(Alliance News) - 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 JPY6.648 trillion, around USD48.13 billion and up 13% from JPY5.864 trillion year-on-year.
Ordinary profit was JPY503.91 billion, down 11% from JPY567.41 billion. Net income totalled JPY376.45 billion, down 11% from JPY420.48 billion a year prior, while diluted earnings per share fell to JPY187.33 from JPY204.48.
Ordinary expenses increased to JPY6.144 trillion from JPY5.296 trillion the previous fiscal year. The main components of these expenses were underwriting expenses of JPY4.666 trillion, up from JPY4.184 trillion, investment expenses of JPY203.9 billion, up from JPY88.36 billion, and operating and general administrative expenses of JPY1.136 billion, up from JPY1.00 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 JPY50.00, down from JPY135.00. It expects a year-end dividend for financial 2023 of JPY60.50.
Tokio Marine shares closed 0.2% lower at JPY2,860.50 in Tokyo on Friday.
By Holly Beveridge, Alliance News reporter
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