Tokio Marine Holdings (8766) Q4 2026 earnings summary

Executive summary

• Adjusted EPS grew at a CAGR of 11% (JGAAP 12%) from 2023–2026, with strong profit growth but flat ROE due to increased net assets from equity sales.

• Ordinary income rose 5.1% year-over-year to ¥8,872.3 billion, driven by growth in underwriting and investment income.

• FY2025 saw steady top-line growth and solid bottom-line results, with adjusted net income up YoY excluding capital gains from equity sales.

• Net income attributable to owners fell 7.1% year-over-year to ¥980.4 billion.

• The group expanded both domestic and international business, but faced increased costs and a complex risk environment.

Financial highlights

• FY2025 adjusted net income (excluding equity sales) increased by JPY102.7bn YoY, driven by international underwriting and Japan P&C rate hikes.

• Total assets increased to ¥31,961.9 billion as of March 31, 2026, up ¥724.5 billion from the prior year.

• Net assets rose to ¥5,457.6 billion, with net assets per share at ¥2,885.44.

• International net premiums written rose 6.1% YoY, led by North America, South/Central America, and Asia.

• Japan P&C business unit profit rose JPY46.2bn YoY, supported by rate/product revisions and investment income.

Outlook and guidance

• FY2026 adjusted net income projected at JPY950.0bn (+8% YoY), with international segment up 10% and Japan P&C stable.

• Fiscal year 2026 net income forecast is ¥830.0 billion, a 15.3% decrease year-over-year, with EPS projected at ¥441.83.

• Dividend per share to rise 12% YoY to JPY245, marking the 15th consecutive increase.

• Share buybacks of JPY400bn planned, with additional repurchases possible to offset dilution.

• The group will adopt IFRS for consolidated financial statements from FY2026.