Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the nine months ended December 31, 2020
February 10, 2021
Company Name: Tokio Marine Holdings, Inc. (the "Company") Securities Code Number: 8766
Stock Exchange Listing: Tokyo
(URL:https://www.tokiomarinehd.com/en/) Representative: Satoru Komiya, President
Contact: Tetsuya Hirano, Corporate Planning Dept. (Tel: +81-3-5223-3212) Scheduled date to file Quarterly Securities Report: February 10, 2021 Scheduled date to commence dividend payments: Not applicable Supplementary information for quarterly financial statements: Available Quarterly IR Conference Call: None
(Note) All amounts are rounded down and all percentages are rounded.
1. Consolidated Business Results for the nine months ended December 31, 2020 (April 1, 2020 to December 31, 2020)
(1) 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 | ||||
Nine months ended December 31, 2020 Nine months ended December 31, 2019 | million yen 4,096,372 4,094,832 | % 0.0 (0.4) | million yen 182,417 299,221 | % (39.0) (3.2) | million yen 112,780 226,690 | % (50.2) 2.3 |
(Note) Comprehensive income:
Nine months ended December 31, 2020 Nine months ended December 31, 2019
324,334 million yen 365,581 million yen
(11.3) % - %
Net income per share - Basic | Net income per share - Diluted | |
Nine months ended December 31, 2020 Nine months ended December 31, 2019 | yen 161.59 322.11 | yen 161.49 321.87 |
(2) Consolidated Financial Conditions
Total assets | Net assets | Ratio of equity capital to total assets | |
As of December 31, 2020 As of March 31, 2020 | million yen 25,564,154 25,253,966 | million yen 3,601,312 3,426,675 | % 13.9 13.4 |
(Reference) Equity capital:
As of December 31, 2020
As of March 31, 2020
3,544,218 million yen 3,372,148 million yen
2. Dividends
Cash dividends per share | |||||
First quarter | Second quarter | Third quarter | Year-end | Annual total | |
Fiscal year 2019 Fiscal year 2020 | yen - - | yen 130.00 135.00 | yen - - | yen 95.00 | yen 225.00 |
Fiscal year 2020 (Forecast) | 100.00 | 235.00 |
(Note) 1.Revision to the latest dividend forecast: None 2.Fiscal year 2019 Breakdown for Annual total Ordinary dividend 190 yen One-time dividend for the capital level adjustment(*) 35 yen
Fiscal year 2020 (Forecast) Breakdown for Annual total Ordinary dividend 200 yen One-time dividend for the capital level adjustment(*) 35 yen (*)The Company resolved the one-time dividends aiming to implement flexible financial policies.
For the second quarter of fiscal year 2020, the Company resolved additional shareholder return of around 50.0 billion yen, which consists of one-time dividend for the capital level adjustment (total amount of 24.4 billion yen) and share repurchases (up to 25.6 billion yen).
3. Consolidated Business Forecasts for the fiscal year 2020 (April 1, 2020 to March 31, 2021)
(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 2020 | million yen 310,000 | % (14.8) | million yen 200,000 | % (23.0) | yen 286.69 |
(Note) Revision to the latest Consolidated Business Forecasts: None
* Notes
(1) Changes in significant subsidiaries during the nine months ended December 31, 2020
(Changes in specified subsidiaries that resulted in a change in the scope of consolidation): None
(2) Adoption of accounting methods that are specific to quarterly consolidated financial reports: None
(3) Changes in accounting policies, changes in accounting estimates, and retrospective restatements
(a) Changes in accounting policies to reflect amendments of accounting standards: None
(b) Changes in accounting policies other than (a): None
(c) Changes in accounting estimates: None
(d) Retrospective restatements: None
(4) Number of shares issued (common stock)
(a) Total number of shares issued including treasury stock
As of December 31, 2020 | 702,000,000 shares |
As of March 31, 2020 | 702,000,000 shares |
(b) Number of treasury stock held | |
As of December 31, 2020 | 5,253,322 shares |
As of March 31, 2020 | 4,129,635 shares |
(c) Average number of shares outstanding | |
During the nine months ended December 31, 2020 | 697,905,192 shares |
During the nine months ended December 31, 2019 | 703,750,640 shares |
* "Summary of Consolidated Business Results" is outside the scope of external auditor's quarterly review.
* Notes concerning the business forecasts and other items
Business forecasts are prepared based on business results for previous year, information available to the Company as of the release date of this document and certain assumptions. Actual results may significantly differ depending on various factors.
Contents of Appendix
1. Consolidated Financial Statements and Major Notes ……………………………………………………………………………… ... 2
(1) Consolidated Balance Sheet ………………………………………………………… . ……………………………………… .….. 2
(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ……. ………………………… .….. 3
(3) Notes regarding going concern assumption ……………………………………………………………………………………… 5
(4) Notes regarding significant changes in shareholders' equity …………………………………………………………………… 5
2. Others … .................……………………………………………………………… ..………. ………………………………………… 6
(1) Summary of Consolidated Business Results …………………………………………………………………………………… 6
(2) Premiums written and claims paid by lines of business ………………………………………………………………………… 7
(3) Securities ………………………………………………………………………………………………………………………… 8
(4) Financial results of major consolidated subsidiaries …………………………………………………………………………… 9
- Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated) ………………………………………………………… 9
- Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated) ……………………………………………………………… 12
- E.design Insurance Co., Ltd. (non-consolidated) ……………………………………………………………………………… 15
- Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated) ……………………………………………………… 17
Glossary of terminology ……………………………………………………………………………………………………………… 19
1. Consolidated Financial Statements and Major Notes
(1) Consolidated Balance Sheet
As of March 31, 2020 | As of December 31, 2020 | |
Assets Cash and bank deposits Call loans Receivables under resale agreements Receivables under securities borrowing transactions 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 | 820,873 - 999 4,612 1,363,752 2,103 17,875,998 1,524,100 315,216 1,101,306 2,217,451 2,710 33,888 2,114 (11,162) | 967,163 1 7,999 500 1,358,053 2,349 18,536,098 1,550,608 313,834 1,038,524 1,757,808 2,277 37,937 1,997 (10,998) |
Total assets | 25,253,966 | 25,564,154 |
Liabilities Insurance liabilities Outstanding claims Underwriting reserves Corporate bonds Other liabilities Net defined benefit liabilities Provision for employees' bonus Reserves under special laws Reserve for price fluctuation Deferred tax liabilities Negative goodwill Acceptances and guarantees | 17,222,596 2,995,636 14,226,960 270,536 3,628,726 245,966 70,698 118,071 118,071 239,668 28,911 2,114 | 17,853,431 3,153,488 14,699,943 231,434 3,122,344 247,562 48,054 125,448 125,448 311,329 21,239 1,997 |
Total liabilities | 21,827,291 | 21,962,841 |
Net assets Shareholders' equity Share capital Retained earnings Treasury stock | 150,000 1,800,292 (23,210) | 150,000 1,764,486 (29,079) |
Total shareholders' equity | 1,927,082 | 1,885,406 |
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 | 1,435,437 11,427 8,042 (9,840) | 1,753,656 6,978 (94,129) (7,692) |
Total accumulated other comprehensive income | 1,445,066 | 1,658,811 |
Stock acquisition rights Non-controlling interests | 2,545 51,980 | 2,236 54,857 |
Total net assets | 3,426,675 | 3,601,312 |
Total liabilities and net assets | 25,253,966 | 25,564,154 |
(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
(Consolidated Statement of Income)
Nine months ended December 31, 2019 (April 1, 2019 to December 31, 2019) | Nine months ended December 31, 2020 (April 1, 2020 to December 31, 2020) | |
Ordinary income Underwriting income Net premiums written Deposit premiums from policyholders Investment income on deposit premiums Life insurance premiums Investment income Interest and dividends Gains on money trusts Gains on trading securities Gains on sales of securities Gains on redemption of securities Investment gains on separate accounts Transfer of investment income on deposit premiums Other ordinary income Amortization of negative goodwill | 4,094,832 3,519,620 2,710,296 64,494 30,684 710,267 487,411 382,411 75 22,199 95,319 304 13,597 (30,684) 87,799 7,671 | 4,096,372 3,509,567 2,721,725 55,902 28,268 699,028 493,989 367,887 246 - 105,516 415 38,893 (28,268) 92,814 7,671 |
Ordinary expenses Underwriting expenses Net claims paid Loss adjustment expenses Agency commissions and brokerage Maturity refunds to policyholders Dividends to policyholders Life insurance claims Provision for outstanding claims Provision for underwriting reserves Investment expenses Losses on trading securities Losses on sales of securities Impairment losses on securities Losses on redemption of securities Losses on derivatives Operating and general administrative expenses Other ordinary expenses Interest expenses Increase in allowance for doubtful accounts Losses on bad debts Equity in losses of affiliates | 3,795,611 3,075,011 1,547,768 107,131 510,781 106,921 17 323,367 125,277 350,461 46,850 - 6,570 2,017 378 28,249 652,912 20,836 13,250 458 56 3,439 | 3,913,954 3,157,247 1,393,790 107,462 515,498 118,181 3 291,152 235,621 491,890 74,090 3,616 19,141 22,017 244 17,083 661,632 20,984 9,441 461 72 7,262 |
Ordinary profit | 299,221 | 182,417 |
Nine months ended December 31, 2019 (April 1, 2019 to December 31, 2019) | Nine months ended December 31, 2020 (April 1, 2020 to December 31, 2020) | |
Extraordinary gains Gains on disposal of fixed assets Gains on step acquisitions Gains on sales of shares of subsidiaries and affiliates Other extraordinary gains Extraordinary losses Losses on disposal of fixed assets Impairment losses on fixed assets Provision for reserves under special laws Provision for reserve for price fluctuation Other extraordinary losses | 9,238 123 4,119 4,323 671 8,875 1,159 1,067 6,647 6,647 - | 424 159 - 251 13 19,767 1,154 535 7,376 7,376 10,701 |
Income before income taxes and non-controlling interests | 299,584 | 163,073 |
Income taxes - current Income taxes - deferred | 77,878 (6,896) | 99,639 (48,188) |
Total income taxes | 70,982 | 51,451 |
Net income | 228,601 | 111,622 |
Net income (loss) attributable to non-controlling interests | 1,911 | (1,158) |
Net income attributable to owners of the parent | 226,690 | 112,780 |
(Consolidated Statement of Comprehensive Income)
Nine months ended December 31, 2019 (April 1, 2019 to December 31, 2019) | Nine months ended December 31, 2020 (April 1, 2020 to December 31, 2020) | |
Net income 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 Share of other comprehensive income of affiliates accounted for by the equity method | 228,601 203,040 (216) (63,222) 2,090 (4,711) | 111,622 321,033 (4,449) (97,000) 2,151 (9,023) |
Total other comprehensive income | 136,979 | 212,712 |
Total comprehensive income | 365,581 | 324,334 |
Comprehensive income attributable to: Owners of the parent Non-controlling interests | 363,418 2,162 | 324,504 (170) |
(3) Notes regarding going concern assumption
Not applicable.
(4) Notes regarding significant changes in shareholders' equity
Not applicable.
2. Others
(1) Summary of Consolidated Business Results
Nine months ended December 31, 2019 (April 1, 2019 to December 31, 2019) | Nine months ended December 31, 2020 (April 1, 2020 to December 31, 2020) | 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 money trusts Gains on trading securities Gains on sales of securities Investment gains on separate accounts Investment expenses Losses on trading securities Losses on sales of securities Impairment losses on securities Losses on derivatives Operating and general administrative expenses Other ordinary income and expenses Equity in earnings (losses) of affiliates | 3,519,620 2,710,296 64,494 710,267 3,075,011 1,547,768 107,131 510,781 106,921 323,367 125,277 350,461 487,411 382,411 75 22,199 95,319 13,597 46,850 - 6,570 2,017 28,249 652,912 66,962 (3,439) | 3,509,567 2,721,725 55,902 699,028 3,157,247 1,393,790 107,462 515,498 118,181 291,152 235,621 491,890 493,989 367,887 246 - 105,516 38,893 74,090 3,616 19,141 22,017 17,083 661,632 71,829 (7,262) | (10,052) 11,428 (8,591) (11,239) 82,235 (153,977) 330 4,716 11,260 (32,215) 110,344 141,429 6,577 (14,524) 171 (22,199) 10,197 25,296 27,240 3,616 12,571 20,000 (11,166) 8,719 4,866 (3,822) | % (0.3) 0.4 (13.3) (1.6) 2.7 (9.9) 0.3 0.9 10.5 (10.0) 88.1 40.4 1.3 (3.8) 227.7 (100.0) 10.7 186.0 58.1 - 191.3 991.5 (39.5) 1.3 7.3 - |
Ordinary profit | 299,221 | 182,417 | (116,803) | (39.0) |
Extraordinary gains and losses Extraordinary gains Extraordinary losses | 9,238 8,875 | 424 19,767 | (8,813) 10,892 | (95.4) 122.7 |
Extraordinary gains (losses) | 363 | (19,343) | (19,706) | (5,427.8) |
Income before income taxes and non-controlling interests | 299,584 | 163,073 | (136,510) | (45.6) |
Income taxes - current Income taxes - deferred | 77,878 (6,896) | 99,639 (48,188) | 21,761 (41,292) | 27.9 - |
Total income taxes | 70,982 | 51,451 | (19,530) | (27.5) |
Net income | 228,601 | 111,622 | (116,979) | (51.2) |
Net income (loss) attributable to non-controlling interests | 1,911 | (1,158) | (3,070) | (160.6) |
Net income attributable to owners of the parent | 226,690 | 112,780 | (113,909) | (50.2) |
(2) Premiums written and claims paid by lines of business
Direct premiums written including deposit premiums from policyholders
Nine months ended December 31, 2019 (April 1, 2019 to December 31, 2019) | Nine months ended December 31, 2020 (April 1, 2020 to December 31, 2020) | |||||
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 | 532,627 102,294 233,498 1,077,024 212,962 902,299 | % 17.4 3.3 7.6 35.2 7.0 29.5 | % 9.9 10.5 1.1 2.4 2.1 (0.9) | 635,544 103,031 213,988 1,101,676 175,669 943,339 | % 20.0 3.2 6.7 34.7 5.5 29.7 | % 19.3 0.7 (8.4) 2.3 (17.5) 4.5 |
Total Deposit premiums from policyholders | 3,060,705 64,494 | 100.0 2.1 | 2.8 (0.0) | 3,173,249 55,902 | 100.0 1.8 | 3.7 (13.3) |
(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)
Net premiums written
(Yen in millions)
Nine months ended December 31, 2019 (April 1, 2019 to December 31, 2019) | Nine months ended December 31, 2020 (April 1, 2020 to December 31, 2020) | |||||
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 | 410,306 83,541 166,110 1,077,199 223,624 749,514 | % 15.1 3.1 6.1 39.7 8.3 27.7 | % (1.7) 2.1 (1.6) 0.8 4.3 (5.9) | 451,106 83,849 153,227 1,090,064 190,801 752,675 | % 16.6 3.1 5.6 40.1 7.0 27.7 | % 9.9 0.4 (7.8) 1.2 (14.7) 0.4 |
Total | 2,710,296 | 100.0 | (1.4) | 2,721,725 | 100.0 | 0.4 |
Net claims paid
(Yen in millions)
Nine months ended December 31, 2019 (April 1, 2019 to December 31, 2019) | Nine months ended December 31, 2020 (April 1, 2020 to December 31, 2020) | |||||
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 | 307,349 48,707 77,814 611,133 154,354 348,409 | % 19.9 3.1 5.0 39.5 10.0 22.5 | % (18.6) 4.9 1.1 (0.0) (6.5) 9.5 | 257,477 41,499 70,793 541,950 141,593 340,476 | % 18.5 3.0 5.1 38.9 10.2 24.4 | % (16.2) (14.8) (9.0) (11.3) (8.3) (2.3) |
Total | 1,547,768 | 100.0 | (3.0) | 1,393,790 | 100.0 | (9.9) |
(3) Securities
1. Bonds held to maturity
As of March 31, 2020 | As of December 31, 2020 | |||||
Carrying amount shown on balance sheet | Fair value | Unrealized gains (losses) | Carrying amount shown on balance sheet | Fair value | Unrealized gains (losses) | |
Domestic debt securities Foreign securities | 5,051,122 41,657 | 5,939,706 45,780 | 888,583 4,123 | 5,071,792 50,828 | 5,781,109 56,018 | 709,316 5,190 |
Total | 5,092,780 | 5,985,487 | 892,707 | 5,122,621 | 5,837,127 | 714,506 |
2. Bonds earmarked for underwriting reserves
(Yen in millions)
As of March 31, 2020 | As of December 31, 2020 | |||||
Carrying amount shown on balance sheet | Fair value | Unrealized gains (losses) | Carrying amount shown on balance sheet | Fair value | Unrealized gains (losses) | |
Domestic debt securities | 1,859,815 | 1,870,691 | 10,876 | 2,187,457 | 2,088,693 | (98,763) |
Total | 1,859,815 | 1,870,691 | 10,876 | 2,187,457 | 2,088,693 | (98,763) |
3. Available-for-sale securities
(Yen in millions)
As of March 31, 2020 | As of December 31, 2020 | |||||
Cost | Fair value shown on balance sheet | Unrealized gains (losses) | Cost | Fair value shown on balance sheet | Unrealized gains (losses) | |
Domestic debt securities Domestic equity securities Foreign securities Others | 3,238,756 542,527 4,336,404 1,363,885 | 3,652,101 1,956,407 4,507,124 1,389,006 | 413,344 1,413,879 170,719 25,120 | 3,096,059 517,485 4,366,706 1,357,704 | 3,457,598 2,261,505 4,691,033 1,379,358 | 361,538 1,744,019 324,326 21,654 |
Total | 9,481,575 | 11,504,640 | 2,023,065 | 9,337,956 | 11,789,495 | 2,451,539 |
(Note) 1. Available-for-sale securities whose fair value cannot be measured reliably are not included in the table above.
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, 2020: cost 9,353 million yen, fair value 9,353 million yen
As of December 31, 2020: cost 5,744 million yen, fair value 5,744 million yen, unrealized losses (0) million yen -Foreign mortgage securities, etc. which are presented as Monetary receivables bought on the consolidated balance sheet As of March 31, 2020: cost 1,338,772 million yen, fair value 1,362,259 million yen, unrealized gains 23,487 million yen As of December 31, 2020: cost 1,335,224 million yen, fair value 1,355,002 million yen, unrealized gains 19,777 million yen
3. Impairment losses were recognized for Available-for-sale securities with fair value as follows:
Fiscal year 2019: 30,060 million yen (Domestic equity securities 21,460 million yen, Foreign securities 5,053 million yen, Others 3,546 million yen) Nine months ended December 31, 2020: 24,173 million yen (Domestic equity securities 4,015 million yen, Foreign securities 16,503 million yen, Others 3,654 million yen)
In principle, impairment loss on a security with fair value is recognized when the fair value is below its cost by 30% or more.
(4) Financial results of major consolidated subsidiaries
Reference : Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated)
Balance sheet
As of March 31, 2020 | As of December 31, 2020 | Increase (Decrease) | |||
Amount | Composition ratio | Amount | Composition ratio | ||
Assets Cash and bank deposits Receivables under resale agreements Monetary receivables bought Money trusts Securities Loans Tangible fixed assets Intangible fixed assets Other assets Prepaid pension costs Customers' liabilities under acceptances and guarantees Allowance for doubtful accounts | 329,921 999 139,299 2,103 7,511,266 196,746 216,642 523 790,596 5,828 2,114 (3,350) | % 3.59 0.01 1.52 0.02 81.71 2.14 2.36 0.01 8.60 0.06 0.02 (0.04) | 361,710 7,999 97,006 2,349 7,742,577 231,268 212,750 34,907 654,331 5,071 1,997 (3,280) | % 3.87 0.09 1.04 0.03 82.82 2.47 2.28 0.37 7.00 0.05 0.02 (0.04) | 31,788 6,999 (42,293) 246 231,310 34,522 (3,892) 34,384 (136,264) (757) (117) 70 |
Total assets | 9,192,693 | 100.00 | 9,348,690 | 100.00 | 155,996 |
Liabilities Insurance liabilities Outstanding claims Underwriting reserves Corporate bonds Other liabilities Income taxes payable Lease obligations Asset retirement obligations Other liabilities Provision for retirement benefits Provision for employees' bonus Reserves under special laws Reserve for price fluctuation Deferred tax liabilities Acceptances and guarantees | 5,292,251 983,759 4,308,492 210,100 778,132 19,995 3,647 3,426 751,063 211,402 16,850 102,874 102,874 6,403 2,114 | 57.57 2.29 8.46 2.30 0.18 1.12 0.07 0.02 | 5,457,469 1,068,466 4,389,003 200,000 482,454 25,858 3,016 3,469 450,109 213,357 8,178 107,406 107,406 83,712 1,997 | 58.38 2.14 5.16 2.28 0.09 1.15 0.90 0.02 | 165,217 84,707 80,510 (10,100) (295,678) 5,863 (630) 42 (300,954) 1,955 (8,672) 4,532 4,532 77,308 (117) |
Total liabilities | 6,620,130 | 72.02 | 6,554,575 | 70.11 | (65,554) |
Net assets Share capital Capital surplus Additional paid-in capital Other capital surplus Retained earnings Surplus reserve Other retained earnings Reserve for special depreciation Reserve for advanced depreciation of fixed assets Special reserves Retained earnings carried forward Total shareholders' equity Unrealized gains (losses) on available-for-sale securities Deferred gains (losses) on hedge transactions Total valuation and translation adjustments | 101,994 135,434 123,521 11,913 1,199,151 81,099 1,118,051 5 23,230 235,426 859,390 1,436,580 1,143,824 (7,842) 1,135,982 | 1.11 1.47 13.04 15.63 12.44 (0.09) 12.36 | 101,994 135,434 123,521 11,913 1,136,166 81,099 1,055,067 5 23,230 235,426 796,406 1,373,595 1,419,872 645 1,420,518 | 1.09 1.45 12.15 14.69 15.19 0.01 15.19 | - - - - (62,984) - (62,984) - - - (62,984) (62,984) 276,048 8,487 284,536 |
Total net assets | 2,572,562 | 27.98 | 2,794,114 | 29.89 | 221,551 |
Total liabilities and net assets | 9,192,693 | 100.00 | 9,348,690 | 100.00 | 155,996 |
Statement of income
(Yen in millions)
Nine months ended December 31, 2019 ( April 1, 2019 to December 31, 2019 ) | Nine months ended December 31, 2020 ( April 1, 2020 to December 31, 2020 ) | Increase (Decrease) | |
Ordinary income Underwriting income Net premiums written Deposit premiums from policyholders Investment income on deposit premiums Reversal of underwriting reserves Investment income Interest and dividends Gains on money trusts Gains on trading securities Gains on sales of securities Transfer of investment income on deposit premiums Other ordinary income | 2,032,573 1,816,874 1,687,101 63,353 29,372 36,895 207,555 159,768 75 - 75,840 (29,372) 8,143 | 1,952,435 1,767,345 1,685,057 54,800 27,064 - 176,835 128,162 246 26 74,325 (27,064) 8,253 | (80,138) (49,529) (2,043) (8,552) (2,307) (36,895) (30,720) (31,606) 171 26 (1,514) 2,307 110 |
Ordinary expenses Underwriting expenses Net claims paid Loss adjustment expenses Agency commissions and brokerage Maturity refunds to policyholders Provision for outstanding claims Provision for underwriting reserves Investment expenses Losses on sales of securities Impairment losses on securities Operating and general administrative expenses Other ordinary expenses Interest expenses | 1,835,536 1,575,129 1,039,309 83,435 308,635 103,523 38,856 - 19,612 1,216 1,462 233,070 7,724 6,150 | 1,818,047 1,578,223 892,767 83,099 320,558 115,058 84,707 80,510 17,114 2,592 6,395 218,709 3,999 3,838 | (17,489) 3,093 (146,541) (336) 11,923 11,535 45,851 80,510 (2,497) 1,376 4,932 (14,360) (3,724) (2,312) |
Ordinary profit (loss) | 197,037 | 134,388 | (62,649) |
Extraordinary gains Gains on disposal of fixed assets Gains on liquidation of subsidiaries and affiliates Gains on sales of shares of subsidiaries and affiliates Extraordinary losses Losses on disposal of fixed assets Impairment losses on fixed assets Provision for reserves under special laws Provision for reserve for price fluctuation Impairment losses on shares of subsidiaries and affiliates Losses on sales of shares of subsidiaries and affiliates | 3,556 76 - 3,479 13,220 964 302 4,195 4,195 7,757 - | 31 18 13 - 15,935 701 - 4,532 4,532 10,104 597 | (3,524) (57) 13 (3,479) 2,715 (263) (302) 336 336 2,347 597 |
Income (loss) before income taxes Income taxes - current Income taxes - deferred Total income taxes Net income (loss) | 187,373 30,181 881 31,063 156,309 | 118,484 51,863 (29,889) 21,974 96,509 | (68,889) 21,682 (30,771) (9,089) (59,800) |
Underwriting profit (loss) | 36,227 | (3,811) | (40,039) |
Loss ratio (W/P basis) Expense ratio (W/P basis) Combined ratio (W/P basis) | 66.5 % 30.3 96.8 | 57.9 % 30.3 88.2 | (8.6)% (0.0) (8.7) |
Loss ratio (private sector, E/I basis) Expense ratio (private sector) Combined ratio (private sector) | 69.8 31.7 101.5 | 61.3 31.0 92.3 | (8.5) (0.7) (9.2) |
Underwriting
Direct premiums written excluding deposit premiums from policyholders
Nine months ended December 31, 2019 ( April 1, 2019 to December 31, 2019 ) | Nine months ended December 31, 2020 ( April 1, 2020 to December 31, 2020 ) | |||||
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 | 316,707 52,137 141,489 807,239 199,623 347,710 | % 17.0 2.8 7.6 43.3 10.7 18.6 | % 16.8 5.2 1.8 1.0 2.5 2.3 | 340,226 48,607 126,750 828,677 165,073 349,574 | % 18.3 2.6 6.8 44.6 8.9 18.8 | % 7.4 (6.8) (10.4) 2.7 (17.3) 0.5 |
Total Deposit premiums from policyholders | 1,864,908 63,353 | 100.0 - | 4.0 0.3 | 1,858,909 54,800 | 100.0 - | (0.3) (13.5) |
Net premiums written
(Yen in millions)
Nine months ended December 31, 2019 ( April 1, 2019 to December 31, 2019 ) | Nine months ended December 31, 2020 ( April 1, 2020 to December 31, 2020 ) | |||||
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 | 242,613 48,524 138,116 804,629 210,242 242,974 | % 14.4 2.9 8.2 47.7 12.5 14.4 | % 15.8 3.4 2.4 1.0 4.5 4.6 | 259,159 44,465 124,955 825,578 179,738 251,160 | % 15.4 2.6 7.4 49.0 10.7 14.9 | % 6.8 (8.4) (9.5) 2.6 (14.5) 3.4 |
Total | 1,687,101 | 100.0 | 4.0 | 1,685,057 | 100.0 | (0.1) |
Net claims paid
(Yen in millions)
Nine months ended December 31, 2019 ( April 1, 2019 to December 31, 2019 ) | Nine months ended December 31, 2020 ( April 1, 2020 to December 31, 2020 ) | |||||
Amount | Rate of change | Loss ratio | Amount | Rate of change | Loss ratio | |
Fire and allied lines Hull and cargo Personal accident Voluntary automobile Compulsory automobile liability Others | 218,207 32,195 64,375 458,810 144,766 120,954 | % (13.1) 10.7 5.9 1.8 (6.3) 9.8 | % 92.4 69.6 51.8 63.0 75.1 52.7 | 160,075 28,697 59,742 397,989 133,079 113,183 | % (26.6) (10.9) (7.2) (13.3) (8.1) (6.4) | % 63.9 67.8 53.3 54.3 80.8 47.8 |
Total | 1,039,309 | (1.6) | 66.5 | 892,767 | (14.1) | 57.9 |
(Note) Loss ratio is calculated on W/P basis.
Balance sheet
As of March 31, 2020 | As of December 31, 2020 | Increase (Decrease) | |||
Amount | Composition ratio | Amount | Composition ratio | ||
Assets Cash and bank deposits Securities Loans Tangible fixed assets Intangible fixed assets Other assets Prepaid pension costs Deferred tax assets Allowance for doubtful accounts | 49,049 248,914 179 29,041 91 35,585 1,601 17,584 (289) | % 12.85 65.20 0.05 7.61 0.02 9.32 0.42 4.61 (0.08) | 85,389 227,606 163 28,193 1,301 32,141 1,611 18,530 (272) | % 21.64 57.67 0.04 7.14 0.33 8.14 0.41 4.70 (0.07) | 36,340 (21,307) (15) (847) 1,209 (3,444) 10 946 16 |
Total assets | 381,758 | 100.00 | 394,665 | 100.00 | 12,906 |
Liabilities Insurance liabilities Outstanding claims Underwriting reserves Other liabilities Income taxes payable Asset retirement obligations Other liabilities Provision for retirement benefits Provision for employees' bonus Reserves under special laws Reserve for price fluctuation | 284,589 46,048 238,541 16,764 2,195 10 14,557 3,782 526 1,732 1,732 | 74.55 4.39 0.99 0.14 0.45 | 291,072 48,931 242,140 14,164 3,273 11 10,879 4,270 - 1,882 1,882 | 73.75 3.59 1.08 - 0.48 | 6,482 2,882 3,599 (2,600) 1,077 0 (3,678) 487 (526) 149 149 |
Total liabilities | 307,396 | 80.52 | 311,389 | 78.90 | 3,992 |
Net assets Share capital Capital surplus Additional paid-in capital Other capital surplus Retained earnings Surplus reserve Other retained earnings Reserve for advanced depreciation of fixed assets Retained earnings carried forward Total shareholders' equity Unrealized gains (losses) on available-for-sale securities Total valuation and translation adjustments | 20,389 15,518 12,620 2,898 16,091 7,769 8,321 1,670 6,651 51,999 22,362 22,362 | 5.34 4.07 4.21 13.62 5.86 5.86 | 20,389 15,518 12,620 2,898 22,795 7,769 15,026 1,670 13,356 58,703 24,572 24,572 | 5.17 3.93 5.78 14.87 6.23 6.23 | - - - - 6,704 - 6,704 - 6,704 6,704 2,209 2,209 |
Total net assets | 74,362 | 19.48 | 83,276 | 21.10 | 8,913 |
Total liabilities and net assets | 381,758 | 100.00 | 394,665 | 100.00 | 12,906 |
Statement of income
Nine months ended December 31, 2019 ( April 1, 2019 to December 31, 2019 ) | Nine months ended December 31, 2020 ( April 1, 2020 to December 31, 2020 ) | Increase (Decrease) | |
Ordinary income Underwriting income Net premiums written Deposit premiums from policyholders Investment income on deposit premiums Reversal of underwriting reserves Investment income Interest and dividends Gains on sales of securities Transfer of investment income on deposit premiums Other ordinary income | 119,851 117,220 113,246 1,140 1,296 1,524 2,550 3,061 689 (1,296) 80 | 120,806 114,797 112,463 1,101 1,187 - 5,914 2,833 4,204 (1,187) 95 | 955 (2,422) (782) (38) (109) (1,524) 3,363 (227) 3,514 109 14 |
Ordinary expenses Underwriting expenses Net claims paid Loss adjustment expenses Agency commissions and brokerage Maturity refunds to policyholders Provision for outstanding claims Provision for underwriting reserves Investment expenses Losses on sales of securities Impairment losses on securities Losses on derivatives Operating and general administrative expenses Other ordinary expenses | 119,396 100,700 67,026 7,483 20,021 3,397 2,585 - 837 16 57 756 17,694 164 | 111,146 93,905 56,356 7,162 20,633 3,122 2,882 3,599 591 16 263 283 16,542 108 | (8,249) (6,794) (10,670) (320) 612 (274) 297 3,599 (246) (0) 205 (472) (1,152) (56) |
Ordinary profit (loss) | 454 | 9,660 | 9,205 |
Extraordinary gains Gains on disposal of fixed assets Extraordinary losses Losses on disposal of fixed assets Impairment losses on fixed assets Provision for reserves under special laws Provision for reserve for price fluctuation | 100 100 143 32 - 111 111 | 57 57 624 17 457 149 149 | (43) (43) 480 (15) 457 38 38 |
Income (loss) before income taxes Income taxes - current Income taxes - deferred Total income taxes Net income (loss) | 411 66 24 91 320 | 9,092 4,082 (1,694) 2,388 6,704 | 8,680 4,015 (1,718) 2,296 6,384 |
Underwriting profit (loss) | (337) | 5,029 | 5,366 |
Loss ratio (W/P basis) Expense ratio (W/P basis) Combined ratio (W/P basis) | 65.8 % 33.1 98.9 | 56.5 % 32.9 89.4 | (9.3)% (0.2) (9.5) |
Loss ratio (private sector, E/I basis) Expense ratio (private sector) Combined ratio (private sector) | 68.9 34.1 103.0 | 57.0 33.1 90.0 | (11.9) (1.0) (13.0) |
Underwriting
Direct premiums written excluding deposit premiums from policyholders
Nine months ended December 31, 2019 ( April 1, 2019 to December 31, 2019 ) | Nine months ended December 31, 2020 ( April 1, 2020 to December 31, 2020 ) | |||||
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 | 26,314 - 5,236 64,503 13,338 11,878 | % 21.7 - 4.3 53.2 11.0 9.8 | % 11.2 - (5.0) 0.8 (2.7) 12.6 | 26,832 - 4,565 66,346 10,596 12,876 | % 22.1 - 3.8 54.7 8.7 10.6 | % 2.0 - (12.8) 2.9 (20.6) 8.4 |
Total Deposit premiums from policyholders | 121,271 1,140 | 100.0 - | 3.3 (14.1) | 121,216 1,101 | 100.0 - | (0.0) (3.4) |
Net premiums written
(Yen in millions)
Nine months ended December 31, 2019 ( April 1, 2019 to December 31, 2019 ) | Nine months ended December 31, 2020 ( April 1, 2020 to December 31, 2020 ) | |||||
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 | 19,039 0 5,189 64,340 13,066 11,611 | % 16.8 0.0 4.6 56.8 11.5 10.3 | % 16.4 (68.7) (5.0) 0.8 0.7 13.1 | 18,549 0 4,521 66,119 10,783 12,489 | % 16.5 0.0 4.0 58.8 9.6 11.1 | % (2.6) (81.5) (12.9) 2.8 (17.5) 7.6 |
Total | 113,246 | 100.0 | 4.0 | 112,463 | 100.0 | (0.7) |
Net claims paid
(Yen in millions)
Nine months ended December 31, 2019 ( April 1, 2019 to December 31, 2019 ) | Nine months ended December 31, 2020 ( April 1, 2020 to December 31, 2020 ) | |||||
Amount | Rate of change | Loss ratio | Amount | Rate of change | Loss ratio | |
Fire and allied lines Hull and cargo Personal accident Voluntary automobile Compulsory automobile liability Others | 16,980 1 2,439 32,633 9,373 5,598 | % (17.4) 0.9 (8.9) 3.7 (10.2) 19.7 | % 91.4 1,328.8 52.9 59.0 78.5 52.7 | 11,497 0 1,963 28,746 8,289 5,858 | % (32.3) (56.8) (19.5) (11.9) (11.6) 4.6 | % 64.3 5,771.2 49.6 50.9 85.2 52.2 |
Total | 67,026 | (4.0) | 65.8 | 56,356 | (15.9) | 56.5 |
(Note) Loss ratio is calculated on W/P basis.
Reference : E.design Insurance Co., Ltd. (non-consolidated)
Balance sheet
As of March 31, 2020 | As of December 31, 2020 | Increase (Decrease) | |||
Amount | Composition ratio | Amount | Composition ratio | ||
Assets Cash and bank deposits Tangible fixed assets Intangible fixed assets Other assets Allowance for doubtful accounts | 44,877 214 0 6,395 (0) | % 87.16 0.42 0.00 12.42 (0.00) | 41,501 249 8,367 4,234 (0) | % 76.36 0.46 15.39 7.79 (0.00) | (3,375) 35 8,367 (2,161) (0) |
Total assets | 51,487 | 100.00 | 54,352 | 100.00 | 2,865 |
Liabilities Insurance liabilities Outstanding claims Underwriting reserves Other liabilities Income taxes payable Lease obligations Asset retirement obligations Other liabilities Provision for retirement benefits Provision for employees' bonus Deferred tax liabilities | 37,722 18,715 19,007 5,949 118 76 62 5,692 268 147 1 | 73.26 11.56 0.52 0.29 0.00 | 37,922 17,650 20,272 4,650 569 70 74 3,935 312 62 2 | 69.77 8.56 0.58 0.12 0.00 | 200 (1,065) 1,265 (1,299) 451 (6) 12 (1,756) 44 (84) 0 |
Total liabilities | 44,089 | 85.63 | 42,951 | 79.02 | (1,138) |
Net assets Share capital Capital surplus Additional paid-in capital Retained earnings Other retained earnings Retained earnings carried forward Total shareholders' equity | 29,303 29,303 29,303 (51,209) (51,209) (51,209) 7,397 | 56.91 56.91 (99.46) 14.37 | 29,303 29,303 29,303 (47,205) (47,205) (47,205) 11,401 | 53.91 53.91 (86.85) 20.98 | - - - 4,004 4,004 4,004 4,004 |
Total net assets | 7,397 | 14.37 | 11,401 | 20.98 | 4,004 |
Total liabilities and net assets | 51,487 | 100.00 | 54,352 | 100.00 | 2,865 |
Reference : E.design Insurance Co., Ltd. (non-consolidated)
Statement of income
Nine months ended December 31, 2019 ( April 1, 2019 to December 31, 2019 ) | Nine months ended December 31, 2020 ( April 1, 2020 to December 31, 2020 ) | Increase (Decrease) | |
Ordinary income Underwriting income Net premiums written Investment income on deposit premiums Reversal of outstanding claims Investment income Interest and dividends Transfer of investment income on deposit premiums Other ordinary income | 23,342 23,351 23,336 14 - (12) 1 (14) 4 | 25,689 25,701 24,620 15 1,065 (13) 1 (15) 2 | 2,346 2,350 1,283 1 1,065 (1) (0) (1) (1) |
Ordinary expenses Underwriting expenses Net claims paid Loss adjustment expenses Agency commissions and brokerage Provision for outstanding claims Provision for underwriting reserves Operating and general administrative expenses Other ordinary expenses Interest expenses | 23,360 16,342 13,975 1,560 304 418 82 7,015 2 1 | 21,045 14,734 11,696 1,494 277 - 1,265 6,306 3 2 | (2,315) (1,607) (2,279) (66) (27) (418) 1,183 (709) 1 1 |
Ordinary profit (loss) | (17) | 4,644 | 4,662 |
Extraordinary gains Other extraordinary gains Extraordinary losses Losses on disposal of fixed assets | 4 4 12 12 | - - 0 0 | (4) (4) (11) (11) |
Income (loss) before income taxes Income taxes - current Income taxes - deferred Total income taxes Net income (loss) | (25) 47 (0) 46 (72) | 4,643 639 0 639 4,004 | 4,669 592 0 592 4,076 |
Underwriting profit (loss) | (7) | 4,660 | 4,667 |
Loss ratio (W/P basis) Expense ratio (W/P basis) Combined ratio (W/P basis) | 66.6 % 31.4 97.9 | 53.6 % 26.7 80.3 | (13.0)% (4.6) (17.6) |
Loss ratio (private sector, E/I basis) Expense ratio (private sector) Combined ratio (private sector) | 68.9 31.8 100.7 | 49.7 27.0 76.8 | (19.2) (4.7) (24.0) |
Balance sheet
As of March 31, 2020 | As of December 31, 2020 | Increase (Decrease) | |||
Amount | Composition ratio | Amount | Composition ratio | ||
Assets Cash and bank deposits Call loans Receivables under securities borrowing transactions Securities Domestic government bonds Domestic municipal bonds Domestic corporate bonds Domestic equity securities Foreign securities Others Loans Policy loans Tangible fixed assets Intangible fixed assets Agency accounts receivable Reinsurance accounts receivable Other assets Allowance for doubtful accounts | 119,013 - 4,612 8,837,504 7,823,712 47,843 414,668 176 449,600 101,503 102,722 102,722 1,210 27 285 1,329 131,530 (762) | % 1.29 - 0.05 96.09 1.12 0.01 0.00 0.00 0.01 1.43 (0.01) | 87,384 1 500 9,215,761 8,067,756 52,024 481,673 175 477,654 136,476 97,147 97,147 1,025 3,567 298 1,243 112,840 (662) | % 0.92 0.00 0.01 96.81 1.02 0.01 0.04 0.00 0.01 1.19 (0.01) | (31,628) 1 (4,112) 378,256 244,044 4,181 67,004 (0) 28,054 34,972 (5,574) (5,574) (185) 3,539 13 (86) (18,690) 99 |
Total assets | 9,197,474 | 100.00 | 9,519,108 | 100.00 | 321,633 |
Liabilities Insurance liabilities Outstanding claims Underwriting reserves Reserve for dividends to policyholders Agency accounts payable Reinsurance accounts payable Other liabilities Payables under securities lending transactions Income taxes payable Lease obligations Other liabilities Provision for retirement benefits Reserves under special laws Reserve for price fluctuation Deferred tax liabilities | 6,973,814 63,774 6,831,767 78,272 5,720 1,949 1,788,891 1,620,178 9,054 231 159,426 7,758 13,464 13,464 24,195 | 75.82 0.06 0.02 19.45 0.08 0.15 0.26 | 7,263,513 64,894 7,127,936 70,682 5,042 1,550 1,796,900 1,652,424 3,365 155 140,955 8,390 16,158 16,158 28,629 | 76.30 0.05 0.02 18.88 0.09 0.17 0.30 | 289,699 1,120 296,169 (7,589) (678) (399) 8,009 32,245 (5,689) (75) (18,471) 632 2,694 2,694 4,433 |
Total liabilities | 8,815,794 | 95.85 | 9,120,186 | 95.81 | 304,392 |
Net assets Share capital Capital surplus Additional paid-in capital Other capital surplus Retained earnings Surplus reserve Other retained earnings Retained earnings carried forward Total shareholders' equity Unrealized gains (losses) on available-for-sale securities Deferred gains (losses) on hedge transactions Total valuation and translation adjustments | 55,000 55,095 41,860 13,235 66,909 13,140 53,769 53,769 177,005 192,200 12,474 204,674 | 0.60 0.60 0.73 1.92 2.09 0.14 2.23 | 55,000 41,860 41,860 - 93,688 13,140 80,548 80,548 190,548 194,389 13,983 208,372 | 0.58 0.44 0.98 2.00 2.04 0.15 2.19 | - (13,235) - (13,235) 26,779 - 26,779 26,779 13,543 2,188 1,509 3,697 |
Total net assets | 381,680 | 4.15 | 398,921 | 4.19 | 17,241 |
Total liabilities and net assets | 9,197,474 | 100.00 | 9,519,108 | 100.00 | 321,633 |
Statement of income
Nine months ended December 31, 2019 ( April 1, 2019 to December 31, 2019 ) | Nine months ended December 31, 2020 ( April 1, 2020 to December 31, 2020 ) | Increase (Decrease) | |
Ordinary income Insurance premiums and other Insurance premiums Investment income Interest and dividends Gains on sales of securities Foreign exchange gains Investment gains on separate accounts Other ordinary income | 723,196 627,792 622,220 92,873 74,230 4,910 - 13,597 2,529 | 730,227 605,430 600,909 120,873 80,422 486 929 38,893 3,922 | 7,031 (22,362) (21,311) 28,000 6,192 (4,423) 929 25,296 1,393 |
Ordinary expenses Insurance claims and other Insurance claims Annuity payments Benefits Surrender benefits Other refunds Provision for underwriting reserves and other Provision for outstanding claims Provision for underwriting reserves Interest on reserve for dividends to policyholders Investment expenses Interest expenses Losses on sales of securities Losses on derivatives Foreign exchange losses Operating expenses Other ordinary expenses | 702,254 299,237 35,802 46,135 44,073 160,288 7,589 292,100 1,701 290,397 1 12,624 1,058 2 7,710 3,851 90,578 7,713 | 687,992 296,074 36,753 42,479 43,986 161,546 6,215 297,291 1,120 296,169 1 5,373 1,707 1 3,663 - 80,033 9,219 | (14,261) (3,163) 950 (3,655) (86) 1,257 (1,373) 5,190 (581) 5,771 0 (7,250) 648 (1) (4,047) (3,851) (10,544) 1,506 |
Ordinary profit (loss) | 20,941 | 42,234 | 21,293 |
Extraordinary losses | 2,348 | 2,698 | 349 |
Reversal of reserve for dividends to policyholders Income (loss) before income taxes Income taxes - current Income taxes - deferred Total income taxes Net income (loss) | 6,658 25,252 7,601 (313) 7,287 17,964 | 5,351 44,888 9,948 2,995 12,944 31,943 | (1,307) 19,635 2,347 3,309 5,656 13,979 |
Glossary of terminology
● Underwriting 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 (W/P basis)
Loss ratio (W/P basis) = (Net claims paid + Loss adjustment expenses) / Net premiums written × 100
● Expense ratio (W/P basis)
Expense ratio (W/P basis) = (Agency commissions and brokerage + Operating and general administrative expenses on underwriting) / Net premiums written × 100
● Combined ratio (W/P basis)
Combined ratio (W/P basis) = Loss ratio (W/P basis) + Expense ratio (W/P basis)
● 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) × 100 *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 × 100
● Combined ratio (private sector)
Combined ratio (private sector) = Loss ratio (private sector, E/I basis) + Expense ratio (private sector)
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Tokio Marine Holdings Inc. published this content on 10 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 February 2021 09:12:02 UTC.