Tokio Marine Holdings Inc. reported a 3.8% year-over-year increase in net income for the fiscal year ended March 31.
The Japanese insurer said May 18 that consolidated net income attributable to owners rose to ¥284.18 billion, or ¥382.47 per share, from ¥273.86 billion, or ¥363.19 per share.
The S&P Capital IQ consensus GAAP EPS estimate for the fiscal full year was ¥382.48.
The company said net income for the period increased due to a one-time impact of U.S. tax reform despite an increase in incurred losses relating to natural catastrophes. The company said net income increased by ¥57.86 billion due to the U.S. tax reform.
Ordinary income rose to ¥5.399 trillion from ¥5.233 trillion, while ordinary profit fell year over year to ¥344.94 billion from ¥387.66 billion.
The company's underwriting income came in at ¥4.662 trillion, compared to ¥4.559 trillion in the fiscal year ended March 31, 2017. Net premiums written for the year amounted to ¥3.565 trillion, up from ¥3.480 trillion in the prior year.
The company's investment income increased to ¥623.95 billion from ¥565.01 billion.
Tokio Marine Holdings unit Tokio Marine & Nichido Fire Insurance Co. Ltd. contributed ¥253.8 billion in net income for the fiscal year, up 2.1% year over year from ¥248.6 billion. The unit's net premiums written rose to ¥1.862 trillion from ¥1.832 trillion for the prior fiscal year. Underwriting profit fell 29.4% year over year to ¥86.6 billion from ¥116.1 billion. The unit's investment income rose 40.5% year over year to ¥237.9 billion from ¥197.4 billion.
Tokio Marine & Nichido Fire reported a combined ratio of 92.7% for fiscal 2017, compared to 91.5% in fiscal 2016.
Tokio Marine & Nichido Life Insurance Co. Ltd. reported net income of ¥15.5 billion, up 77.1% from ¥8.7 billion in the fiscal year ended March 31, 2017. Ordinary profit jumped to ¥23 billion from ¥17.4 billion.
For the fiscal year ending March 31, 2019, Tokio Marine Holdings expects net income to increase year over year to ¥320 billion, or ¥441.11 per share. Ordinary profit is expected to come in at ¥450 billion.
Tokio Marine Holdings declared a final dividend of ¥80 per share, up from ¥72.50 for the prior fiscal year. Together with an interim dividend of ¥80 per share, the company's total dividend amounted to ¥160 per share, compared to ¥140 per share in the prior-year period. The company expects to pay a total dividend of ¥180 per share for the fiscal year ending March 31, 2019.
As of May 17, US$1 was equivalent to ¥110.82.
