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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.

In the International insurance business, Tokio Marine said income decreased by JPY13.4 billion to JPY1.878 trillion over the year.

Net cash provided by operating activities increased by JPY180.2 billion to JPY1.178 trillion compared to the previous year, mainly due to a decrease in paid claims.

Going forward, Tokio Marine said it expects to report JPY315.0 billion in net profit in the financial year to the end of March 2022, as the company said it expects no significant changes in interest rates and stock market conditions.

Tokio Marine shares closed 5.2% lower in Tokyo on Thursday at JPY5,299.00 each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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