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Tokio Marine's fiscal Q1 income sees 9.4% fall amid rise in underwriting expense

Tokio Marine Holdings Inc. reported a 9.4% year-over-year decline in net income for the three months ended June 30, amid a decline in the gains on the sales of securities and a rise in underwriting expenses.

The company said net income attributable to owners for the fiscal first quarter dropped to ¥88.10 billion, or ¥117.44 per share, from ¥97.23 billion, or ¥128.69 per share.

Ordinary profit fell to ¥123.64 billion from ¥128.05 billion, while ordinary income rose to ¥1.400 trillion from ¥1.379 trillion.

The company's underwriting expenses increased to ¥1.027 trillion from ¥935.00 billion, while provisions for underwriting reserves climbed to ¥130.73 billion from ¥73.22 billion in the prior-year period.

Underwriting income for the quarter rose to ¥1.179 trillion from ¥1.154 trillion, while net premiums written increased to ¥919.34 billion from ¥894.43 billion. The company attributed the rise in net premiums written to business expansion at its domestic nonlife and overseas units.

The insurer's investment income for the period declined to ¥193.82 billion from ¥198.59 billion, while gains on sales of securities fell to ¥38.53 billion from ¥48.40 billion.

Tokio Marine & Nichido Fire Insurance Co. Ltd.'s nonconsolidated net income for the first quarter rose 30.5% year over year to ¥120.11 billion from ¥92.03 billion. The insurer's underwriting income increased to ¥589.86 billion from ¥573.66 billion, while net premiums written went up to ¥551.53 billion from ¥531.44 billion in the prior-year period.

Meanwhile, Tokio Marine & Nichido Life Insurance Co. Ltd.'s nonconsolidated net income for the quarter plunged to ¥2.52 billion from ¥6.24 billion in the year-ago period. The life insurer's income from insurance premiums and other rose to ¥211.68 billion from ¥204.20 billion.

The insurer reported a solvency margin ratio of 2,921.3% as of June 30, compared to 2,869.7% as of March 31.

Tokio Marine maintained its forecast for a 2.2% rise in net income for the fiscal year ending March 31, 2018, to ¥280 billion, or ¥373.98 per basic share.

As of Aug. 7, US$1 was equivalent to ¥110.84.