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    8766   JP3910660004

TOKIO MARINE HOLDINGS, INC.

(8766)
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Tokio Marine : 2Q FY2021 Results and Full-Year Projections

11/19/2021 | 03:33am EST

2Q FY2021 Results and Full-Year Projections

Tokio Marine Holdings, Inc.

November 19, 2021

Table of Contents

Highlight

FY2021 Projections

-

Key Messages

・・・・・・・・・・・・・・

3

-

Executive Summary

・・・・・・・・・・・・・・

4

2Q FY2021 Results

  • Consolidated Results (Adjusted Net Income)

・・・・・・・・・・・・・・

9

- Natural Catastrophes

・・・・・・・・・・・・・・ 10

  • Domestic Non-Life (TMNF)

-

Results

・・・・・・・・・・・・・・ 11

-

Net Premiums Written

・・・・・・・・・・・・・・ 12

-

Net Incurred Loss

・・・・・・・・・・・・・・ 13

-

Combined Ratio

・・・・・・・・・・・・・・ 14

-

Asset Management Results

・・・・・・・・・・・・・・ 15

  • Domestic Life (TMNL)

- Results

・・・・・・・・・・・・・・ 16

  • International

-

Net Premiums Written

・・・・・・・・・・・・・・ 17

-

Business Unit Profits

・・・・・・・・・・・・・・ 19

-

Results (PHLY)

・・・・・・・・・・・・・・ 21

-

Results (Delphi)

・・・・・・・・・・・・・・ 22

-

Results (TMHCC)

・・・・・・・・・・・・・・ 23

Abbreviations used in this material

TMNF: Tokio Marine & Nichido Fire Insurance Co., Ltd.

TMNL: Tokio Marine & Nichido Life Insurance Co., Ltd.

PHLY: Philadelphia

TMHCC: Tokio Marine HCC

TMK : Tokio Marine Kiln

Copyright (c) 2021 Tokio Marine Holdings, Inc.

    • Consolidated (Adjusted Net Income)
      ・・・・・・・・・・・・・・ 26
  • Domestic Non-Life (TMNF)

-

Financial Projections

・・・・・・・・・・・・・・ 27

-

Net Premiums Written

・・・・・・・・・・・・・・ 28

-

Net Incurred Loss

・・・・・・・・・・・・・・ 29

-

Combined Ratio

・・・・・・・・・・・・・・ 30

-

Asset Management Results

・・・・・・・・・・・・・・ 31

  • Domestic Life (TMNL)

- Financial Projections

・・・・・・・・・・・・・・ 32

  • International

-

Net Premiums Written

・・・・・・・・・・・・・・ 33

-

Business Unit Profits

・・・・・・・・・・・・・・ 35

Economic Solvency Ratio

-

ESR and Sensitivity

・・・・・・・・・・・・・・ 38

-

Target Range of ESR

・・・・・・・・・・・・・・ 39

Reference

-

Consolidated Net Income

・・・・・・・・・・・・・・ 41

-

Definition of KPIs

・・・・・・・・・・・・・・ 43

  • Reconciliation of Adjusted Net Income
    ・・・・・・・・・・・・・・ 45
  • Adjusted Net Assets / Adjusted ROE
    ・・・・・・・・・・・・・・ 47
  • Reconciliation of Business Unit Profits
    ・・・・・・・・・・・・・・ 48

2

Key Messages

Strong 2Q Results (Progress Rate: 75.0%)

Upward Revision of Full-Year Projections (+JPY66.0bn)

Expansion of

Shareholder Returns (Dividend: +JPY30)

  • Strong underwriting profits and investment income both domestically and internationally; Adjusted net income stood at JPY318.1bn. Progress rate vs original projections is 75.0%. (Average progress rate in the past five years: 42.2%)
  • Stronger top-line results than the original projections, showing steady performance overall.
  • Risk diversification strategy resulted in upward revision of FY2021 projections by +JPY66.0bn to JPY490.0bn.
  • Considering current performance, adjusted net income for fiscal 2023 is expected to increase further to far surpass JPY500.0bn.
  • Accelerate schedule to increase dividend payout ratio to 50% in FY2023 based on the certainty of profit growth.
  • Consequently, the DPS for fiscal 2021 will be raised by +JPY30 (from the original projections) , by +JPY45 (from the previous year) to JPY245 (with a payout ratio of 47%).

3

Executive Summary: Top-Line 2Q Results and Full-Year Projections

Top-line results for the 2Q were stronger than the original projections both domestically and internationally, showing steady performance overall. Consequently, the full-year projections for net premiums written were raised to a YoY increase of +3.8%* (compared to an originally projected increase of +2.2%*); the full-year projections for life insurance premiums were raised to a YoY decline of -2.2%* (compared to an originally projected decline of -4.9%*).

  • Net Premiums Written

2Q Results

Full-Year Projections

+4.5%*

+3.8%* YoY

(Original projections: +2.2%*)

(billions of JPY)

3,760.0

3,830.0

1,920.3

1,809.5

1,313.0

1,357.0

591.4

677.5

International

1,218.3

1,243.0

2,444.0

2,473.0

Domestic

FY2020 2Q

FY2021 2Q

Original Projections

Revised

Projections

[Domestic] (2Q results: +2.0%, Full-year projections revised in Nov: +1.3%)

  • The overall performance in 1H was steady thanks to an economic rebound from COVID-19, fire insurance rate revisions, etc.
  • The full-year projections were raised to a YoY increase of +1.3% (Original projections: +0.0%).

[International] (2Q results: +9.5%*, Full-year projections revised in Nov: +8.6%*)

  • The overall performance was steady thanks to higher-than-expected rate increases, with consideration for loss costs, in a favorable rate environment, sales expansion, etc.
  • The full-year projections were raised to a YoY increase of +8.6%* (Original projections: +6.0%*).

Life Insurance Premiums

*Excluding FX effects

2Q Results

Full-Year Projections

+0.6%*

-2.2%* YoY

(Original projections: -4.9%*)

930.0

960.0

469.4

478.9

378.0

403.0

184.0 205.4

285.6

273.7

552.0

553.0

FY2020 2Q

FY2021 2Q

Original Projections

Revised

Projections

[Domestic] (2Q results: -4.2%,Full-year projections revised in Nov: -7.7%)

  • Despite steady sales expansion, life insurance premiums declined due to increased cancellations of corporate insurance, etc. (after excluding surrender benefits, etc. basis). New policies ANP was higher than projected.
  • Life insurance premiums for the full year are expected to decline -7.7% YoY. (Original projections: -7.8%)

[International] (2Q results: +7.9%*, Full-year projections revised in Nov: +5.3%*)

  • Thanks to the achievement of higher-than-expected rate increases, expanded underwriting, etc. for MSL*1 at TMHCC and LTD/STD*2 at DFG, the overall performance was steady.

*1: Medical Stop Loss insurance *2: Long/Short Term Disability insurance

  • The full-year projections were raised to a YoY increase of +5.3%* (Original projections: -0.3%*).

4

Disclaimer

Tokio Marine Holdings Inc. published this content on 19 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2021 08:32:09 UTC.


© Publicnow 2021
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P/E ratio 2022 12,9x
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