◆ Inside the Latest Quarter (April-June 2026)

Tokio Marine Holdings (8766) — the variant view

Tokio Marine's first IFRS quarter showed America growing and Japan hit by old liability policies.

📈 8766 valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Tokio Marine's April-June 2026 quarter, its first reported under IFRS as a quarter, showed growth in revenue and pressure on profit. Insurance revenue rose 12.3% to ¥2,047,134 million and net income 3.3% to ¥264,300 million, but adjusted net income, the company's main measure, fell 3.6% to ¥261,351 million1.

Adjusted net income by business, April-June (¥ bn)International 2026164.3 (150.5)Japan P&C 202677.2 (97.6)Japan Life 202621.6 (18.6)Solution 20261.5 (2.9)Prior-year quarter in brackets; Tokio Marine first-quarter results, August 2026
International up, Japan P&C down a fifth.

The split was clear. Japan insurance earned ¥98.8 billion against ¥116.1 billion: Japanese P&C ¥77.2 billion against ¥97.6 billion, behind plan mainly because of large liability losses in North America, with the combined ratio at 88.7% against 86.6%23. International earned ¥164.3 billion against ¥150.5 billion4, with premiums up 16.6%, 4.8% excluding currency5. The EMEA business was behind plan because of losses related to the Middle East conflict6.

Catastrophe losses were ¥23.6 billion against a ¥200.0 billion annual budget7, and strategic equity sales ¥235.3 billion8. The company left its forecast unchanged9, with 28% of adjusted net income achieved10.

In a briefing on 4 September the company said the quarter's large liability losses all came from policies written before its underwriting measures11.

Income before tax was ¥378.2 billion against ¥339.2 billion, and basic earnings per share ¥138.25 against ¥133.4912. Equity attributable to shareholders rose to ¥8,197.3 billion at the end of June13.

The measure for the rest of the year is Japanese P&C. Recovering to its ¥223.0 billion plan14 requires the large losses not to recur.

References
  1. ReportedInsurance revenue rose 12.3% to ¥2,047,134 million and net income 3.3% to ¥264,300 million, but adjusted net income, the company's main measure, fell 3.6% to ¥261,351 million.
    Tokio Marine Holdings, Consolidated Financial Results (IFRS) for the three months ended June 30, 2026 - insurance revenue, net income, adjusted net income by segment and the balance sheet. — April-June 2026 · publ. 12 August 2026 · source ↗
  2. ReportedJapan insurance earned ¥98.8 billion against ¥116.1 billion: Japanese P&C ¥77.2 billion against ¥97.6 billion, behind plan mainly because of large liability losses in North America, with the combined ratio at 88.7% against 86.6%.
    Tokio Marine Holdings, Consolidated Financial Results (IFRS) for the three months ended June 30, 2026 - insurance revenue, net income, adjusted net income by segment and the balance sheet. — April-June 2026 · publ. 12 August 2026 · source ↗
  3. ReportedJapan insurance earned ¥98.8 billion against ¥116.1 billion: Japanese P&C ¥77.2 billion against ¥97.6 billion, behind plan mainly because of large liability losses in North America, with the combined ratio at 88.7% against 86.6%.
    Tokio Marine Holdings, overview of first-quarter FY2026 results - progress against the plan, large losses, the Middle East, strategic equity sales and natural catastrophes. — April-June 2026 · publ. August 2026 · source ↗
  4. ReportedInternational earned ¥164.3 billion against ¥150.5 billion, with premiums up 16.6%, 4.8% excluding currency.
    Tokio Marine Holdings, Consolidated Financial Results (IFRS) for the three months ended June 30, 2026 - insurance revenue, net income, adjusted net income by segment and the balance sheet. — April-June 2026 · publ. 12 August 2026 · source ↗
  5. ReportedInternational earned ¥164.3 billion against ¥150.5 billion, with premiums up 16.6%, 4.8% excluding currency.
    Tokio Marine Holdings, overview of first-quarter FY2026 results - progress against the plan, large losses, the Middle East, strategic equity sales and natural catastrophes. — April-June 2026 · publ. August 2026 · source ↗
  6. ReportedThe EMEA business was behind plan because of losses related to the Middle East conflict.
    Tokio Marine Holdings, overview of first-quarter FY2026 results - progress against the plan, large losses, the Middle East, strategic equity sales and natural catastrophes. — April-June 2026 · publ. August 2026 · source ↗
  7. ReportedCatastrophe losses were ¥23.6 billion against a ¥200.0 billion annual budget, and strategic equity sales ¥235.3 billion.
    Tokio Marine Holdings, overview of first-quarter FY2026 results - progress against the plan, large losses, the Middle East, strategic equity sales and natural catastrophes. — April-June 2026 · publ. August 2026 · source ↗
  8. ReportedCatastrophe losses were ¥23.6 billion against a ¥200.0 billion annual budget, and strategic equity sales ¥235.3 billion.
    Tokio Marine Holdings, overview of first-quarter FY2026 results - progress against the plan, large losses, the Middle East, strategic equity sales and natural catastrophes. — April-June 2026 · publ. August 2026 · source ↗
  9. ReportedThe company left its forecast unchanged, with 28% of adjusted net income achieved.
    Tokio Marine Holdings, Consolidated Financial Results (IFRS) for the three months ended June 30, 2026 - insurance revenue, net income, adjusted net income by segment and the balance sheet. — April-June 2026 · publ. 12 August 2026 · source ↗
  10. ReportedThe company left its forecast unchanged, with 28% of adjusted net income achieved.
    Tokio Marine Holdings, overview of first-quarter FY2026 results - progress against the plan, large losses, the Middle East, strategic equity sales and natural catastrophes. — April-June 2026 · publ. August 2026 · source ↗
  11. ReportedIn a briefing on 4 September the company said the quarter's large liability losses all came from policies written before its underwriting measures.
    Tokio Marine Holdings, Tokio Marine Insights: underwriting strategy and capabilities in Japan P&C, 4 September 2026. — September 2026 · publ. 4 September 2026 · source ↗
  12. ReportedIncome before tax was ¥378.2 billion against ¥339.2 billion, and basic earnings per share ¥138.25 against ¥133.49.
    Tokio Marine Holdings, Consolidated Financial Results (IFRS) for the three months ended June 30, 2026 - insurance revenue, net income, adjusted net income by segment and the balance sheet. — April-June 2026 · publ. 12 August 2026 · source ↗
  13. ReportedEquity attributable to shareholders rose to ¥8,197.3 billion at the end of June.
    Tokio Marine Holdings, Consolidated Financial Results (IFRS) for the three months ended June 30, 2026 - insurance revenue, net income, adjusted net income by segment and the balance sheet. — April-June 2026 · publ. 12 August 2026 · source ↗
  14. ReportedThe measure for the rest of the year is Japanese P&C. Recovering to its ¥223.0 billion plan requires the large losses not to recur.
    Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - adjusted net income, strategic equity sales, shareholder returns and the FY2026 plan. — FY to March 2026 · publ. May 2026 · source ↗
Sources
Generated September 24, 2026