⚠ A Payout Tied to a Three-Year AverageLow threat

Tokio Marine Holdings (8766) — threat to the moat

Tokio Marine's dividend now follows a three-year average, which protects it and slows it.

The new dividend policy uses a three-year average of IFRS adjusted net income1. That protects the dividend in a single bad year, and delays its growth after good ones.

Total dividends paid (¥ bn, years to March)243.02024333.22025412.52026Tokio Marine Japanese GAAP results, 2024-2026
Rising fast.

A run of bad years, from catastrophes or credit losses, would eventually lower the average and the dividend.

The policy replaced a five-year average on the Japanese GAAP basis2, which included strategic equity gains. The change to IFRS removes those gains from the base.

Total dividends paid rose from ¥243.0 billion in the year to March 2024 to ¥412.5 billion in 202634. The new policy, based on three years of IFRS adjusted profit, is designed to keep that growth steadier than profit itself.

The measure is the three-year average. Its growth sets the dividend's growth.

References
  1. ReportedThe new dividend policy uses a three-year average of IFRS adjusted net income.
    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. ReportedThe policy replaced a five-year average on the Japanese GAAP basis, which included strategic equity gains.
    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 ↗
  3. ReportedTotal dividends paid rose from ¥243.0 billion in the year to March 2024 to ¥412.5 billion in 2026.
    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. ReportedTotal dividends paid rose from ¥243.0 billion in the year to March 2024 to ¥412.5 billion in 2026.
    Tokio Marine Holdings, Consolidated Financial Results for the fiscal year ended March 31, 2024 - including segment information for the year to March 2023. — FY to March 2024 · publ. May 2024 · source ↗
Sources
Generated September 24, 2026