Tokio Marine Holdings Inc.'s net income for the fiscal quarter grew 10.8% from a year earlier, thanks to a decline in natural catastrophes in Japan and growth in its overseas business.
For the three months ended June 30, net income attributable to owners of the parent rose to ¥112.71 billion from ¥101.74 billion in the prior-year period. EPS rose year over year to ¥159.46 from ¥140.24.
Ordinary income fell slightly to ¥1.394 trillion from ¥1.398 trillion, while ordinary profit gained 8.7% to ¥150.06 billion from ¥138.06 billion.
Underwriting income fell to ¥1.177 trillion from ¥1.192 trillion, while investment income increased to ¥187.07 billion from ¥176.86 billion. Net premiums written totaled ¥905.42 billion, down from ¥920.89 billion in the prior year.
The company said the domestic trend was favorable due to a decrease in natural catastrophes, although a higher provision rate for catastrophe loss reserves offset some of its earnings growth. In addition, its insurance business in North America, South America and Asia have also been growing favorably.
Tokio Marine & Nichido Fire Insurance Co. Ltd.'s net income rose to ¥79.17 billion from ¥77.50 billion.
Tokio Marine Holdings reiterated its forecast for the fiscal year ending March 31, 2020.
As of Aug. 8, US$1 was equivalent to ¥106.13.