,671
100.00
348,498
100.00
826
Statement of income
(Yen in millions)
Nine months ended December 31, 2024
( April 1, 2024 to
December 31, 2024 )
Nine months ended December 31, 2025
( April 1, 2025 to
December 31, 2025 )
Increase (Decrease)
Ordinary income
128,186
133,287
5,100
Underwriting income
123,217
125,792
2,574
Net premiums written
121,385
123,929
2,543
Deposit premiums from policyholders
714
684
(30)
Investment income on deposit premiums
1,112
1,174
61
Investment income
4,833
7,369
2,535
Interest and dividends
5,037
5,058
20
Gains on sales of securities
879
3,465
2,585
Transfer of investment income on deposit premiums
(1,112)
(1,174)
(61)
Other ordinary income
134
125
(9)
Ordinary expenses
129,489
128,013
(1,475)
Underwriting expenses
106,297
104,838
(1,458)
Net claims paid
65,341
67,042
1,701
Loss adjustment expenses
8,360
8,129
(230)
Agency commissions and brokerage
23,155
23,728
572
Maturity refunds to policyholders
2,483
2,351
(132)
Provision for outstanding claims
1,232
1,257
24
Provision for underwriting reserves
5,615
2,230
(3,385)
Investment expenses
3,732
2,702
(1,029)
Losses on sales of securities
127
18
(108)
Losses on derivatives
3,601
2,680
(921)
Operating and general administrative expenses
19,292
20,342
1,049
Other ordinary expenses
167
129
(37)
Ordinary profit (loss)
(1,302)
5,273
6,576
Extraordinary gains
862
176
(685)
Gains on disposal of fixed assets
239
63
(175)
Reversal of reserves under special laws
622
90
(531)
Reversal of reserve for price fluctuation
622
90
(531)
Other extraordinary gains
-
21
21
Extraordinary losses
2,280
350
(1,929)
Losses on disposal of fixed assets
190
28
(162)
Impairment losses on fixed assets
2,090
322
(1,767)
Income (loss) before income taxes
(2,721)
5,098
7,820
Income taxes - current
194
1,456
1,261
Income taxes - deferred
(568)
18
586
Total income taxes
(373)
1,474
1,848
Net income (loss)
(2,348)
3,624
5,972
Reference : Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated)Underwriting profit (loss)
(2,322)
676
2,998
%
%
%
Loss ratio (private sector, E/I basis)
63.0
60.9
(2.1)
Expense ratio (private sector)
34.4
35.2
0.8
Combined ratio (private sector)
97.4
96.0
(1.3)
Underwriting
Nine months ended December 31, 2024
( April 1, 2024 to December 31, 2024 )
Nine months ended December 31, 2025
( April 1, 2025 to December 31, 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
41,549
-4,461
65,431
8,018
17,494
% 30.3
-
3.3
47.8
5.9
12.8
% 25.7
-(1.9)
1.7
(0.7)
9.1
40,556
-4,090
68,610
7,901
18,841
% 29.0
-
2.9
49.0
5.6
13.5
% (2.4)
-(8.3)
4.9
(1.5)
7.7
Total
Deposit premiums from policyholders
136,956
714
100.0
-
8.6
(12.5)
139,999
684
100.0
-
2.2
(4.2)
Direct premiums written excluding deposit premiums from policyholders
Nine months ended December 31, 2024
( April 1, 2024 to December 31, 2024 )
Nine months ended December 31, 2025
( April 1, 2025 to December 31, 2025 )
Amount
Composition ratio
Rate of change
Amount
Composition ratio
Rate of change
%
%
%
%
Fire and allied lines
28,017
23.1
37.7
26,458
21.3
(5.6)
Hull and cargo
(0)
(0.0)
-
-
-
-
Personal accident
4,417
3.6
(2.0)
4,049
3.3
(8.3)
Voluntary automobile
65,058
53.6
1.8
68,203
55.0
4.8
Compulsory automobile liability
7,404
6.1
(8.9)
7,441
6.0
0.5
Others
16,487
13.6
9.1
17,776
14.3
7.8
Total
121,385
100.0
8.3
123,929
100.0
2.1
Net premiums written
Nine months ended December 31, 2024
( April 1, 2024 to December 31, 2024 )
Nine months ended December 31, 2025
( April 1, 2025 to December 31, 2025 )
Amount
Rate of change
Loss ratio
Amount
Rate of change
Loss ratio
%
%
%
%
Fire and allied lines
14,817
3.1
55.6
14,229
(4.0)
56.3
Hull and cargo
0
-
-
-
(100.0)
-
Personal accident
2,138
4.2
54.2
2,006
(6.2)
55.4
Voluntary automobile
34,758
4.4
62.0
36,926
6.2
62.4
Compulsory automobile liability
6,248
(4.6)
95.3
5,858
(6.2)
89.1
Others
7,378
6.2
50.4
8,021
8.7
49.9
Total
65,341
3.4
60.7
67,042
2.6
60.7
Net claims paid
(Note) Loss ratio is calculated on W/P basis.
(Yen in millions)
(Yen in millions)
(Yen in millions)
Reference : Tokio Marine Direct Insurance Co., Ltd. (non-consolidated)Balance sheet
(Yen in millions)
Reference : Tokio Marine Direct Insurance Co., Ltd. (non-consolidated)As of March 31, 2025
As of December 31, 2025
Increase (Decrease)
Amount
Composition ratio
Amount
Composition ratio
Assets
%
%
Cash and bank deposits
30,833
71.10
8,195
14.88
(22,637)
Monetary receivables bought
-
-
31,973
58.05
31,973
Tangible fixed assets
119
0.28
124
0.23
5
Intangible fixed assets
4,362
10.06
4,259
7.73
(102)
Other assets
8,059
18.59
8,959
16.27
899
Deferred tax assets
-
-
1,635
2.97
1,635
Allowance for doubtful accounts
(10)
(0.02)
(66)
(0.12)
(56)
Total assets
43,364
100.00
55,081
100.00
11,716
Liabilities
Insurance liabilities
29,730
68.56
30,988
56.26
1,257
Outstanding claims
14,053
14,374
320
Underwriting reserves
15,676
16,613
936
Other liabilities
4,164
9.60
3,674
6.67
(489)
Income taxes payable
12
6
(6)
Lease obligations
1
1
(0)
Asset retirement obligations
78
78
0
Other liabilities
4,071
3,588
(483)
Provision for retirement benefits
524
1.21
555
1.01
30
Provision for employees' bonus
192
0.44
79
0.14
(112)
Reserves under special laws
-
-
6
0.01
6
Reserve for price fluctuation
-
6
6
Deferred tax liabilities
1
0.00
-
-
(1)
Total liabilities
34,612
79.82
35,304
64.09
691
Net assets
Share capital
35,303
81.41
42,303
76.80
7,000
Capital surplus
35,303
81.41
42,303
76.80
7,000
Additional paid-in capital
35,303
42,303
7,000
Retained earnings
(61,855)
(142.64)
(64,830)
(117.70)
(2,974)
Other retained earnings
(61,855)
(64,830)
(2,974)
Retained earnings carried forward
(61,855)
(64,830)
(2,974)
Total shareholders' equity
8,751
20.18
19,777
35.91
11,025
Total net assets
8,751
20.18
19,777
35.91
11,025
Total liabilities and net assets
43,364
100.00
55,081
100.00
11,716
Statement of income
(Yen in millions)
Nine months ended December 31, 2024
( April 1, 2024 to
December 31, 2024 )
Nine months ended December 31, 2025
( April 1, 2025 to
December 31, 2025 )
Increase (Decrease)
Ordinary income
22,275
25,055
2,780
Underwriting income
22,285
24,949
2,663
Net premiums written
21,531
24,928
3,396
Investment income on deposit premiums
19
20
1
Reversal of outstanding claims
734
-
(734)
Investment income
(13)
43
56
Interest and dividends
5
63
58
Transfer of investment income on deposit premiums
(19)
(20)
(1)
Other ordinary income
2
62
59
Ordinary expenses
25,729
31,128
5,399
Underwriting expenses
17,459
20,622
3,163
Net claims paid
14,327
15,980
1,653
Loss adjustment expenses
2,765
2,946
181
Agency commissions and brokerage
365
437
72
Provision for outstanding claims
-
320
320
Provision for underwriting reserves
1
936
935
Operating and general administrative expenses
8,257
10,447
2,189
Other ordinary expenses
12
58
45
Interest expenses
0
0
0
Ordinary profit (loss)
(3,454)
(6,072)
(2,618)
Extraordinary losses
1
296
294
Losses on disposal of fixed assets
1
289
288
Provision for reserves under special laws
-
6
6
Provision for reserve for price fluctuation
-
6
6
Income (loss) before income taxes
(3,455)
(6,368)
(2,913)
Income taxes - current
9
(1,758)
(1,767)
Income taxes - deferred
0
(1,636)
(1,636)
Total income taxes
9
(3,394)
(3,403)
Net income (loss)
(3,464)
(2,974)
490
Reference : Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated)Underwriting profit (loss)
(3,431)
(6,120)
(2,689)
%
%
Loss ratio (private sector, E/I basis)
76.3
80.5
4.2
Expense ratio (private sector)
40.3
43.9
3.6
Combined ratio (private sector)
116.6
124.3
7.8
Balance sheet
(Yen in millions)
Reference : Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated)As of March 31, 2025
As of December 31, 2025
Increase (Decrease)
Amount
Composition ratio
Amount
Composition ratio
Assets
%
%
Cash and bank deposits
233,608
2.98
86,814
1.10
(146,793)
Monetary receivables bought
5,331
0.07
757,949
9.64
752,618
Securities
7,264,554
92.68
6,561,554
83.50
(703,000)
Domestic government bonds
5,838,082
5,010,311
(827,770)
Domestic municipal bonds
5,609
5,609
(0)
Domestic corporate bonds
526,098
505,714
(20,384)
Domestic equity securities
130
62
(67)
Foreign securities
556,332
582,735
26,403
Others
338,300
457,119
118,819
Loans
99,123
1.26
100,739
1.28
1,616
Policy loans
99,123
100,739
1,616
Tangible fixed assets
1,333
0.02
1,313
0.02
(20)
Intangible fixed assets
25,285
0.32
29,743
0.38
4,457
Agency accounts receivable
212
0.00
217
0.00
4
Reinsurance accounts receivable
41,321
0.53
56,054
0.71
14,732
Other assets
118,774
1.52
199,757
2.54
80,983
Deferred tax assets
50,045
0.64
65,785
0.84
15,740
Allowance for doubtful accounts
(1,202)
(0.02)
(1,345)
(0.02)
(143)
Total assets
7,838,388
100.00
7,858,585
100.00
20,197
Liabilities
Insurance liabilities
7,604,382
97.01
7,455,556
94.87
(148,826)
Outstanding claims
104,135
104,100
(34)
Underwriting reserves
7,492,653
7,344,065
(148,587)
Reserve for dividends to policyholders
7,594
7,389
(204)
Agency accounts payable
5,375
0.07
4,207
0.05
(1,168)
Reinsurance accounts payable
2,460
0.03
16,289
0.21
13,829
Other liabilities
40,008
0.51
152,658
1.94
112,649
Income taxes payable
38
27,043
27,005
Lease obligations
0
-
(0)
Other liabilities
39,968
125,614
85,645
Provision for retirement benefits
9,451
0.12
9,431
0.12
(20)
Reserves under special laws
24,153
0.31
26,994
0.34
2,840
Reserve for price fluctuation
24,153
26,994
2,840
Total liabilities
7,685,831
98.05
7,665,137
97.54
(20,694)
Net assets
Share capital
55,000
0.70
55,000
0.70
-
Capital surplus
41,860
0.53
41,860
0.53
-
Additional paid-in capital
41,860
41,860
-
Retained earnings
91,906
1.17
170,496
2.17
78,589
Surplus reserve
13,140
13,140
-
Other retained earnings
78,766
157,356
78,589
Retained earnings carried forward
78,766
157,356
78,589
Total shareholders' equity
188,766
2.41
267,356
3.40
78,589
Unrealized gains (losses) on available-for-sale securities
(3,354)
(0.04)
(39,500)
(0.50)
(36,146)
Deferred gains (losses) on hedge transactions
(32,856)
(0.42)
(34,408)
(0.44)
(1,551)
Total valuation and translation adjustments
(36,210)
(0.46)
(73,908)
(0.94)
(37,697)
Total net assets
152,556
1.95
193,448
2.46
40,891
Total liabilities and net assets
7,838,388
100.00
7,858,585
100.00
20,197
Statement of income
(Yen in millions)
Nine months ended December 31, 2024
( April 1, 2024 to
December 31, 2024 )
Nine months ended December 31, 2025
( April 1, 2025 to
December 31, 2025 )
Increase (Decrease)
Ordinary income
806,232
1,001,870
195,638
Insurance premiums and other
558,336
614,996
56,659
Insurance premiums
544,068
565,812
21,743
Investment income
134,061
234,222
100,161
Interest and dividends
81,344
63,954
(17,389)
Gains on sales of securities
19,442
44,430
24,988
Gains on derivatives
-
18,875
18,875
Foreign exchange gains
1,867
12,045
10,178
Investment gains on separate accounts
31,360
94,878
63,517
Other ordinary income
113,834
152,652
38,817
Reversal of outstanding claims
-
34
34
Reversal of underwriting reserves
109,698
148,587
38,889
Ordinary expenses
777,774
886,175
108,401
Insurance claims and other
592,544
700,537
107,992
Insurance claims
44,394
46,850
2,456
Annuity payments
32,566
34,036
1,469
Benefits
48,162
52,701
4,539
Surrender benefits
262,761
306,447
43,686
Other refunds
5,657
5,926
269
Reinsurance premiums
199,002
254,574
55,571
Provision for underwriting reserves and other
5,324
1
(5,322)
Provision for outstanding claims
5,322
-
(5,322)
Interest on reserve for dividends to policyholders
2
1
(0)
Investment expenses
77,735
83,641
5,905
Interest expenses
206
48
(158)
Losses on sales of securities
54,143
83,434
29,290
Impairment losses on securities
12
15
2
Losses on derivatives
23,331
-
(23,331)
Operating expenses
88,391
83,699
(4,691)
Other ordinary expenses
13,776
18,294
4,517
Ordinary profit (loss)
28,458
115,695
87,237
Extraordinary losses
2,241
3,474
1,232
Reversal of reserve for dividends to policyholders
(5,429)
1,863
7,292
Income (loss) before income taxes
31,645
110,357
78,712
Income taxes - current
6,232
31,549
25,316
Income taxes - deferred
1,972
219
(1,753)
Total income taxes
8,204
31,768
23,563
Net income (loss)
23,440
78,589
55,149
-
Revision of Business forecasts for the fiscal year 2025 (April 1, 2025 to March 31, 2026)
Actual results for the fiscal year 2024
Forecasts for the fiscal year 2025
Increase (Decrease) (B)-(A)
Rate of change
(A) Previous forecasts
(B) Revised forecasts
Insurance premiums
5,891,954
6,320,000
6,520,000
200,000
3.2 %
Ordinary profit
1,460,007
1,230,000
1,380,000
150,000
12.2
Net income attributable to owners of the parent
1,055,276
910,000
1,020,000
110,000
12.1
Tokio Marine Holdings, Inc. (consolidated)
Actual results for the fiscal year 2024
Forecasts for the fiscal year 2025
Increase (Decrease) (B)-(A)
Rate of change
(A) Previous forecasts
(B) Revised forecasts
Insurance premiums
5,891,954
6,320,000
6,520,000
200,000
3.2 %
Net premiums written (non-life)
5,305,182
5,430,000
5,590,000
160,000
2.9
Tokio Marine & Nichido
2,518,823
2,621,000
2,621,000
-
-
Nisshin Fire
158,266
162,000
162,000
-
-
Overseas subsidiaries
2,598,918
2,609,000
2,769,000
160,000
6.1
Others
29,174
38,000
38,000
-
-
Life insurance premiums
586,772
890,000
930,000
40,000
4.5
Tokio Marine & Nichido Life
(168,313)
143,000
136,000
(7,000)
(4.9)
Overseas subsidiaries
755,631
750,000
793,000
43,000
5.7
Insurance premiums
Net income attributable to owners of the parent
(Yen in millions)
(Yen in millions)
(Yen in millions)
Actual results for the fiscal year 2024 | Forecasts for the fiscal year 2025 | Increase (Decrease) (B)-(A) | Rate of change | |||
(A) Previous forecasts | (B) Revised forecasts | |||||
Net income attributable to owners of the parent | 1,055,276 | 910,000 | 1,020,000 | 110,000 | 12.1 % | |
Tokio Marine & Nichido | 949,719 | 653,000 | 746,000 | 93,000 | 14.2 | |
Nisshin Fire | (1,017) | 5,400 | 5,400 | - | - | |
Tokio Marine & Nichido Life | 48,238 | 11,000 | 11,000 | - | - | |
Overseas subsidiaries | 455,369 | 487,000 | 550,000 | 63,000 | 12.9 | |
Solution and other business subsidiaries | 6,083 | 15,000 | 15,000 | - | - | |
Consolidation adjustment, etc. | (403,117) | (261,400) | (307,400) | (46,000) | - | |
(Note) Effective from the current fiscal year, the former "Financial and other business subsidiaries" has been renamed to "Solution and other business subsidiaries". This change does not affect the classification or figures.
Glossary of terminologyUnderwriting profit (loss)
Underwriting profit (loss) = Underwriting income - (Underwriting expenses + Operating and general administrative expenses on underwriting) ± other miscellaneous income and expenses (*)
* Mainly consist of income taxes related to compulsory automobile liability insurance.
Loss ratio (private sector (*1), E/I basis)
Loss ratio (private sector, E/I basis) = (Net claims paid + Outstanding claims as of the end of current period -Outstanding claims as of the end of previous fiscal year + Loss adjustment expenses) / Earned premiums (*2)
*1 Excluding earthquake insurance under the Law concerning Earthquake Insurance and compulsory automobile liability insurance.
*2 Earned premiums = Net premiums written - Unearned premiums as of the end of current period (*3) + Unearned premiums as of the end of previous fiscal year (*3)
*3 Unearned premiums are premiums corresponding to the remaining duration of insurance policies at the end of the period.
Expense ratio (private sector)
Expense ratio (private sector) = (Agency commissions and brokerage + Operating and general administrative expenses on underwriting) / Net premiums written
Combined ratio (private sector)
Combined ratio (private sector) = Loss ratio (private sector, E/I basis) + Expense ratio (private sector)
Loss ratio (W/P basis)
Loss ratio (W/P basis) = (Net claims paid + Loss adjustment expenses) / Net premiums written