Lloyd's, Brazil and IndiaNarrow moat

Tokio Marine Holdings (8766) — moat facet

Beyond America, Tokio Marine holds third places at Lloyd's and in Brazilian auto, and half of an Indian insurer.

Outside North America, Tokio Marine holds positions in several markets. At Lloyd's, its Kiln syndicate 510 ranks third by capacity at £2,225 million1. In Brazil, Tokio Marine Seguradora ranks third in auto with 14.2%2. In India it owns 49.0% of IFFCO-TOKIO General Insurance, and in South Africa 22.5% of Hollard3.

International net premiums written by region, yr to Mar 2026 (¥ bn)2,346.3North America368.4Latin America333.5Asia-Pacific271.8EMEAIFRS basis; Tokio Marine results presentation, May 2026
North America dominates.

These are smaller businesses than the American specialists, and they give the group exposure to faster-growing markets. International premiums on the IFRS basis included ¥368.4 billion from Latin America, ¥333.5 billion from Asia-Pacific and ¥271.8 billion from Europe, the Middle East and Africa4.

The EMEA business was hit by losses related to the Middle East conflict in the first quarter of the current year5.

The emerging-market stakes are held at different levels: IFFCO-TOKIO at 49.0% and Hollard at 22.5%6, both minority positions, while Tokio Marine Seguradora in Brazil is 98.6% owned7.

The measure is emerging-market premium growth. Faster growth than North America would show these markets adding to the portfolio.

Moat trajectory: Holding steady

Steady positions; EMEA hit by the Middle East.

The number that tests this moat
Reported
Latin America net premiums written, latest year (IFRS)
¥368.4bn

The largest non-American international region.

Source: Tokio Marine results presentation, May 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
War Risk in the Lloyd's Book
Tokio Marine's Lloyd's business took losses from a war its policies mostly exclude.
References
  1. ReportedAt Lloyd's, its Kiln syndicate 510 ranks third by capacity at £2,225 million.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - international businesses, acquisitions and synergies. — 2016-2026 · publ. 26 May 2026 · source ↗
  2. ReportedIn Brazil, Tokio Marine Seguradora ranks third in auto with 14.2%.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - international businesses, acquisitions and synergies. — 2016-2026 · publ. 26 May 2026 · source ↗
  3. ReportedIn India it owns 49.0% of IFFCO-TOKIO General Insurance, and in South Africa 22.5% of Hollard.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - international businesses, acquisitions and synergies. — 2016-2026 · publ. 26 May 2026 · source ↗
  4. ReportedInternational premiums on the IFRS basis included ¥368.4 billion from Latin America, ¥333.5 billion from Asia-Pacific and ¥271.8 billion from Europe, the Middle East and Africa.
    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 ↗
  5. ReportedThe EMEA business was hit by losses related to the Middle East conflict in the first quarter of the current year.
    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 emerging-market stakes are held at different levels: IFFCO-TOKIO at 49.0% and Hollard at 22.5%, both minority positions, while Tokio Marine Seguradora in Brazil is 98.6% owned.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - international businesses, acquisitions and synergies. — 2016-2026 · publ. 26 May 2026 · source ↗
  7. ReportedThe emerging-market stakes are held at different levels: IFFCO-TOKIO at 49.0% and Hollard at 22.5%, both minority positions, while Tokio Marine Seguradora in Brazil is 98.6% owned.
    Tokio Marine Holdings, Integrated Report 2025 Supplement - founding date, network, employees and subsidiaries. — March 2025 · publ. 2025 · source ↗
Sources
Generated September 24, 2026