Tokio Marine (TYO:8766) posted higher first-quarter net income as insurance revenue and investment gains increased, while international insurance continued to drive earnings.
Net income attributable to owners of the parent rose to 264.3 billion yen from 256 billion yen the previous year, according to the company's results released Wednesday.
Earnings per share rose to 138.16 yen from 133.38 yen in the prior year. Insurance revenue increased 12% to 2.05 trillion yen from 1.82 trillion yen.
"Both the top-line and bottom-line were mostly in line with plan," Tokio Marine said.
Adjusted net income reached 28% of its full-year target of 950 billion yen, with international insurance at 26% of its 634 billion yen target and Japan insurance at 32% of its 305 billion yen target.
North American specialty P&C benefited from favorable loss ratios excluding natural catastrophes, while employee benefits beat plan on higher medical stop-loss rates.
EMEA lagged plan due to significant losses from the Middle East conflict, despite solid underlying underwriting.
In Japan, adjusted net income fell, with Japan P&C down as the combined ratio worsened, hurt by higher auto claims severity and large losses in North American liability insurance.
The company maintained its fiscal 2026 adjusted net income forecast of 950 billion yen and its forecast for net income attributable to owners of the parent at 830 billion yen.
It also maintained its full-year dividend forecast at 245 yen per share.
For Japan P&C, the company said the impact of rate increases in motor and other lines is expected to become more pronounced from the second quarter onward.
Internationally, Tokio Marine expects continued premium growth while maintaining underwriting discipline.
