Tokio Marine’s international business reported Q2 2024 fiscal year profit of JYP 251.4 billion ($1.62 billion), an increase of 24.5% from the same period of the previous year, while net premiums written surged 14.8% to JYP 1,706.7 billion ($10.97 billion).
As per Tokio Marine, the primary driver of the profit increase of JPY 49.4 billion in Q2 2024 was the strong performance of main entities and JPY depreciation.
Of the total international business net premiums in Q2 2024, which exceeded growth plans due to steady rate increases, the North America segment accounted for approximately JYP 1,189.8 billion ($7.65 billion).
Meanwhile, Europe contributed JYP 126 billion ($0.81 billion), South & Central America JYP 160.1 billion ($1.029 billion), and Asia & Oceania JYP 147.3 billion ($0.946 billion), all improvements over last year’s Q2 figures.
Within the North America segment, Philadelphia (PHLY) exceeded the growth plan, driven by strong rate increases and new business, while Delphi Financial Group (DFG) outperformed expectations due to robust underwriting in disability and group life insurance, among other factors.
At the same time, Tokio Marine HCC (TMHCC) remained in line with the plan, with Q2 rate increases standing at +1%, due to softening in Financial Lines, including D&O and Cyber. However, previous rate increases have reportedly ensured an adequate rate level.
Tokio Marine also observed that the strong underwriting profit of 251.4 billion yen ($1.62 billion), along with gains from investment income and JPY appreciation, offset the capital losses from CRE loans in North America, leading to business unit profits surpassing the growth plan.
The post Tokio Marine’s international segment sees Q2’24 profit of $1.62bn as NPW surge 15% appeared first on ReinsuranceNe.ws.