✦ Aspiration 2035Narrow moat

Tokio Marine Holdings (8766) — the future bets

Tokio Marine's 2035 goal needs 7% growth a year, and its recent pace on the new basis has been slower.

Tokio Marine's aspiration for 2035 is adjusted net income of ¥1,700 billion or more, adjusted ROE of 17% or more, and a compound growth rate of at least 7%1. From ¥881.5 billion in the latest year2, that requires profit to nearly double.

Targets and progress (%)8.0+MTP adjustedEPS growth target5.3Achieved, three years7.0+2035 profit CAGR7.8Current-year planTokio Marine IR conference and first-quarter results, 2026
Behind the last plan's pace.

The previous medium-term plan targeted adjusted EPS growth of 8% or more a year and adjusted ROE of 14% or more3. Progress on the new basis was an EPS compound growth rate of 5.3% over the three years to March 20264.

The aspiration depends on the American specialists growing, the Japanese business improving its underwriting and acquisitions adding to both.

The medium-term plan also had a target including equity gains: adjusted ROE of 20% or more5. On that basis the company exceeded its target, at 22.7% and 22.0% in the last two years6; on the basis that excludes the gains it did not.

The measure is annual growth in IFRS adjusted net income. At 7% or more a year it is on track; the current year's plan is 7.8%7.

Moat trajectory: Holding steady

The current year's plan meets the pace.

The number that tests this moat
Reported
Adjusted EPS growth, three years to March 2026
5.3% a year against a target of 8% or more

The recent pace against the plan's target.

Source: Tokio Marine IR conference, May 2026 ↗
References
  1. ReportedTokio Marine's aspiration for 2035 is adjusted net income of ¥1,700 billion or more, adjusted ROE of 17% or more, and a compound growth rate of at least 7%.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - capital, strategic equities, shareholder returns, the ten-year key statistics and the 2035 aspiration. — 2016-2026 · publ. 26 May 2026 · source ↗
  2. ReportedFrom ¥881.5 billion in the latest year, that requires profit to nearly double.
    Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - Japan P&C results: premiums, auto, natural catastrophes and expense ratios. — FY to March 2026 · publ. May 2026 · source ↗
  3. ReportedThe previous medium-term plan targeted adjusted EPS growth of 8% or more a year and adjusted ROE of 14% or more.
    Tokio Marine Holdings, IR conference FY2024 - the medium-term plan for FY2024-2026 and its targets. — FY2024-2026 · publ. May 2024 · source ↗
  4. ReportedProgress on the new basis was an EPS compound growth rate of 5.3% over the three years to March 2026.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - capital, strategic equities, shareholder returns, the ten-year key statistics and the 2035 aspiration. — 2016-2026 · publ. 26 May 2026 · source ↗
  5. ReportedThe medium-term plan also had a target including equity gains: adjusted ROE of 20% or more.
    Tokio Marine Holdings, IR conference FY2024 - the medium-term plan for FY2024-2026 and its targets. — FY2024-2026 · publ. May 2024 · source ↗
  6. ReportedOn that basis the company exceeded its target, at 22.7% and 22.0% in the last two years; on the basis that excludes the gains it did not.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - Japan P&C: market share, combined ratios, auto insurance, premiums, sales channels and the regulatory orders. — 2016-2026 · publ. 26 May 2026 · source ↗
  7. ReportedAt 7% or more a year it is on track; the current year's plan is 7.8%.
    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 ↗
Sources
Generated September 24, 2026