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Tokio Marine's full-year earnings down 3.4%; share repurchase announced

Tokio Marine Holdings Inc. announced a 3.4% drop in net income attributable to owners of the parent for the fiscal year ended March 31 to ¥274.58 billion from ¥284.18 billion a year ago.

EPS ticked up slightly year over year to ¥382.69 from ¥382.47. Ordinary income rose 1.4% to ¥5.477 trillion, while ordinary profit jumped 20.7% to ¥416.33 billion from ¥344.94 billion.

Underwriting income went up to ¥4.770 trillion from ¥4.662 trillion, while investment income dropped to ¥589.25 billion from ¥623.95 billion. Net premiums written reached ¥3.587 trillion, up from ¥3.565 trillion in the prior year.

In the domestic nonlife insurance business, ordinary income increased to ¥2.847 trillion from ¥2.679 trillion from the previous fiscal year.

The company also announced that it plans to repurchase up to 6,250,000 common shares for an aggregate purchase price of up to ¥25 billion. The shares up for repurchase represent approximately 0.9% of total issued shares, excluding treasury shares.

The repurchase period is from June 1 through Sept. 20.

Tokio Marine also released its business forecast for the fiscal year ending March 31, 2020. Its forecasts are ¥455.0 billion for ordinary profit and ¥325.0 billion for net income attributable to owners of the parent.

It also expects adjusted net income to rise to ¥4.000 trillion from ¥2.809 trillion in the most recent year, primarily due to a decrease in natural catastrophe losses at domestic nonlife insurance subsidiaries. Increased natural catastrophe losses were the primary driver of a fall in adjusted net income in the year to March 31, 2019, from ¥3.414 trillion in the year to March 31, 2018.

Net premiums written and life insurance premiums are projected to be ¥3.560 trillion and ¥1.030 trillion, respectively. Net incurred losses related to natural catastrophes are projected to be ¥50.0 billion for Tokio Marine & Nichido Fire Insurance Co. Ltd. and ¥2.5 billion for Nisshin Fire & Marine Insurance Co. Ltd.

As of May 17, US$1 was equivalent to ¥109.94.