Tokio Marine & Nichido
Tokio Marine & Nichido Fire Insurance Co., Ltd.
November 18, 2022
Tokio Marine Holdings, Inc.
(billions of JPY, except for %)
FY2020 FY2021 FY2022 FY2022 Full-Year Projections
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Original Rivised
(Apr.-Jun.) (Apr.-Sep.) (Apr.-Dec.) (Apr.-Mar.) (Apr.-Jun.) (Apr.-Sep.) (Apr.-Dec.) (Apr.-Mar.) (Apr.-Jun.) (Apr.-Sep.) (Apr.-Dec.) (Apr.-Mar.)
■Direct Premiums Written excluding deposit premiums from policyholders
Fire 95.7 211.6 340.2 450.1 105.3 213.9 337.6 451.7 108.1 254.5
Marine 17.6 32.7 48.6 67.9 20.0 38.5 57.2 80.4 24.5 47.7
P.A. 54.7 92.5 126.7 163.8 57.7 97.0 131.8 170.6 62.1 107.1
Auto 277.2 548.7 828.6 1,109.4 283.4 559.2 839.4 1,120.6 282.8 556.6
CALI 54.0 108.3 165.0 224.2 55.0 106.1 156.6 208.3 52.3 103.5
Other 119.2 234.2 349.5 471.6 125.8 242.0 358.0 481.7 126.6 247.8
Total 618.6 1,228.3 1,858.9 2,487.3 647.4 1,256.9 1,880.8 2,513.5 656.6 1,317.5
■Net premiums written
Fire 74.5 164.3 259.1 353.2 85.0 169.2 266.7 361.2 95.3 224.2 393.2 408.9
Marine 18.1 31.8 44.4 61.4 21.5 37.5 53.5 73.5 23.4 43.5 74.4 84.7
P.A. 54.1 91.4 124.9 161.4 57.1 95.7 129.8 168.2 60.8 105.2 184.9 187.4
Auto 276.5 546.8 825.5 1,105.2 282.5 556.8 835.6 1,115.3 282.5 555.1 1,110.2 1,111.1
CALI 60.9 123.0 179.7 238.7 55.0 115.9 168.1 219.7 48.7 106.1 220.6 214.2
Other 86.4 169.8 251.1 341.2 91.7 176.9 259.9 349.9 94.6 186.3 377.5 375.4
Total 570.9 1,127.4 1,685.0 2,261.3 593.1 1,152.3 1,714.0 2,288.1 605.5 1,220.8 2,361.0 2,382.0
■Auto insurance : YoY change (Managerial accounting basis)
Non-fleet Premiums +2.1% +3.0% +3.4% +2.8% +1.9% +1.2% +1.0% +0.6% -0.2% -0.4%
Number of cars -0.3% +0.4% +0.7% +0.7% -0.2% -0.3% -0.4% -0.4% +0.4% +0.0%
Per-auto premiums +2.4% +2.6% +2.7% +2.2% +2.0% +1.6% +1.3% +0.9% -0.5% -0.4%
Fleet Premiums +0.1% +1.6% +2.9% +1.7% +1.7% -0.1% -1.0% -2.0% -1.7% -1.8%
Number of cars +8.2% +4.6% +4.0% +3.2% +5.3% +2.4% +2.3% +1.7% +9.0% +6.2%
Per-auto premiums -7.5% -2.8% -1.0% -1.5% -3.4% -2.4% -3.2% -3.7% -9.8% -7.5%
Total Premiums +1.7% +2.7% +3.3% +2.6% +1.9% +1.1% +0.7% +0.2% -0.5% -0.6%
Number of cars +0.9% +1.0% +1.2% +1.1% +0.7% +0.1% +0.0% +0.0% +1.7% +1.0%
Per-auto premiums +0.8% +1.7% +2.1% +1.6% +1.2% +1.0% +0.6% +0.2% -2.2% -1.6%
■Net claims paid
Fire 43.7 96.3 160.0 210.3 62.4 107.3 158.0 205.8 65.6 126.3 223.4 260.6
Marine 9.7 18.8 28.6 38.0 7.8 19.0 28.2 39.8 7.5 16.9 47.0 48.4
P.A. 20.3 39.5 59.7 78.1 20.5 39.5 60.0 78.9 22.5 48.2 86.7 101.6
Auto 124.4 255.1 397.9 534.7 134.0 266.0 408.5 545.9 138.5 286.8 584.0 613.2
CALI 44.4 81.0 133.0 175.7 38.9 78.8 121.8 161.1 36.9 73.7 160.1 160.1
Other 36.2 74.6 113.1 148.2 37.4 75.8 117.7 161.2 43.0 90.8 197.4 198.1
Total 279.0 565.6 892.7 1,185.2 301.4 586.6 894.5 1,192.9 314.3 643.0 1,298.8 1,382.3
■Net W/P basis loss ratio*
Fire 61.1% 60.8% 63.9% 61.6% 75.8% 65.8% 61.6% 59.4% 71.4% 58.5% 59.0% 65.9%
Marine 56.6% 62.4% 67.8% 65.2% 39.0% 53.7% 55.7% 57.1% 34.8% 41.6% 66.3% 59.9%
P.A. 41.7% 48.2% 53.3% 54.3% 40.2% 46.5% 51.8% 52.9% 41.4% 50.8% 52.6% 59.9%
Auto 50.8% 52.9% 54.3% 54.6% 53.7% 54.4% 55.5% 55.7% 55.9% 58.7% 59.7% 62.3%
CALI 80.2% 72.5% 80.8% 80.4% 78.3% 75.0% 79.6% 80.7% 84.3% 77.3% 81.9% 83.8%
Other 44.5% 46.6% 47.8% 46.2% 43.6% 45.8% 48.3% 49.1% 48.6% 51.9% 54.9% 55.5%
Total 53.6% 55.1% 57.9% 57.4% 55.7% 56.1% 57.5% 57.5% 57.2% 58.0% 60.6% 63.5%
(*) Including loss adjustment expenses
■Net incurred losses (Private insurance)*
Fire 26.6 144.4 188.5 267.9 34.2 90.7 129.4 209.7 64.2 194.9 229.7 292.0
Marine 10.6 20.6 29.9 37.8 10.0 25.6 37.2 44.9 13.0 25.9 49.9 57.2
P.A. 17.3 36.9 62.7 85.7 23.0 43.8 67.9 95.2 24.9 65.0 103.8 124.0
Auto 124.7 281.8 447.8 598.2 144.5 303.8 476.8 634.8 171.5 347.8 677.4 704.5
Other 43.8 107.3 180.9 218.6 46.0 100.0 155.0 208.8 61.9 136.8 212.2 256.4
Total 223.2 591.2 910.0 1,208.4 257.8 564.1 866.4 1,193.7 335.7 770.6 1,273.3 1,434.2
(*) Including loss adjustment expenses
　　 Excluding Residential earthquake insurance and CALI
■Net incurred losses caused by natural disasters during the period (Private insurance)*
Fire 2.1 58.9 64.1 86.8 0.8 22.7 21.8 39.1 8.2 75.1
Marine 0.6 1.1 1.1 1.2 - 0.1 0.1 0.2 - 0.0
Auto 0.0 5.0 5.1 4.8 0.0 1.7 1.8 1.7 15.5 26.9
Other 0.0 1.8 3.1 3.8 0.0 0.9 1.2 1.9 0.0 2.4
Total 2.9 66.9 73.6 96.7 0.8 25.5 25.1 43.1 23.8 104.5 73.0 120.0
(*) Excluding loss adjustment expenses
　　 Excluding Residential earthquake insurance and CALI
■Net E/I basis loss ratio (Private insurance)*
Fire 37.0% 94.6% 80.7% 84.1% 43.3% 54.2% 50.0% 59.5% 70.5% 105.4% 56.9% 73.2%
Marine 67.6% 60.2% 61.9% 61.4% 60.8% 67.4% 69.0% 63.9% 70.2% 60.7% 68.1% 69.6%
P.A. 42.3% 45.0% 50.9% 51.9% 58.5% 54.4% 55.5% 57.9% 59.2% 75.4% 58.2% 68.9%
Auto 46.2% 51.8% 54.5% 54.3% 52.3% 54.7% 57.1% 56.8% 62.2% 62.7% 61.0% 63.4%
Other 51.7% 63.0% 70.0% 64.3% 52.7% 56.8% 58.0% 59.6% 67.0% 73.2% 56.8% 68.7%
Total 46.2% 60.1% 61.3% 60.8% 51.7% 55.4% 56.4% 58.1% 64.5% 73.0% 59.5% 66.9%
(*) Including loss adjustment expenses
　　 Excluding Residential earthquake insurance and CALI
■Net E/I basis loss ratio excluding impact of natural disasters (Private insurance)*
Fire 34.1% 56.0% 53.2% 56.9% 42.3% 40.6% 41.6% 48.4% 61.4% 64.8%
Marine 63.5% 56.7% 59.4% 59.4% 60.8% 67.1% 68.7% 63.5% 70.2% 60.6%
P.A. 42.3% 45.0% 50.9% 51.9% 58.5% 54.4% 55.5% 57.9% 59.2% 75.4%
Auto 46.2% 50.9% 53.9% 53.9% 52.3% 54.4% 56.9% 56.7% 56.5% 57.9%
Other 51.6% 61.9% 68.7% 63.2% 52.7% 56.3% 57.6% 59.1% 67.0% 71.9%
Total 45.6% 53.3% 56.3% 56.0% 51.6% 52.9% 54.7% 56.0% 59.9% 63.1%
(*) Including loss adjustment expenses
　　 Excluding Residential earthquake insurance and CALI
■Business expenses on underwriting
Operating and general administrative expenses on U/W 64.0 126.4 189.4 263.0 67.3 135.7 206.4 284.3 72.0 143.5 308.6 301.7
Personnel expenses 30.4 61.0 91.6 122.2 32.1 64.9 96.5 127.5 32.5 65.9 133.9 130.4
Non-personnel expenses 31.0 60.5 90.5 131.0 32.7 66.0 102.8 147.2 37.0 72.5 164.9 161.4
Tax and contribution 2.5 4.8 7.1 9.7 2.4 4.7 7.1 9.5 2.4 5.0 9.7 9.8
Agency commissions and brokerage 109.4 215.4 320.5 432.3 115.8 224.0 331.0 445.1 118.1 240.5 455.9 464.5
Business expenses on underwriting 173.4 341.9 509.9 695.4 183.2 359.7 537.5 729.5 190.1 384.0 764.6 766.2
■Expense ratio
Agency commission ratio 19.2% 19.1% 19.0% 19.1% 19.5% 19.4% 19.3% 19.5% 19.5% 19.7% 19.3% 19.5%
Expense ratio 30.4% 30.3% 30.3% 30.8% 30.9% 31.2% 31.4% 31.9% 31.4% 31.5% 32.4% 32.2%
■Combined ratio
Private insurance: E/I basis 77.5% 91.3% 92.3% 92.5% 83.0% 87.1% 88.1% 90.6% 96.0% 104.6% 92.4% 99.6%
■Outstanding claims reserves
Fire*1 92.0 96.7 87.0 89.1 115.3
Marine 29.5 28.9 30.2 30.6 35.8
P.A. 24.1 24.9 24.2 27.2 31.7
Auto 294.4 292.0 290.8 300.9 316.8
CALI, EQ*2 73.4 66.4 64.2 62.3 61.3
Other 183.1 195.6 200.4 210.1 232.0
Outstanding claims excl. IBNR 696.8 704.8 697.1 720.4 793.1
Fire*1 77.5 78.4 71.7 85.6 126.0
Marine 9.3 7.0 11.2 8.1 10.8
P.A. 29.2 33.7 33.7 37.7 44.6
Auto 68.1 71.9 73.9 76.8 82.6
CALI, EQ*2 - - - - -
Other 167.0 187.4 201.6 209.8 228.0
IBNR 351.2 378.6 392.4 418.2 492.2
Fire*1 106.1 169.6 148.1 175.2 149.2 158.8 144.4 174.7 170.9 241.3
Marine 38.5 38.8 37.8 35.9 37.5 41.4 43.3 38.8 43.7 46.6
P.A. 55.2 53.3 56.7 58.6 58.7 58.0 59.3 64.9 64.6 76.4
Auto 354.1 362.5 369.2 364.0 356.9 364.8 377.2 377.7 391.5 399.5
CALI, EQ*2 68.0 73.4 73.4 66.4 62.3 64.2 64.2 62.3 65.2 61.3
Other 327.4 350.2 383.0 383.0 389.0 402.0 412.4 419.9 435.9 460.1
Total 949.6 1,048.1 1,068.4 1,083.5 1,053.8 1,089.5 1,101.0 1,138.6 1,172.1 1,285.4
(*1) Excluding Residential earthquake insurance
(*2) Residential earthquake insurance
■General underwriting reserve
Fire* 762.5 779.9 794.2 798.6 804.9 798.2 804.6 802.9 804.3 842.9
Marine 24.7 23.7 22.7 26.2 25.8 24.8 26.0 32.7 30.5 32.3
P.A. 142.3 138.4 130.8 133.4 143.0 140.3 132.7 130.9 147.7 148.1
Auto 329.5 347.2 366.2 379.1 364.5 350.5 357.7 357.2 343.5 326.3
CALI 431.1 435.1 423.6 435.9 432.9 434.0 425.8 427.8 422.9 426.0
Other 396.5 397.3 392.8 401.5 401.8 401.1 396.2 396.9 399.4 400.5
Total 2,086.8 2,121.8 2,130.5 2,174.8 2,173.2 2,149.1 2,143.3 2,148.7 2,148.5 2,176.3
(*) Including reserve for Residential earthquake insurance
■Catastrophe loss reserve
Amount Fire 205.2 213.4 208.8 219.7 223.2 235.0 241.3 271.4 266.7 286.7 286.7 260.8
Marine 122.6 122.9 122.0 122.5 122.8 123.3 123.3 124.3 125.6 126.7 125.1 127.7
P.A. 129.5 130.7 131.7 132.9 134.7 136.0 137.0 138.3 140.2 141.5 144.0 135.8
Auto 155.5 164.2 173.1 182.1 191.2 200.0 208.9 217.9 227.0 228.8 232.9 193.2
Other 308.4 310.6 312.6 315.0 317.5 319.7 322.2 324.1 327.2 327.2 326.4 327.2
Total 921.4 942.0 948.5 972.4 989.6 1,014.2 1,032.9 1,076.2 1,086.9 1,111.1 1,115.4 1,044.8
Reversal Fire - - 12.8 10.7 5.0 1.2 3.6 2.6 14.4 7.5 24.5 52.0
Marine - - 0.6 0.4 - - - - - - 2.4 1.1
P.A. - - - - - - - - - 0.1 0.1 8.4
Auto - - - - - - - - - 6.9 20.5 60.3
Other 0.0 0.0 0.6 0.9 0.0 0.0 0.0 0.1 0.0 3.0 11.0 9.6
Total 0.0 0.0 14.2 12.1 5.1 1.2 3.7 2.7 14.5 17.6 58.8 131.6
Provision Fire 7.5 15.6 23.9 32.7 8.5 16.5 25.1 54.2 9.7 22.8 39.8 41.4
Marine 0.4 0.8 0.6 0.8 0.3 0.7 0.8 1.8 1.3 2.3 3.3 4.5
P.A. 1.7 2.9 3.9 5.1 1.8 3.0 4.1 5.3 1.9 3.3 5.8 5.9
Auto 8.8 17.5 26.5 35.4 9.0 17.8 26.8 35.7 9.0 17.8 35.5 35.6
Other 2.2 4.4 7.1 9.7 2.5 4.7 7.2 9.2 3.0 6.1 13.3 12.6
Total 20.7 41.4 62.1 83.9 22.2 43.0 64.2 106.5 25.1 52.5 97.9 100.2
Net provision Fire 7.5 15.6 11.0 22.0 3.4 15.3 21.5 51.6 -4.7 15.2 15.2 -10.6
Marine 0.4 0.8 -0.0 0.3 0.3 0.7 0.8 1.8 1.3 2.3 0.8 3.3
P.A. 1.7 2.9 3.9 5.1 1.8 3.0 4.1 5.3 1.9 3.2 5.7 -2.4
Auto 8.8 17.5 26.5 35.4 9.0 17.8 26.8 35.7 9.0 10.8 15.0 -24.7
Other 2.2 4.4 6.4 8.8 2.4 4.7 7.1 9.1 3.0 3.1 2.2 3.0
Total 20.7 41.3 47.9 71.8 17.1 41.7 60.4 103.8 10.6 34.8 39.1 -31.3
■Reserves for saving type products* 1,340.6 1,331.4 1,302.6 1,261.0 1,250.5 1,232.6 1,208.8 1,168.8 1,160.0 1,146.2
(*) Total of Policyholders' contract deposits and Reserve for dividends to policyholders
■Underwriting profit 74.6 -4.8 -3.8 -16.9 92.6 124.1 148.3 117.1 28.3 -74.2 157.0 83.0
■Net investment income
Interest and dividends 54.4 81.2 128.1 163.3 79.7 109.2 152.5 183.5 119.6 154.2 208.2 238
Domestic bonds 4.3 8.6 13.3 17.5 4.1 8.2 12.4 16.4 4.0 8.1 16.0 15.9
Domestic stocks 28.1 30.9 52.3 55.8 29.4 32.1 59.0 62.3 38.1 41.1 66.7 74.2
Foreign securities 18.9 35.5 53.2 77.4 42.7 62.6 71.9 92.5 74.4 97.9 117.1 136.5
Investment income on deposit premiums 9.1 18.1 27.0 34.5 8.1 16.1 23.9 32.7 7.6 15.0 28.6 29.6
Net interest and dividends 45.3 63.0 101.0 128.7 71.6 93.0 128.5 150.8 112.0 139.1 179.5 208.4
Gains/Losses on sales of securities 39.5 56.8 71.7 83.7 23.0 48.0 75.6 93.9 38.0 54.5 83.1 92.6
Impairment losses on securities 2.8 2.9 6.3 1.6 1.7 3.7 4.7 5.1 0.7 1.6 0 1.6
Gains/Losses on derivatives -5.8 -5.4 -8.0 -24.0 -2.4 -2.9 -12.5 -37.0 -33.2 -56.4 -16.3 -79.7
Other investment income and expenses 0.0 0.1 0.2 0.3 0.0 0.2 0.3 0.4 0.0 0.1 0 0.9
Net investment income 77.7 112.1 159.7 201.9 92.1 135.8 197.6 234.3 148.4 181.4 246.4 266.3
■Ordinary profit 145.7 93.9 134.3 157.2 178.5 246.5 321.2 319.2 166.4 85.3 370.0 311.0
■Net income 110.0 62.9 96.5 109.3 141.0 189.8 246.4 235.4 140.1 32.9 286.0 183.0

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Tokio Marine Holdings Inc. published this content on 18 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2022 09:48:09 UTC.