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Tokio Marine Holdings (8766) investor relations material
Tokio Marine Holdings Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary21 Nov, 2025
Executive summary
First half of fiscal 2025 saw strong business momentum, with Japan P&C benefiting from low natural catastrophe losses and successful rate increases, and robust international underwriting, especially in North America and Brazil.
Capital losses in North American credit were below expectations, and accelerated divestments led to JPY 580 billion in business-related equity sales in the first half.
Net income attributable to owners of the parent decreased 0.2% year-over-year to ¥686.8 billion, while ordinary profit declined 6.1% to ¥880.3 billion.
Profit forecast excluding equity gains was revised downward by JPY 28 billion to JPY 672 billion due to cross-currency effects and higher insurance liabilities in Asia life, but including equity gains, profit forecast was revised upward by JPY 10 billion to JPY 1.11 trillion.
The global economic environment was mixed, with moderate recovery in the US, slowdown in China, and weak domestic demand in Japan.
Financial highlights
Net premiums written in the first half increased by 4%, slightly below projections; life insurance premiums declined by 3% due to block reinsurance but are expected to rise 62% year-on-year.
Group adjusted net income for the first half was JPY 755 billion; excluding equity sales, it was JPY 367.2 billion, with progress rates of 69% and 52% toward full-year projections, respectively.
Total assets as of September 30, 2025, were ¥30,880.5 billion, down ¥356.8 billion from March 31, 2025.
Net assets stood at ¥5,025.1 billion, with an equity ratio of 16.3%.
Net income per share (basic) was ¥359.12 for the six months, up from ¥351.38 a year earlier.
Outlook and guidance
Full-year net premiums written expected to increase 4%, and life insurance premiums to rise 62% year-on-year.
Full-year forecast for fiscal 2025 revised to ordinary profit of ¥1,230.0 billion (down 15.8% year-over-year) and net income attributable to owners of the parent of ¥910.0 billion (down 13.8%).
Normalized full-year profit, excluding one-off items, is projected to be JPY 20 billion below initial forecast due to lower Asia life profits and higher advertising at Tokyo Marine Direct.
DPS for FY2025 increased by JPY 1 to JPY 211, a 23% year-on-year growth.
Net income per share (forecast) is ¥476.96.
What drove the significant rise in underwriting provisions?
What caused the large negative FX translation adjustment?
Detail capital allocation strategy for FY2025
Key drivers of normalized profit forecast revision?
Capital allocation strategy for M&A vs buybacks?
Update on business-related equity divestment plan?
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Next Tokio Marine Holdings earnings date
Q3 202613 Feb, 2026
Next Tokio Marine Holdings earnings date
Q3 202613 Feb, 2026
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Frequently asked questions
Tokio Marine Holdings, Inc. is a Japanese company specializing in insurance and financial services. It offers a wide range of products, including property and casualty insurance, life insurance, and reinsurance, catering to both individual and corporate clients. The company operates globally, providing customized solutions in areas such as risk management and asset protection. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange (TSE).
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