Tokio Marine Holdings Inc on Friday blamed the slow pace of post-pandemic recovery in Japan, as profit and net income fell over 2022 on inflationary pressures and increased expenses.
For the year. | May 19, 2023
TOP NEWS: Tokio Marine expects income to double after weak year
Thu, 20th May 2021 11:26
(Alliance News) - Tokio Marine Holdings Inc on Thursday said it expects to record a significant improvement in profit in its current financial year after reporting weak financial 2021.
The Tokyo-based insurance company said net income for the year to the end of March dropped by 38% on the prior year to JPY161.80 billion. Tokio Marine said this is due to an increase in expenses by JPY92.9 billion to JPY5.19 billion year-on-year.
In the domestic non-life insurance business, income decreased by JPY21.5 billion to JPY2.761 trillion year-on-year, while in the domestic life insurance business, income increased by JPY27.1 billion to JPY775.3 billion.