⚠ War Risk in the Lloyd's BookModerate threat

Tokio Marine Holdings (8766) — threat to the moat

Tokio Marine's Lloyd's business took losses from a war its policies mostly exclude.

Tokio Marine's EMEA business, which includes Kiln at Lloyd's, was behind plan in the first quarter because of large losses related to the Middle East conflict1. The company notes that war risk is basically not covered in its policies2, but related losses can still reach specialty lines such as marine and aviation.

International positionsKiln (Lloyd's syndicate 510)3rd, £2,225m capacityTokio Marine Seguradora, Brazil auto3rd, 14.2%IFFCO-TOKIO, India49.0%Hollard, South Africa22.5%Tokio Marine IR conference, May 2026
Third places and minority stakes.

Lloyd's syndicates write the kind of risks that conflicts affect. Syndicate 510's capacity of £2,225 million3 is large.

The EMEA region is a small part of the international business, with ¥271.8 billion of premiums on the IFRS basis4, against ¥2,346.3 billion in North America5. A bad year at Lloyd's hurts, but it cannot outweigh the American businesses.

The measure is EMEA's combined ratio. The first quarter's 98.0%6 leaves little margin.

References
  1. ReportedTokio Marine's EMEA business, which includes Kiln at Lloyd's, was behind plan in the first quarter because of large 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 ↗
  2. ReportedThe company notes that war risk is basically not covered in its policies, but related losses can still reach specialty lines such as marine and aviation.
    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 ↗
  3. ReportedSyndicate 510's capacity of £2,225 million is large.
    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 ↗
  4. ReportedThe EMEA region is a small part of the international business, with ¥271.8 billion of premiums on the IFRS basis, against ¥2,346.3 billion in North America.
    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 region is a small part of the international business, with ¥271.8 billion of premiums on the IFRS basis, against ¥2,346.3 billion in North America.
    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 ↗
  6. ReportedThe first quarter's 98.0% leaves little margin.
    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 ↗
Sources
Generated September 24, 2026