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    8766   JP3910660004

TOKIO MARINE HOLDINGS, INC.

(8766)
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Tokio Marine : Reference

11/26/2021 | 03:30am EST

. Reference Group

Domestic

Domestic

International

Asset

Digital

Capital

Non-Life

Life

Management

Policy

ESG Data

Table of Contents

Entire Group ・・・・・・・・・・・・・

P. 32

Digital ・・・・・・・・・・・・・・・・・

P. 64

Domestic non-life insurance

Capital Policy ・・・・・・・・・・・

P. 68

・・・・・・・・・・・

P. 34

ESG ・・・・・・・・・・・・・・・・・・・・

P. 70

Domestic life insurance ・・・

P. 42

Data collection ・・・・・・・・・・

P. 83

International ・・・・・・・・・・・・

P. 46

Asset Management ・・・・・・・

P. 62

Copyright (c) 2021 Tokio Marine Holdings, Inc.

31

. Reference Group

Domestic

Domestic

International

Asset

Digital

Capital

Non-Life

Life

Management

Policy

ESG Data

Mid-Term Business Plan (KPI Targets)

  • Probability of achieving target KPI targets has been further increased by the management strategy and its successful implementation to date

Adjusted net income

Adjusted ROE

Shareholder Returns

Dividend payout ratio*3

Capital level

Adjustment

FY2023 Plan

CAGR+3-7%*1

(c. JPY 480-540bn)

→See next page for breakdown

Around 12%

40% or more

Revised to 50%

Flexible execution*4

FY2021 Projection

(announced Nov. 2021)

JPY 490bn

(+JPY 66bn from

the original projection)

12.2%

(+1.4 points from

the original projection)

47%

(+4 points from

the original projection)

JPY 100bn*4

(JPY 60bn has already been

implemented)

FY2020 Results

JPY 446bn*2

11.5%*2

40%

JPY 50bn

*1: At the IR presentation in May 2021, we explained that we expect OG to be 5% or more.

*2: The starting numbers for the current mid-term business plan (the impact of natural catastrophes is assumed to be at the average annual level, and the impact of COVID-19 and exchange rate fluctuations is deducted.)

*3: Dividend payout ratio is based on the five-year average of adjusted net income on the original projection basis. In FY2023, we will well exceed JPY 500bn adjusted net income and raise the dividend payout ratio to 50%. We will continue to raise the DPS with profit growth as a driver. (We will, in principle, not decrease dividends.)

*4: The total amount of small- and medium-scale business investment and capital level adjustment is set (the quota for FY2021 is JPY 100bn). However, business investment will be actively considered and implemented if there are good opportunities, and as a result may not fit within the quota.

Copyright (c) 2021 Tokio Marine Holdings, Inc.

32

. Reference Group

Domestic

Domestic

International

Asset

Digital

Capital

Non-Life

Life

Management

Policy

ESG Data

Breakdown of Adjusted Net Income

Adjusted net income

Domestic non-

life*1

→For details, see pages

34-37.

Domestic life*2

→For details, see pages

Business 42-45.

Unit Profits,

etc. International

→For details, see pages

46-51.

Other*3

FY2023 Plan

CAGR+3-7%*4

(c. JPY 480-540bn)

CAGR+6% or higher

(c. JPY 160bn or more)

Stably secure

JPY 50bn level

CAGR around +9%

(c. JPY 230bn)

About JPY 70bn

FY2021 Projection

(Announced in Nov. 2021)

JPY 490bn

(+JPY 66bn from

the original projection)

JPY 176bn

(+JPY 37bn from

the original projection)

JPY 48bn

(Unchanged from

the original projection)

JPY 202bn

(+JPY 35bn from

the original projection)

JPY 64bn

(-JPY 6bn from

the original projection)

FY2020 Results

JPY 446bn*5

JPY 138.5bn*6

JPY 52.7bn

JPY 180.1bn*7

JPY 74.7bn

*1: Domestic non-life insurance: TMNF (same for subsequent pages)

*2: Domestic life insurance: TMNL (same for subsequent pages)

*3: Other domestic non-life, financial and other businesses, and sale of business-related equities (not included in Business Unit profits), etc. (same for subsequent pages)

Copyright (c) 2021 Tokio Marine Holdings, Inc.

*4: At the IR presentation in May 2021, we explained that we expect OG to be 5% or more.

*5: The starting numbers for the current mid-term business plan (the impact of natural catastrophes is assumed to be at the average annual level, and the impact of COVID-19 and FX rate fluctuations is deducted)

*6: The impact of natural catastrophes is assumed to be at the average annual level, and the impact of COVID-19 is deducted.

*7: The impact of natural catastrophes is assumed to be at the average annual level, and the impact of COVID-19 and FX rate fluctuations is deducted.

33

. Reference Group

Domestic

Domestic

International

Asset

Digital

Capital

Non-Life

Life

Management

Policy

ESG Data

[Progress of Current MTP] Maintaining profit from auto insurance

  • Offset the impact of rate decrease by expanding coverage, etc. to limit the decline in profit to around JPY 10.0bn
  • For FY2021, L/R is expected to be -2.6pt, exceeding the projection (of which the improvement due to COVID-19 is expected to be normalized)

Progress towards FY2023 Plan

Key Measures

Progress Status

(FY2021 projection)

(Billions of JPY)

2,000

+1.3pt

70%

-2.6pt

L/R *1

(vs2020)

(vs2020)

60%

1,600

Top-line*2

+1.0%

(vs2020)

Increase market share (M/S)

  • Expand coverage through product revisions in April 2021 and January 2022 (new DAP*4, etc.)
  • Establish early contacts
  • Strengthen digital contact points for customers

Top line*2: +1.0%

  • Steady progress in line with the plan based on enhancement of coverage, etc.
  • Results as of Sep. 2021*5
    • Degree of M/S improvement: No.1
    • NF unit price: +1.6%
    • Number of units : +0.1%

1,200

50%

800

40%

400

30%

0

20%

2020

2021 projection

2023 plan

Generate sustainable and stable earnings

  • Initiatives to improve profitability
  • Flexible review of premium levels in light of loss costs, etc.

L/R*1: -2.6pt

  • Good performance compared to plan due to impact of COVID-19 and efforts to improve profitability
  • -2%rate decline in Jan. 2022 was already incorporated into the plan announced in May 2021

Profit impact

About+¥20bn About -¥10bn

(vs 2020)

*1,3

Copyright (c) 2021 Tokio Marine Holdings, Inc.

*1: For 2020, the figure is adjusted to reflect actual ability by excluding the impact of COVID-19 and adjusting the natural catastrophes to the average annual level.

*2: NPW

*3: After tax; estimation

*4: Drive Agent Personal (DAP). A product that provides accident prevention and response services

when accidents occur, using our original drive recorder equipped with communication function.

*5: Premiums on a managerial accounting basis

34

. Reference Group

Domestic

Domestic

International

Asset

Digital

Capital

Non-Life

Life

Management

Policy

ESG Data

[Progress of Current MTP] Improvement in profit from fire insurance

  • Improvement of business unit profit by over +JPY 45.0bn (of which the effect of rate revision is about JPY 19.0bn after tax) through rate revision, etc.
  • Progress towards FY2021 projection on track, due in part to lower-than-expected natural catastrophes with profit improvement effect exceeding +JPY 25.0bn.

Progress towards FY2023 Plan

Key Measures

Progress Status

(FY2021 projection)

80%

L/R *1

70%

60%

Over -11pt

(vs2020)

Over -14pt

(vs2020)

50%

2020

2021 projection

2023 plan

  • Rate revision
  • Product revision
  • Enhancement of underwriting
  • Disaster prevention and mitigation and early recovery efforts
  • Appropriate reinsurance arrangements

Plan to secure profit equivalent to capital cost by around FY2026- 27, with product and rate revisions planned for FY2022 and FY2023 onward

Profit improvement*2: Over +JPY 25bn

  • Progressing in line with plan based on the realization of the effects of product and rate revisions in October 2019 and January 2021.
  • Product and rate revisions for FY2022 and FY2023 onward are being discussed at the management level (progressing smoothly).
  • Initiatives including strengthening underwriting, disaster prevention and mitigation (see page 64), and reinsurance are also progressing smoothly.

Profit Impact

Over +¥25bn

Over +¥45bn

(vs2020)

*1,2

of which, impact of

About +¥10bn

About

rate revision *2

+¥19bn*3

Copyright (c) 2021 Tokio Marine Holdings, Inc.

*1 : For 2020, the figure is adjusted to reflect actual ability by excluding the impact of COVID-19 and adjusting the natural catastrophes to the average annual level.

*2: After tax; estimation

*3: At the IR conference in May 2021, we explained that rate revision alone would generate a positive impact of circa JPY 26bn yen (before tax).

35

Disclaimer

Tokio Marine Holdings Inc. published this content on 26 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 November 2021 08:29:03 UTC.


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Sales 2022 5 572 B 48 777 M 48 777 M
Net income 2022 357 B 3 123 M 3 123 M
Net Debt 2022 836 B 7 322 M 7 322 M
P/E ratio 2022 13,3x
Yield 2022 3,40%
Capitalization 4 773 B 41 927 M 41 785 M
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EV / Sales 2023 0,99x
Nbr of Employees 43 443
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Number of Analysts 14
Last Close Price 6 995,00 JPY
Average target price 6 927,86 JPY
Spread / Average Target -0,96%
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Managers and Directors
Satoru Komiya President, Group CEO & Representative Director
Tsuyoshi Nagano Chairman
Susumu Harada Managing Executive Officer & Head-Group IT
Kenji Okada MD, Head-Compliance & Legal Affairs
Akio Mimura Independent Outside Director
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