Domestic net premiums written also grew across all three insurers.
Japan’s largest property and casualty (P&C) insurers recorded higher net profits in the first nine months of fiscal 2024, with each company posting at least double-digit percentage growth, according to an S&P Market Intelligence report.
Tokio Marine Holdings Inc.’s net profit rose 73% year-over-year to $6.35b (¥895.21b) from $3.67b (¥517.48b).
MS&AD Insurance Group Holdings Inc. reported the highest year-over-year growth amongst the three, with net profit increasing 122.3% to $4.44b (¥626.07b) from $2.00b (¥281.60b).
The company attributed the rise to higher investment income at its domestic non-life business, gains from the sale of strategic equity holdings, and improved profits across all overseas segments.
Sompo Holdings Inc. posted a net income of $2.71b (¥381.86b), an 18.2% increase from $2.29b (¥323.05b) a year earlier. Sompo said it is on track to meet its full-year target of divesting $2.84b (¥400b) in fiscal 2024.
Domestic net premiums written also grew across all three insurers.
In international operations, Tokio Marine led with $13.12t (¥1.848t) in net premiums written, a 6.4% increase year-over-year, attributed to growth initiatives across its overseas businesses.
MS&AD Insurance’s international net premiums written rose to $8.66t (¥1.220t) from $6.93t (¥975.70b), driven by new business growth at MS Amlin AG and foreign exchange impacts.
Sompo’s overseas subsidiaries posted $8.97t (¥1.264t) in net premiums written, up slightly from $8.89t (¥1.253t) the year before.
($1.00 = ¥140.14)
AloJapan.com