Delphi Financial GroupNarrow moat
Tokio Marine Holdings (8766) — moat facet
Delphi is Tokio Marine's largest American earner, and most of what it earns comes from investing $45 billion.
Delphi Financial Group, which includes Reliance Standard Life and Safety National1, earned ¥188.4 billion on the business-unit measure in the latest year, up from ¥128.6 billion2, the largest profit of the American businesses. Its net premiums written were ¥658.9 billion3.
Delphi's business is employee benefits and excess workers' compensation, and its earnings depend heavily on investment income. Its investment balance was $45.0 billion at December 20254. North American assets under management earn an income yield of 5.6%5.
That makes Delphi an investment business as much as an underwriting one. Higher interest rates have helped it; they also produced the commercial real estate losses.
Delphi's premiums grew from ¥635.8 billion to ¥658.9 billion in the latest year6. Its profit growth, from ¥128.6 billion to ¥188.4 billion7, was much faster than its premium growth, which points to investment income as the driver.
The measure is Delphi's profit. Its jump in the latest year reflects investment returns; holding it would show the portfolio earning steadily.
Profit rose from ¥128.6 billion to ¥188.4 billion.
The largest American contributor, driven by investment income.
Source: Tokio Marine results presentation, May 2026 ↗- ReportedDelphi Financial Group, which includes Reliance Standard Life and Safety National, earned ¥188.4 billion on the business-unit measure in the latest year, up from ¥128.6 billion, the largest profit of the American businesses.Tokio Marine Holdings, Integrated Report 2025 Supplement - founding date, network, employees and subsidiaries. — March 2025 · publ. 2025 · source ↗
- ReportedDelphi Financial Group, which includes Reliance Standard Life and Safety National, earned ¥188.4 billion on the business-unit measure in the latest year, up from ¥128.6 billion, the largest profit of the American businesses.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 ↗
- ReportedIts net premiums written were ¥658.9 billion.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 ↗
- ReportedIts investment balance was $45.0 billion at December 2025.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 ↗
- ReportedNorth American assets under management earn an income yield of 5.6%.Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - international results by business, combined ratios and commercial real estate loans. — FY to March 2026 · publ. May 2026 · source ↗
- ReportedDelphi's premiums grew from ¥635.8 billion to ¥658.9 billion in the latest year.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 ↗
- ReportedIts profit growth, from ¥128.6 billion to ¥188.4 billion, was much faster than its premium growth, which points to investment income as the driver.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 ↗