Fifteen Dividend IncreasesNarrow moat

Tokio Marine Holdings (8766) — moat facet

Tokio Marine has raised its dividend for fifteen years and now sets it at half of three years' profit.

Tokio Marine plans a dividend of ¥245 a share for the current year, up 12.4%, its fifteenth consecutive increase1. On a split-adjusted basis the dividend rose from ¥53 in the year to March 2018 to ¥218 in 20262. Total dividends paid in the latest year were ¥412,485 million, a payout of 42.3% of JGAAP net income3.

Dividend per share, split-adjusted (¥, years to March)532018632020852022123202421820262452027 planTokio Marine IR conference, May 2026
Quadrupled in eight years.

From the current year the dividend is set at 50% of the three-year average of IFRS adjusted net income4, which smooths it against volatile years. Previously it was 50% of a five-year average on the Japanese GAAP basis5.

A steady, rising dividend is part of what the company offers shareholders in place of the growth its home market cannot provide.

In the latest year the dividend was ¥218, with interim and year-end payments of ¥105.50 and ¥112.506. The shares yield about 3.09% on the ¥245 planned7.

The measure is the payout policy under IFRS. A ¥245 dividend on the ¥950.0 billion adjusted net income guided8 is the first test.

Moat trajectory: Widening

A 12.4% increase planned.

The number that tests this moat
Reported
Dividend per share, current-year plan
¥245 (¥218 last year)

The fifteenth consecutive increase.

Source: Tokio Marine results presentation, May 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
A Payout Tied to a Three-Year Average
Tokio Marine's dividend now follows a three-year average, which protects it and slows it.
References
  1. ReportedTokio Marine plans a dividend of ¥245 a share for the current year, up 12.4%, its fifteenth consecutive increase.
    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 ↗
  2. ReportedOn a split-adjusted basis the dividend rose from ¥53 in the year to March 2018 to ¥218 in 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 ↗
  3. ReportedTotal dividends paid in the latest year were ¥412,485 million, a payout of 42.3% of JGAAP net income.
    Tokio Marine Holdings, Consolidated Financial Results (Japanese GAAP) for the fiscal year ended March 31, 2026 - ordinary income, net income, segment profit, dividends, cash flows and securities. — FY to March 2026 · publ. 20 May 2026 · source ↗
  4. ReportedFrom the current year the dividend is set at 50% of the three-year average of IFRS adjusted net income, which smooths it against volatile years.
    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 ↗
  5. ReportedPreviously it was 50% of a five-year average on the Japanese GAAP basis.
    Tokio Marine Holdings, FY2025 results conference call script, 20 May 2026 - the new CFO, the dividend policy, the Greensill cases and the buyback. — FY to March 2026 · publ. 20 May 2026 · source ↗
  6. ReportedIn the latest year the dividend was ¥218, with interim and year-end payments of ¥105.50 and ¥112.50.
    Tokio Marine Holdings, Consolidated Financial Results (Japanese GAAP) for the fiscal year ended March 31, 2026 - ordinary income, net income, segment profit, dividends, cash flows and securities. — FY to March 2026 · publ. 20 May 2026 · source ↗
  7. ReportedThe shares yield about 3.09% on the ¥245 planned.
    Tokio Marine Holdings (TYO: 8766) statistics - trailing P/E 28.90, forward P/E 16.90, price-to-book 1.87, dividend yield 3.09%, 52-week price change +26.43%. — September 2026 · publ. September 2026 · source ↗
  8. ReportedA ¥245 dividend on the ¥950.0 billion adjusted net income guided is the first test.
    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