Tokio Marine Holdings, Inc. (TKOMF.PK,TKOMY.PK), a Japanese insurance holding company, Friday posted a surge in net profit for the first half of 2023, amidst an increase in underlying and ordinary income. In addition, the company has revised up its annual outlook.
For the six-month period to September 30, the company posted a net profit of 205.005 billion yen or 103.38 yen per share, higher than 97.903 billion yen or 48.49 yen per share, registered for the same period of 2022.
Earnings before income taxes and non-controlling interests stood at 273.344 billion yen as against 139.704 billion yen a year ago.
Ordinary profit was 275.956 billion yen, up from the previous year’s 121.699 billion yen.
Investment income improved to 621.656 billion yen from 439.669 billion yen a year ago.
Underwriting income was at 3.042 trillion yen, up from the previous year’s 2.868 trillion yen.
Net premiums written moved up to 2.450 trillion yen from 2.279 trillion yen last year.
Ordinary income stood at 3.744 trillion yen, higher than 3.375 trillion yen a year ago.
Looking ahead to the 12-month period to March 31, 2024, Tokio now expects to post profit of 575 billion yen or 290.51 yen per basic share, up 53.5 percent up from last year.
The company now expects its annual ordinary profit to move up by 54.8 percent to 765 billion yen from the previous year.
Earlier, the insurance provider had projected to register an annual net income of 530 billion yen or 267.11 yen per basic share, with an ordinary profit of 750 billion yen.
For the full year, the company continues to project to pay a total dividend of 121 yen per share.
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