Japan’s three largest property and casualty (P&C) insurers recorded strong profit increases in the first nine months of fiscal year 2024, with each company achieving double-digit growth, according to a report from S&P Market Intelligence.
Tokio Marine Leads with 73% Profit Surge
Tokio Marine Holdings Inc. reported a 73% rise in net profit compared to the same period last year. Its net earnings reached $6.35 billion (¥895.21 billion), up from $3.67 billion (¥517.48 billion).
MS&AD Posts Highest Growth Rate
MS&AD Insurance Group Holdings Inc. saw the largest year-on-year increase among the three. Its net profit jumped 122.3% to $4.44 billion (¥626.07 billion), compared to $2.00 billion (¥281.60 billion) a year earlier.
The company credited the surge to higher investment returns from its domestic non-life insurance business, as well as gains from selling strategic equity holdings. It also reported stronger profits from its overseas operations.
Sompo Maintains Steady Momentum
Sompo Holdings Inc. reported a net profit of $2.71 billion (¥381.86 billion), up 18.2% from $2.29 billion (¥323.05 billion) in the previous year. The company said it is on track to meet its full-year target of selling $2.84 billion (¥400 billion) in assets during fiscal 2024.
Premiums Rise Across All Companies
All three insurers reported growth in domestic net premiums written. This reflects stable demand in Japan’s insurance market.
Overseas Growth Adds to Gains
In international markets, Tokio Marine led the group with $13.12 billion (¥1.848 trillion) in net premiums written. This was a 6.4% increase from the previous year, driven by expansion efforts in its global operations.
MS&AD also saw strong growth overseas, with net premiums written reaching $8.66 billion (¥1.220 trillion), up from $6.93 billion (¥975.70 billion). The increase was supported by new business at MS Amlin AG and favorable foreign exchange movements.
Sompo’s international business remained steady, posting $8.97 billion (¥1.264 trillion) in net premiums written, a slight increase from $8.89 billion (¥1.253 trillion) the year before.
At an exchange rate of $1.00 to ¥140.14, the insurers’ solid financial performance reflects a mix of investment gains, strategic asset sales, and stable premium growth at home and abroad.
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