Tokio Marine : FY2022 1Q Summary Report (1.2MB)PDF

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the three months ended June 30, 2022

August 5, 2022

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

Securities Code Number: 8766

(URL: https://www.tokiomarinehd.com/en/)

Representative: Satoru Komiya, President

Contact: Toshihiro Yahata, Corporate Planning Dept. (Tel: [phone])

Scheduled date to file Quarterly Securities Report: August 5, 2022

Scheduled date to commence dividend payments: Not applicable

Supplementary information for quarterly financial statements: Available

Quarterly IR Conference Call: To be held for analysts

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

1. Consolidated Business Results for the three months ended June 30, 2022 (April 1, 2022 to June 30, 2022)

(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
		million yen		%	million yen		%	million yen		%
Three months ended June 30, 2022		1,628,749			11.9	165,325		(23.8)	124,555		(22.0)
Three months ended June 30, 2021		1,455,425			2.9	216,851		55.1	159,727		61.0
(Note) Comprehensive income:
Three months ended June 30, 2022	(92,038) million yen		－%
Three months ended June 30, 2021	305,860	million yen	2,439.6 %
		Net income per share - Basic	Net income per share - Diluted
					yen			yen
Three months ended June 30, 2022					184.53			184.53
Three months ended June 30, 2021					230.36			230.21
(2) Consolidated Financial Conditions
		Total assets		Net assets		Ratio of equity capital to total assets
				million yen			million yen			%
As of June 30, 2022			27,645,633			3,853,555			13.8
As of March 31, 2022			27,245,852			4,072,625			14.8
(Reference) Equity capital:
As of June 30, 2022	3,805,152	million yen
As of March 31, 2022	4,020,641	million yen

2. Dividends

		Cash dividends per share
	First quarter	Second quarter	Third quarter		Year-end	Annual total
	yen	yen	yen		yen	yen
Fiscal year 2021	-	120.00	-		135.00	255.00
Fiscal year 2022	-
Fiscal year 2022 (Forecast)		150.00	-		50.00	-

(Note) 1. Revision to the latest dividend forecast: Yes

2. The Company resolved at its Board of Directors on July 20, 2022 to implement a stock split by a ratio of three shares per share with an effective date of October 1, 2022. For Fiscal year 2022 (Forecast), the amount of Year-end dividend per share is presented taking the stock split into account and Annual total dividend is presented as "-". Without considering the implementation of the stock split, the amount of Year-end dividend per share and Annual total dividend for Fiscal year 2022 (Forecast) are 150 yen and 300 yen. For the stock split, please refer to Appendix p. 6 "1. Consolidated Financial Statements and Major Notes (6) Significant Subsequent Events".

3. Consolidated Business Forecasts for the fiscal year 2022 (April 1, 2022 to March 31, 2023)

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

	Ordinary profit		Net income		Net income per share - Basic
		attributable to owners of the parent
	million yen		%	million yen		%	yen
Fiscal year 2022	600,000		5.7	430,000		2.3	212.86

(Note) 1. Revision to the latest Consolidated Business Forecasts: None

2. The amount of Net income per share - Basic is presented taking the stock split noted in "2. Dividends" into account. Without considering the implementation of the stock split, the amount of Net income per share - Basic is 638.59 yen.

* Notes

1. Changes in significant subsidiaries during the three months ended June 30, 2022
   (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
4. 1. Changes in accounting policies to reflect amendments of accounting standards: Yes
   2. Changes in accounting policies other than (a): None
   3. Changes in accounting estimates: None
   4. Retrospective restatements: None

(Note) Please refer to Appendix p. 5 "1. Consolidated Financial Statements and Major Notes (5) Changes in accounting policies" for details.

1. Number of shares issued (common stock)
2. 1. Total number of shares issued including treasury stock

As of June 30, 2022	680,000,000 shares
As of March 31, 2022	680,000,000 shares
(b) Number of treasury stock held
As of June 30, 2022	7,176,970 shares
As of March 31, 2022	2,217,560 shares
(c) Average number of shares outstanding
During the three months ended June 30, 2022	674,961,260 shares
During the three months ended June 30, 2021	693,367,622 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 years, information available to the Company as of the release date of this document and certain assumptions. Actual results may significantly differ affected by various factors.

Contents of Appendix

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
(5) Changes in accounting policies ………………………………………………………………………………………………	5
(6) Significant Subsequent Events …………………………………………………………………………………………………	6
2. Others ………………………………………………………………………………………………………………………………	7
(1) Summary of Consolidated Business Results ……………………………………………………………………………………	7
(2) Premiums written and claims paid by lines of business ………………………………………………………………………	8

1. Securities …………………………………………………………………………………………………………………… 9
2. Financial results of major consolidated subsidiaries …………………………………………………………………………… 10

- Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated) …………………………………………………………… 10

• Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated) ……………………………………………………………… 13
• E.design Insurance Co., Ltd. (non-consolidated) …………………………………………………………………………… 16

- Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated) …………………………………………………………… 18

Glossary of terminology …………………………………………………………………………………………………… 20

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1. Consolidated Financial Statements and Major Notes

(1) Consolidated Balance Sheet

		(Yen in millions)
	As of March 31, 2022	As of June 30, 2022
Assets
Cash and bank deposits	848,819	821,306
Receivables under resale agreements	3,999	999
Monetary receivables bought	1,630,523	1,702,777
Money trusts	-	9,346
Securities	19,288,018	19,156,822
Loans	2,008,708	2,197,185
Tangible fixed assets	344,703	392,600
Intangible fixed assets	1,082,579	1,135,130
Other assets	1,996,932	2,170,988
Net defined benefit assets	4,523	4,692
Deferred tax assets	46,252	63,495
Customers' liabilities under acceptances and guarantees	1,878	1,878
Allowance for doubtful accounts	(11,089)	(11,591)
Total assets	27,245,852	27,645,633
Liabilities
Insurance liabilities	19,246,028	19,832,205
Outstanding claims	3,609,687	3,861,944
Underwriting reserves	15,636,341	15,970,261
Corporate bonds	219,795	221,024
Other liabilities	2,945,481	3,124,734
Net defined benefit liabilities	259,198	259,383
Provision for employees' bonus	85,893	48,516
Provision for share awards	3,410	2,909
Reserves under special laws	138,331	140,240
Reserve for price fluctuation	138,331	140,240
Deferred tax liabilities	264,754	153,184
Negative goodwill	8,453	8,001
Acceptances and guarantees	1,878	1,878
Total liabilities	23,173,226	23,792,077
Net assets
Shareholders' equity
Share capital	150,000	150,000
Retained earnings	1,954,445	1,986,657
Treasury stock	(13,179)	(49,389)
Total shareholders' equity	2,091,265	2,087,267
Accumulated other comprehensive income
Unrealized gains (losses) on available-for-sale securities	1,835,605	1,453,181
Deferred gains (losses) on hedge transactions	(1,551)	(5,797)
Foreign currency translation adjustments	110,335	285,043
Remeasurements of defined benefit plans	(15,011)	(14,543)
Total accumulated other comprehensive income	1,929,376	1,717,885
Stock acquisition rights	33	33
Non-controlling interests	51,949	48,369
Total net assets	4,072,625	3,853,555
Total liabilities and net assets	27,245,852	27,645,633

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

(Consolidated Statement of Income)

		(Yen in millions)
	Three months ended	Three months ended
	June 30, 2021	June 30, 2022
	(April 1, 2021 to	(April 1, 2022 to
	June 30, 2021)	June 30, 2022)
Ordinary income	1,455,425	1,628,749
Underwriting income	1,229,033	1,354,191
Net premiums written	965,395	1,073,139
Deposit premiums from policyholders	18,279	15,428
Investment income on deposit premiums	8,492	7,991
Life insurance premiums	234,984	254,447
Investment income	192,156	242,527
Interest and dividends	145,702	167,085
Gains on money trusts	44	1,346
Gains on trading securities	6,041	78
Gains on sales of securities	35,734	47,141
Gains on redemption of securities	1,021	1,642
Investment gains on separate accounts	6,615	-
Transfer of investment income on deposit premiums	(8,492)	(7,991)
Other ordinary income	34,235	32,029
Amortization of negative goodwill	2,557	451
Ordinary expenses	1,238,573	1,463,423
Underwriting expenses	978,670	1,113,655
Net claims paid	476,697	519,656
Loss adjustment expenses	38,495	42,235
Agency commissions and brokerage	185,530	204,401
Maturity refunds to policyholders	35,116	29,578
Dividends to policyholders	1	0
Life insurance claims	104,887	127,156
Provision for outstanding claims	1,984	75,481
Provision for underwriting reserves	132,443	113,864
Investment expenses	18,960	79,365
Losses on sales of securities	5,133	10,547
Impairment losses on securities	2,729	4,669
Losses on redemption of securities	31	10
Losses on derivatives	8,951	48,645
Investment losses on separate accounts	-	12,292
Operating and general administrative expenses	236,357	263,888
Other ordinary expenses	4,585	6,513
Interest expenses	2,084	2,223
Increase in allowance for doubtful accounts	83	81
Losses on bad debts	19	164
Equity in losses of affiliates	1,133	973
Ordinary profit	216,851	165,325

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