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Tokio Marine's net income up YOY through fiscal 9 months

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Tokio Marine's net income up YOY through fiscal 9 months

Tokio Marine Holdings Inc.'s net income attributable to owners of the parent for the fiscal nine months ended Dec. 31, 2019, edged up to ¥226.69 billion from ¥221.65 billion in the prior year.

EPS rose year over year to ¥321.87 from ¥307.79. Ordinary income ticked lower to ¥4.095 trillion from ¥4.110 trillion, while ordinary profit dropped to ¥299.22 billion from ¥309.24 billion.

Underwriting income fell to ¥3.520 trillion from ¥3.568 trillion, while investment income grew to ¥487.41 billion from ¥452.88 billion. Net premiums written declined to ¥2.710 trillion from ¥2.748 trillion.

The company is expecting net income attributable to owners of the parent of ¥325 billion, net income per share of ¥462.23 and ordinary profit of ¥445 billion for the fiscal year ending March 31.

Tokio Marine & Nichido Fire Insurance Co. Ltd. logged net income of ¥156.31 billion, higher than ¥152.61 billion in the prior year.

The Tokio Marine board of directors also approved a number of personnel changes, with Tadashi Handa being appointed senior managing executive officer. Kichiichiro Yamamoto, Yoshinari Endo, Yoichi Moriwaki, Yoshihiko Shima and Kenichi Kitazawa were named managing executive officers, and Yoshinori Ishii was appointed executive officer. These changes are effective April 1.

Kazuhiko Nakamura and Koki Umeda are stepping down as managing executive officers, effective March 31.

As of the day of the company's shareholders meeting scheduled for late June 2020, Makoto Okada will become vice president executive officer. Handa will be named senior managing director, while Endo will be appointed managing director.

Separately, the Tokio Marine board approved the cancellation of 8 million common shares held by the company as treasury shares on March 31.

As of Feb. 13, US$1 was equivalent to ¥109.84.