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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 ended March 31, the Tokyo-based insurer reported ordinary income of JP¥6.648 trillion, around $48.13 billion and up 13% from JP¥5.864 trillion year-on-year.
Ordinary profit was JP¥503.91 billion, down 11% from JP¥567.41 billion. Net income totalled JP¥376.45 billion, down 11% from JP¥420.48 billion a year prior, while diluted earnings per share fell to JP¥187.33 from JP¥204.48.
Ordinary expenses increased to JP¥6.144 trillion from JP¥5.296 trillion the previous fiscal year. The main components of these expenses were underwriting expenses of JP¥4.666 trillion, up from JP¥4.184 trillion, investment expenses of JP¥203.9 billion, up from JP¥88.36 billion, and operating and general administrative expenses of JP¥1.136 billion, up from JP¥1.00 billion.
Reflecting on its earnings, Tokio Marine said the pace of recovery in Japan slowed ‘due to record price inflation caused by such factors as surging energy prices and supply constraints’.
The firm declared a year-end dividend of JP¥50.00, down from JP¥135.00. It expects a year-end dividend for financial 2023 of JP¥60.50.
Tokio Marine shares closed 0.2% lower at JP¥2,860.50 in Tokyo on Friday.
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