Tokio Marine Holdings (8766) Q4 2025 earnings summary

Executive summary

• Adjusted net income for fiscal 2024 reached JPY 608.9 billion, up 14% year-over-year, with normalized adjusted net income at JPY 679.0 billion, driven by strong international business and favorable FX rates.

• Adjusted net income including capital gains from business-related equities was JPY 1.215 trillion, a 71% year-over-year increase, reflecting accelerated equity sales and FX effects.

• Ordinary income rose 13.7% year-over-year to 8,440.1 billion yen, and net income attributable to owners of the parent increased 51.7% to 1,055.2 billion yen.

• Dividend per share for FY2024 is JPY 172 (up 40%), projected to rise to JPY 210 in 2025 (up 22%), marking the 14th consecutive increase.

• Shareholder returns remain a priority, with share buybacks for 2025 set at JPY 220 billion, JPY 110 billion already approved.

Financial highlights

• Net premiums written grew 10% year-over-year to JPY 5,305.2 billion (6% excluding FX), led by rate increases and underwriting expansion.

• Life insurance premiums declined 44% due to block reinsurance, but are projected to rebound 45% in FY2025.

• Business unit profits: Japan P&C JPY 126.9 billion (+25.5 billion YoY), Japan Life JPY 41.9 billion (+0.8 billion YoY), International JPY 428.4 billion (-8.5 billion YoY, impacted by capital losses and Asian life insurance decline).

• Sales of business-related equities in FY2024 totaled JPY 922 billion, 1.5 times the initial forecast.

• Investment income rose 53.8% to JPY 1,988.6 billion.

Outlook and guidance

• FY2025 adjusted net income (excluding capital gains) is projected at JPY 700 billion (+3% YoY normalized, +7% excluding FX); including capital gains, projection is JPY 1.1 trillion.

• Japan P&C profits expected to rise to JPY 147.0 billion (+7% YoY), with international profits projected at JPY 477.0 billion (flat YoY, +5% excluding FX).

• Net premiums written projected at JPY 5,450.0 billion; life insurance premiums at JPY 850.0 billion.

• Catastrophe losses expected at 106.0 billion yen in Japan and 93.0 billion yen overseas.

• Plans to adopt IFRS from fiscal year ending March 2026.