Tokio Marine Holdings has booked full-year adjusted net income of ¥1,204.8 billion (about $7.57 billion) for fiscal 2025, with underlying profit climbing 17% year on year to a record ¥711.6 billion, as overseas units carried much of the load for the Japanese insurance group's results.
The underlying figure strips out capital gains from sales of business-related equities, which the group has been steadily unwinding.
"The results were driven by strong underwriting performance across international operations and rate increases in the domestic property and casualty business," the company said, pointing to its ongoing transition from JGAAP to IFRS reporting.
The full-year numbers follow a nine-month stretch in which net income attributable to owners of the parent edged up to ¥899.3 billion from ¥895.2 billion.
Ordinary profit slipped to ¥1.202 trillion from ¥1.219 trillion over the same period, while domestic non-life ordinary profit fell ¥133.0 billion to ¥690.4 billion — underscoring the group's growing reliance on overseas earnings.
International net premiums written advanced to ¥3,574 billion, a 4.6% rise year on year excluding foreign exchange effects, with the bulk of the gains coming out of the United States and Brazil.
Philadelphia Insurance Companies posted a profit high on its underwriting book, while Delphi Financial Group's earnings advanced on underwriting, investment income, and lower capital losses.
Tokio Marine HCC saw profits compress under foreign exchange headwinds, though underwriting and investment returns held up.
International business unit profit rose ¥45.5 billion year on year, supported by North American underwriting and reduced capital losses in that region.
Back home, Tokio Marine & Nichido Fire Insurance delivered business unit profit of ¥173.2 billion. The figure topped November projections by ¥21.2 billion and improved ¥46.2 billion year on year, reflecting rate and product revisions in auto and fire lines.
In March 2026, Tokio Marine disclosed a strategic capital alliance with Berkshire Hathaway Group, with a third-party share allotment to Berkshire totaling ¥287.4 billion announced on March 23.
The 2.49% stake is being acquired by Berkshire's National Indemnity Company (NICO), which has agreed not to lift its holding above 9.9% without prior board approval.
Beyond the equity component, the arrangement also covers reinsurance collaboration and the joint pursuit of M&A opportunities — extending the tie-up well past a passive investment.
The Japanese insurance group signaled that further share repurchases may be needed to offset dilution as its share price has risen, with any such buybacks treated as part of shareholder returns in the second half.
On dividends, Tokio Marine lifted its per-share forecast to ¥245 for fiscal 2026, a ¥27 or 12.4% increase year on year and the 15th straight annual hike.
Under IFRS, dividends will be calculated on a three-year average of IFRS adjusted net income, applying a 50% payout ratio as the general principle.
For fiscal 2026, the group projects adjusted net income of ¥950 billion, an 8% year-on-year increase, alongside total business volume of ¥9,532 billion, also up 8%.
Tokio Marine also plans ¥400 billion in share buybacks for the year, separate from any repurchases tied to offsetting the Berkshire dilution — a signal that capital management will remain a central plank of the insurer's results narrative heading into the new fiscal year.
