Tokio Marine : FY2023 2Q Summary Report (617.2KB

November 13, 2023

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the six months ended September 30, 2023

November 17, 2023

Company Name: Tokio Marine Holdings, Inc. (the "Company")Stock Exchange Listing: Tokyo

Securities Code Number: 8766

(URL: https://www.tokiomarinehd.com/en/)

Representative: Satoru Komiya, President

Contact: Toshihiro Yahata, Global Communications Dept. (Tel: +81-3-6704-4268)

Scheduled date to file Quarterly Securities Report: November 17, 2023

Scheduled date to commence dividend payments: December 4, 2023

Supplementary information for quarterly financial statements: Available

Quarterly IR Conference Call: To be held for analysts

(Note) All amounts are rounded down and all percentages are rounded.

1. Consolidated Business Results for the six months ended September 30, 2023 (April 1, 2023 to September 30, 2023)

(1) Consolidated Results of Operations

(Note) Percentages represent changes from the same period in the previous fiscal year.

		Ordinary income			Ordinary profit			Net income
							attributable to owners of the parent


		million yen		%		million yen		%		million yen		%
	Six months ended September 30, 2023	3,744,117		10.9		275,956		126.8			205,005		109.4
	Six months ended September 30, 2022	3,375,805		-		121,699		-			97,903		-

(Note) Comprehensive income:
	Six months ended September 30, 2023	887,045 million yen	-	%
	Six months ended September 30, 2022	(180,687) million yen	-	%

		Net income per share - Basic	Net income per share - Diluted

				yen					yen
	Six months ended September 30, 2023			103.38					103.38
	Six months ended September 30, 2022			48.49					48.49

(Note) 1. Consolidated overseas subsidiaries that apply International Financial Reporting Standards (hereinafter referred to as "IFRS") have started to adopt IFRS 17 "Insurance Contracts" (hereinafter referred to as "IFRS 17") from the beginning of the fiscal year 2023. The figures of comparative prior fiscal year are adjusted retrospectively in accordance with IFRS 17. Therefore, year on year changes for six months ended September 30, 2022 are not provided.

2. The Company implemented a stock split by a ratio of three shares per share with an effective date of October 1, 2022. "Net income per share - Basic" and "Net income per share - Diluted" are calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.
Consolidated Financial Conditions

		Total assets		Net assets		Ratio of equity capital to total assets

			million yen		million yen		%
	As of September 30, 2023		29,569,606		4,320,459		14.6
	As of March 31, 2023		27,397,818		3,600,919		13.1

(Reference) Equity capital:
	As of September 30, 2023	4,304,816	million yen
	As of March 31, 2023	3,584,258	million yen

(Note) Consolidated overseas subsidiaries that apply IFRS have started to adopt IFRS 17 from the beginning of the fiscal year 2023. The figures of comparative prior fiscal year are adjusted retrospectively in accordance with IFRS 17.

2. Dividends

		Cash dividends per share

	First quarter	Second quarter	Third quarter	Year-end	Annual total

	yen	yen	yen	yen	yen
Fiscal year 2022	-	150.00	-	50.00	-
Fiscal year 2023	-	60.50
Fiscal year 2023 (Forecast)			-	60.50	121.00

(Note) 1. Revision to the latest dividend forecast: None

2. The Company implemented a stock split by a ratio of three shares per share with an effective date of October 1, 2022. For Fiscal year 2022, the amount of Year-end dividend per share is presented taking the stock split into account and Annual total dividends per share is presented as "-". With the assumption that the stock split was implemented at the beginning of Fiscal year 2022, the amount of interim (Second quarter) dividends for Fiscal year 2022 is 50 yen and the amount of Annual total dividends per share for Fiscal year 2022 is 100 yen.

3. Consolidated Business Forecasts for the fiscal year 2023 (April 1, 2023 to March 31, 2024)

(Note) Percentages represent changes from the previous fiscal year.

	Ordinary profit		Net income		Net income per share - Basic
		attributable to owners of the parent


	million yen		%	million yen		%	yen
Fiscal year 2023	765,000		54.8	575,000		53.5	290.51

(Note) Revision to the latest Consolidated Business Forecasts: Yes

*Notes

Changes in significant subsidiaries during the six months ended September 30, 2023
(Changes in specified subsidiaries that resulted in a change in the scope of consolidation): None
Changes in accounting policies, changes in accounting estimates, and retrospective restatements
1. Changes in accounting policies to reflect amendments of accounting standards: Yes
2. Changes in accounting policies other than (a): None
3. Changes in accounting estimates: None
4. Retrospective restatements: None

(Note) Please refer to Appendix p. 7 "1. Consolidated Financial Statements and Major Notes (5) Changes in accounting policies" for details.

Number of shares issued (common stock)
1. Total number of shares issued including treasury stock

As of September 30, 2023	2,002,500,000 shares
As of March 31, 2023	2,002,500,000 shares
(b) Number of treasury stock held
As of September 30, 2023	27,043,172 shares
As of March 31, 2023	11,396,327 shares
(c) Average number of shares outstanding
During the six months ended September 30, 2023	1,982,968,576 shares
During the six months ended September 30, 2022	2,018,728,030 shares

(Note) The Company implemented a stock split by a ratio of three shares per share with an effective date of October 1, 2022. Average number of shares outstanding during the six months ended September 30, 2022 are calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

*"Summary of Consolidated Business Results" is outside the scope of interim external audit.

*Notes concerning the business forecasts and other items

Business forecasts are prepared based on business results for previous years, information available to the Company as of the release date of this document and certain assumptions. Actual results may significantly differ affected by various factors.
The Company prepared its consolidated interim financial statements for the six months ended September 30, 2023 since it is a "specific business company" defined in Article 17-15, paragraph 2 of the Cabinet Office Ordinance on Disclosure of Company Information.

Tokio Marine Holdings, Inc.

Contents of Appendix

1. Consolidated Financial Statements and Major Notes …………………………………………………………………………...	2
(1) Consolidated Balance Sheet ……………………………………………………………………………………………………	2
(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income …………………………………	3
(3) Consolidated Statement of Changes in Shareholders' Equity ………………………………………………………………….	5
(4) Notes regarding going concern assumption …………………………………………………………………………………...	7
(5) Changes in accounting policies ………………………………………………………………………………………………..	7
(6) Additional Information …………………………………………………………………..…..………………………………..	7
2. Others …………………………………………………………………………………………………………………………	8
(1) Summary of Consolidated Business Results …………………………………………………………………………………	8
(2) Premiums written and claims paid by lines of business ……………………………………………………………………....	9
(3) Securities ……………………………………………………………………………………………………………………....	10

		Tokio Marine Holdings, Inc.
1. Consolidated Financial Statements and Major Notes
(1) Consolidated Balance Sheet	(Yen in millions)

	As of March 31, 2023	As of September 30, 2023

Assets
Cash and bank deposits	871,993	844,682
Receivables under resale agreements	999	999
Monetary receivables bought	1,863,824	2,307,515
Money trusts	8,000	8
Securities	18,489,522	19,744,960
Loans	2,558,741	2,806,066
Tangible fixed assets	399,817	399,936
Intangible fixed assets	1,164,322	1,208,154
Other assets	1,962,414	2,212,348
Net defined benefit assets	3,717	4,074
Deferred tax assets	81,647	49,047
Customers' liabilities under acceptances and guarantees	1,759	1,644
Allowance for doubtful accounts	(8,940)	(9,831)
Total assets	27,397,818	29,569,606
Liabilities
Insurance liabilities	20,722,937	22,018,260
Outstanding claims	4,266,235	4,770,237
Underwriting reserves	16,456,702	17,248,023
Corporate bonds	222,811	224,936
Other liabilities	2,245,192	2,360,678
Payables under securities lending transactions	461,324	374,634
Other liabilities	1,783,867	1,986,043
Net defined benefit liabilities	255,437	255,667
Provision for employees' bonus	96,998	82,994
Provision for share awards	3,401	3,075
Reserves under special laws	132,394	135,286
Reserve for price fluctuation	132,394	135,286
Deferred tax liabilities	109,321	160,860
Negative goodwill	6,645	5,741
Acceptances and guarantees	1,759	1,644
Total liabilities	23,796,899	25,249,146
Net assets
Shareholders' equity
Share capital	150,000	150,000
Retained earnings	2,000,276	2,080,855
Treasury stock	(28,056)	(77,554)
Total shareholders' equity	2,122,219	2,153,300
Accumulated other comprehensive income
Unrealized gains (losses) on available-for-sale securities	954,650	1,346,364
Deferred gains (losses) on hedge transactions	(8,755)	(9,531)
Foreign currency translation adjustments	529,650	829,376
Remeasurements of defined benefit plans	(14,471)	(13,658)
Unrealized gains (losses) on insurance liability of overseas subsidiaries	964	(1,036)
Total accumulated other comprehensive income	1,462,038	2,151,516
Stock acquisition rights	33	33
Non-controlling interests	16,627	15,609
Total net assets	3,600,919	4,320,459
Total liabilities and net assets	27,397,818	29,569,606

Tokio Marine Holdings, Inc.

(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income

(Consolidated Statement of Income)

		(Yen in millions)
	Six months ended	Six months ended
	September 30, 2022	September 30, 2023
	(April 1, 2022 to	(April 1, 2023 to
	September 30, 2022)	September 30, 2023)
Ordinary income	3,375,805	3,744,117
Underwriting income	2,868,231	3,042,841
Net premiums written	2,279,880	2,450,491
Deposit premiums from policyholders	29,332	27,392
Investment income on deposit premiums	15,795	15,482
Life insurance premiums	541,016	533,883
Investment income	439,669	621,656
Interest and dividends	318,266	432,593
Gains on money trusts	1,491	0
Gains on trading securities	-	50,817
Gains on sales of securities	89,317	87,969
Gains on redemption of securities	2,135	413
Investment gains on separate accounts	-	24,331
Transfer of investment income on deposit premiums	(15,795)	(15,482)
Other ordinary income	67,904	79,620
Amortization of negative goodwill	903	903
Equity in earnings of affiliates	-	4,635
Ordinary expenses	3,254,106	3,468,161
Underwriting expenses	2,361,663	2,683,756
Net claims paid	1,084,017	1,244,075
Loss adjustment expenses	86,313	90,320
Agency commissions and brokerage	429,469	468,392
Maturity refunds to policyholders	62,765	58,539
Dividends to policyholders	1	1
Life insurance claims	261,115	283,171
Provision for outstanding claims	244,686	203,940
Provision for underwriting reserves	177,076	333,410
Investment expenses	262,285	147,061
Losses on trading securities	118,280	-
Losses on sales of securities	21,936	14,257
Impairment losses on securities	5,056	4,864
Losses on redemption of securities	380	730
Losses on derivatives	93,053	101,850
Investment losses on separate accounts	14,553	-
Operating and general administrative expenses	562,448	619,974
Other ordinary expenses	67,708	17,368
Interest expenses	5,034	13,671
Increase in allowance for doubtful accounts	352	619
Losses on bad debts	97	49
Equity in losses of affiliates	57,052	-
Ordinary profit	121,699	275,956

Tokio Marine Holdings, Inc.

		(Yen in millions)
	Six months ended	Six months ended
	September 30, 2022	September 30, 2023
	(April 1, 2022 to	(April 1, 2023 to
	September 30, 2022)	September 30, 2023)
Extraordinary gains	23,135	3,274
Gains on disposal of fixed assets	4,675	3,274
Other extraordinary gains	18,459	-
Extraordinary losses	5,130	5,887
Losses on disposal of fixed assets	1,014	2,842
Impairment losses on fixed assets	201	152
Provision for reserves under special laws	3,763	2,892
Provision for reserve for price fluctuation	3,763	2,892
Other extraordinary losses	150	-
Income before income taxes and non-controlling interests	139,704	273,344
Income taxes - current	82,735	120,024
Income taxes - deferred	(35,152)	(42,895)
Total income taxes	47,582	77,128
Net income	92,121	196,215
Net income (loss) attributable to non-controlling interests	(5,781)	(8,789)
Net income attributable to owners of the parent	97,903	205,005

(Consolidated Statement of Comprehensive Income)

		(Yen in millions)
	Six months ended	Six months ended
	September 30, 2022	September 30, 2023
	(April 1, 2022 to	(April 1, 2023 to
	September 30, 2022)	September 30, 2023)
Net income	92,121	196,215
Other comprehensive income
Unrealized gains (losses) on available-for-sale securities	(776,710)	391,563
Deferred gains (losses) on hedge transactions	(5,907)	(776)
Foreign currency translation adjustments	497,939	296,971
Remeasurements of defined benefit plans	891	816
Unrealized gains (losses) on insurance liability of overseas subsidiaries	2,754	(2,000)
Share of other comprehensive income of affiliates accounted for by the	8,222	4,254
equity method

Total other comprehensive income	(272,809)	690,829
Total comprehensive income	(180,687)	887,045
Comprehensive income attributable to:
Owners of the parent	(170,863)	893,297
Non-controlling interests	(9,824)	(6,252)

Tokio Marine Holdings, Inc.

(3) Consolidated Statement of Changes in Shareholders' Equity Six months ended September 30, 2022 (April 1, 2022 to September 30, 2022)

			(Yen in millions)
	Shareholders' equity
	Retained		Total
Share capital	Treasury stock	shareholders'
earnings
		equity

Beginning balance	150,000	1,954,445	(13,179)	2,091,265
Cumulative effects of
revision in accounting			(38,025)			(38,025)
standards for overseas

subsidiaries
Restated balance	150,000	1,916,419	(13,179)	2,053,240

Changes during the six months

Dividends			(91,611)			(91,611)

Net income attributable to			97,903				97,903
owners of the parent

Purchases of treasury stock					(61,682)		(61,682)

Disposal of treasury stock				0		493		493

Changes in the scope of								-
application of equity method

Changes in equity resulted								-
from increase in capital of
consolidated subsidiaries
Others			(285)			(285)

Net changes in items other
than shareholders' equity
Total changes during the six		-	6,007	(61,188)		(55,181)
months

Ending balance	150,000	1,922,427	(74,368)	1,998,058


			Accumulated other comprehensive income
	Unrealized							Unrealized	Stock	Non-
	gains	Deferred gains		Foreign	Remeasure-	gains (losses)
	(losses) on		(losses) on		currency	ments of		on insurance	acquisition	controlling	Total net assets
	available-for-		hedge	translation	defined		liability of	rights	interests
	sale		transactions	adjustments	benefit plans	overseas
	securities							subsidiaries

Beginning balance	1,835,605		(1,551)		110,335	(15,011)	-	33	51,949	4,072,625

Cumulative effects of
revision in accounting								(1,227)		(9,651)	(48,904)
standards for overseas

subsidiaries
Restated balance	1,835,605		(1,551)		110,335	(15,011)	(1,227)	33	42,297	4,023,721

Changes during the six months

Dividends												(91,611)

Net income attributable to												97,903
owners of the parent

Purchases of treasury stock												(61,682)

Disposal of treasury stock												493

Changes in the scope of												-
application of equity method

Changes in equity resulted												-
from increase in capital of
consolidated subsidiaries
Others												(285)

Net changes in items other	(767,988)		(5,907)		501,488	886	2,754	-	(5,848)	(274,615)
than shareholders' equity

Total changes during the six	(767,988)		(5,907)		501,488	886	2,754	-	(5,848)	(329,796)
months

Ending balance	1,067,616		(7,458)		611,824	(14,125)	1,527	33	36,449	3,693,924

Tokio Marine Holdings, Inc.

Six months ended September 30, 2023 (April 1, 2023 to September 30, 2023)

			(Yen in millions)
	Shareholders' equity
	Retained		Total
Share capital	Treasury stock	shareholders'
earnings
		equity

Beginning balance	150,000	2,000,276	(28,056)	2,122,219

Cumulative effects of
revision in accounting			(25,280)			(25,280)
standards for overseas

subsidiaries
Restated balance	150,000	1,974,995	(28,056)	2,096,939

Changes during the six months

Dividends			(99,661)			(99,661)

Net income attributable to			205,005				205,005
owners of the parent

Purchases of treasury stock						(50,009)		(50,009)

Disposal of treasury stock				0		511		511

Changes in the scope of			(146)			(146)
application of equity method

Changes in equity resulted				97				97
from increase in capital of
consolidated subsidiaries
Others				564				564

Net changes in items other
than shareholders' equity
Total changes during the six		-	105,860	(49,498)		56,361
months

Ending balance	150,000	2,080,855	(77,554)	2,153,300


			Accumulated other comprehensive income
	Unrealized								Unrealized	Stock	Non-
	gains	Deferred gains			Foreign	Remeasure-	gains (losses)
	(losses) on		(losses) on		currency	ments of		on insurance	acquisition	controlling	Total net assets
	available-for-		hedge		translation	defined		liability of	rights	interests
	sale		transactions		adjustments	benefit plans	overseas
	securities								subsidiaries
Beginning balance	954,650		(8,755)			529,650	(14,471)	964	33	16,627	3,600,919

Cumulative effects of
revision in accounting	573											23	(24,683)
standards for overseas

subsidiaries
Restated balance	955,224		(8,755)			529,650	(14,471)	964	33	16,650	3,576,235

Changes during the six months

Dividends													(99,661)

Net income attributable to													205,005
owners of the parent

Purchases of treasury stock													(50,009)

Disposal of treasury stock													511

Changes in the scope of													(146)
application of equity method

Changes in equity resulted													97
from increase in capital of
consolidated subsidiaries
Others													564

Net changes in items other	391,140		(776)			299,726	813	(2,000)	-	(1,041)	687,862
than shareholders' equity

Total changes during the six	391,140		(776)			299,726	813	(2,000)	-	(1,041)	744,224
months

Ending balance	1,346,364		(9,531)			829,376	(13,658)	(1,036)	33	15,609	4,320,459

Tokio Marine Holdings, Inc.

(4) Notes regarding going concern assumption

Not applicable.

(5) Changes in accounting policies

The Company has applied "Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries, etc. for Consolidated Financial Statements" (Practical Issue Task Force ("PITF") No. 18, September 14, 2018) and "Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method" (PITF No. 24, September 14, 2018) from the beginning of the fiscal year 2023, as the consolidated overseas subsidiaries that apply IFRS have started to adopt IFRS 9 "Financial Instruments" (hereinafter referred to as "IFRS 9").

(6) Additional Information

1. "Measurement of Credit Losses on Financial Instruments" (ASU 2016-13)

Consolidated overseas subsidiaries that apply Generally Accepted Accounting Principles in the United States ("U.S. GAAP") have started to adopt Accounting Standards Update 2016-13 "Measurement of Credit Losses on Financial Instruments" (hereinafter referred to as "ASU 2016-13"), issued by the Financial Accounting Standards Board, from the beginning of the fiscal year 2023, which replaces the incurred loss impairment methodology with a methodology that reflects current expected credit losses.

In accordance with ASU 2016-13, the companies estimate full lifetime expected credit losses and recognize the allowance in initial recognition of a financial asset. The presented Loans and Securities are net of expected credit losses. The impact on Income before income taxes for the six months ended September 30, 2023 was immaterial. The Retained earnings at the beginning of the fiscal year 2023 has decreased by the cumulative effected amount of 24,822 million yen.

2. IFRS 17 "Insurance Contracts"

Consolidated overseas subsidiaries that apply IFRS have started to adopt IFRS 17 from the beginning of the fiscal year 2023. In accordance with IFRS 17, Insurance liabilities are measured to reflect the time value of money, the financial risk of cash flows arising from insurance contracts and the effect of uncertainty in the cash flows arising from insurance contracts.

"Unrealized gains (losses) on insurance liability of overseas subsidiaries" is newly included in Accumulated other comprehensive income.

The figures of comparative prior fiscal year are adjusted retrospectively in accordance with IFRS 17, and the Income before income taxes for the six months ended September 30, 2022 has increased by 12,031 million yen compared with the figure before retrospective adoption. The cumulative effect was reflected on Net assets at the beginning of the fiscal year 2022 which resulted in a decrease in Retained earnings of 38,025 million yen, and (1,227) million yen was recognized as Unrealized gains (losses) on insurance liability of overseas subsidiaries.

3. IFRS 9 "Financial Instruments"

Consolidated overseas subsidiaries that apply IFRS have started to adopt IFRS 9 from the beginning of the fiscal year 2023. In accordance with IFRS 9, classification and measurement methodology of financial instruments have been changed. The impact on Income before income taxes for the six months ended September 30, 2023 was immaterial. By the transitional treatment set forth in IFRS 9, the cumulative effect was reflected on Net assets at the beginning of the fiscal year 2023, which resulted in a decrease in Retained earnings of 458 million yen and an increase in Unrealized gains (losses) on available-for-sale securities of 573 million yen.

			Tokio Marine Holdings, Inc.
2. Others
(1) Summary of Consolidated Business Results			(Yen in millions)

	Six months ended	Six months ended
	September 30, 2022	September 30, 2023	Increase	Rate of change
	(April 1, 2022 to	(April 1, 2023 to	(Decrease)

	September 30, 2022)	September 30, 2023)

Ordinary income and expenses				%
Underwriting income	2,868,231	3,042,841	174,609	6.1
Net premiums written	2,279,880	2,450,491	170,610	7.5
Deposit premiums from policyholders	29,332	27,392	(1,940)	(6.6)
Life insurance premiums	541,016	533,883	(7,133)	(1.3)
Underwriting expenses	2,361,663	2,683,756	322,092	13.6
Net claims paid	1,084,017	1,244,075	160,058	14.8
Loss adjustment expenses	86,313	90,320	4,006	4.6
Agency commissions and brokerage	429,469	468,392	38,923	9.1
Maturity refunds to policyholders	62,765	58,539	(4,226)	(6.7)
Life insurance claims	261,115	283,171	22,055	8.4
Provision for outstanding claims	244,686	203,940	(40,745)	(16.7)
Provision for underwriting reserves	177,076	333,410	156,333	88.3
Investment income	439,669	621,656	181,986	41.4
Interest and dividends	318,266	432,593	114,326	35.9
Gains on trading securities	-	50,817	50,817	-
Gains on sales of securities	89,317	87,969	(1,347)	(1.5)
Gains on redemption of securities	2,135	413	(1,721)	(80.6)
Investment gains on separate accounts	-	24,331	24,331	-
Investment expenses	262,285	147,061	(115,223)	(43.9)
Losses on trading securities	118,280	-	(118,280)	(100.0)
Losses on sales of securities	21,936	14,257	(7,678)	(35.0)
Impairment losses on securities	5,056	4,864	(191)	(3.8)
Losses on redemption of securities	380	730	350	91.9
Losses on derivatives	93,053	101,850	8,797	9.5
Investment losses on separate accounts	14,553	-	(14,553)	(100.0)
Operating and general administrative expenses	562,448	619,974	57,525	10.2
Other ordinary income and expenses	196	62,251	62,055	31,655.4
Equity in earnings (losses) of affiliates	(57,052)	4,635	61,687	-
Ordinary profit	121,699	275,956	154,257	126.8
Extraordinary gains and losses
Extraordinary gains	23,135	3,274	(19,860)	(85.8)
Extraordinary losses	5,130	5,887	757	14.8
Extraordinary gains (losses)	18,004	(2,612)	(20,617)	(114.5)
Income before income taxes and non-controlling	139,704	273,344	133,639	95.7
interests

Income taxes - current	82,735	120,024	37,289	45.1
Income taxes - deferred	(35,152)	(42,895)	(7,743)	-
Total income taxes	47,582	77,128	29,545	62.1
Net income	92,121	196,215	104,094	113.0
Net income (loss) attributable to non-controlling	(5,781)	(8,789)	(3,007)	-
interests

Net income attributable to owners of the parent	97,903	205,005	107,101	109.4

(Note) As described in "Consolidated Financial Statements and Major Notes (6) Additional Information", Consolidated overseas subsidiaries that apply IFRS have started to adopt IFRS 17 from the beginning of the fiscal year 2023. The figures of comparative prior fiscal year are adjusted retrospectively in accordance with IFRS 17.

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Tokio Marine Holdings Inc. published this content on 14 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2023 14:42:00 UTC.

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May. 08	Kawasaki Kisen Kaisha Initiates 100 Billion Yen Buyback Program	MT
Apr. 19	Two units of Tokio Marine Holdings Exit California Property Insurance Market	MT

Kawasaki Kisen Kaisha Initiates 100 Billion Yen Buyback Program	May. 08	MT
Two units of Tokio Marine Holdings Exit California Property Insurance Market	Apr. 18	MT
Tranche Update on Tokio Marine Holdings, Inc.'s Equity Buyback Plan announced on November 17, 2023.	Apr. 03	CI
Exclusive-Tokio Marine has $10 billion for potential acquisitions, executive says	Mar. 20	RE
TOKIO MARINE COULD SPEND $10 BLN ON INTERNATIONAL ACQU…	Mar. 20	RE
Transcript : Tokio Marine Holdings, Inc. - Analyst/Investor Day	Mar. 13
Aakel Technologies Inc. announced that it has received ¥225 million in funding from Tokio Marine Holdings, Inc., Chubu Electric Power Company, Incorporated, Mitsubishi HC Capital Inc., K4 Ventures GK, Fuso Holdings Co., Ltd.	Mar. 05	CI
Major Japanese Insurance Firms' Executives Face up to 50% Salary Cuts in Price-Fixing Fallout	Feb. 29	MT
Post Scandal, Japan's Top Insurers to Sell Cross-Shareholdings Amid Government's Order	Feb. 29	MT
Nikkei's rally pauses as record high beckons	Feb. 19	RE
Tokio Marine Holdings, Inc. Appoints Brad Irick as Co-Head of International Business	Feb. 17	CI
Japan's Nikkei cruises to 34-year peak, briefly breaching 38,000 range	Feb. 13	RE
Japan's Nikkei soars to 34-year high on chip shares, earnings	Feb. 12	RE
OPENLOGI Inc. announced that it has received ¥3.55 billion in funding from a group of investors	Feb. 05	CI
Zurich draws Lex Greensill, Sanjeev Gupta into London court battle	Feb. 02	RE
Indices: AI, full speed ahead!	Jan. 23
Tranche Update on Tokio Marine Holdings, Inc.'s Equity Buyback Plan announced on November 17, 2023.	Jan. 05	CI
Japan's Top Insurers Fined by Financial Regulator Amid Price-Fixing Allegations	Dec. 26	MT
Japan issues business improvement order to four non-life insurers	Dec. 26	RE
Faeger Co., Ltd. announced that it has received ¥340 million in funding from Incubate Fund, Energy & Environment Investment, Inc., Tokio Marine Holdings, Inc., Norinchukin Capital Co., Ltd.	Dec. 05	CI
Transcript : Tokio Marine Holdings, Inc. - Special Call	Nov. 21
China Property Outlook, FX Churns Asian Stock Markets	Nov. 20	MT
Nikkei falls from 33-year high as sharp gains stoke caution	Nov. 20	RE
Japan's Nikkei retreats from 33-year high as sharp gains stoke caution	Nov. 19	RE
Transcript : Tokio Marine Holdings, Inc., Q2 2024 Earnings Call, Nov 17, 2023	Nov. 17

	1st Jan change	Capi.
TOKIO MARINE HOLDINGS, INC.	+42.73%	62.37B
AMERICAN INTERNATIONAL GROUP, INC.	+18.05%	53.02B
THE TRAVELERS COMPANIES	+15.04%	49.77B
THE ALLSTATE CORPORATION	+22.37%	44.94B
ARCH CAPITAL GROUP LTD.	+33.59%	36.98B
INTACT FINANCIAL CORPORATION	+12.84%	30.2B
MS&AD INSURANCE GROUP HOLDINGS, INC.	+54.44%	28.23B
FAIRFAX FINANCIAL HOLDINGS LIMITED	+28.41%	25.81B
ERIE INDEMNITY COMPANY	+21.59%	21.15B
MARKEL GROUP INC.	+14.99%	21.01B

Tokio Marine Holdings, Inc.

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