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.<\/p>\n
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.<\/p>\n
Earnings before income taxes and non-controlling interests stood at 273.344 billion yen as against 139.704 billion yen a year ago.<\/p>\n
Ordinary profit was 275.956 billion yen, up from the previous year’s 121.699 billion yen.<\/p>\n
Investment income improved to 621.656 billion yen from 439.669 billion yen a year ago.<\/p>\n
Underwriting income was at 3.042 trillion yen, up from the previous year’s 2.868 trillion yen.<\/p>\n
Net premiums written moved up to 2.450 trillion yen from 2.279 trillion yen last year. <\/p>\n
Ordinary income stood at 3.744 trillion yen, higher than 3.375 trillion yen a year ago.<\/p>\n
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. <\/p>\n
The company now expects its annual ordinary profit to move up by 54.8 percent to 765 billion yen from the previous year.<\/p>\n
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. <\/p>\n
For the full year, the company continues to project to pay a total dividend of 121 yen per share. <\/p>\n