Tokio Marine Holdings, Inc., a Japanese insurance conglomerate, announced on Tuesday a significant surge in its first-half net income attributable to the parent company's owners, reaching 688.50 billion yen. This impressive figure represents a 236% increase from the previous year's net income of 205.01 billion yen.
The basic earnings per share rose to 351.38 yen, a substantial improvement over last year's 103.38 yen. Furthermore, the company reported a 240% increase in ordinary income, which climbed to 937.95 billion yen from the prior year's 275.96 billion yen.
Additionally, ordinary income witnessed a 16% growth, reaching 4.34 trillion yen, compared to 3.74 trillion yen in the previous year.
Looking forward to fiscal 2024, Tokio Marine projects a 26.5% increase in net income, anticipating it to reach 880 billion yen or 450.26 yen per share. The company also expects ordinary profit to rise by 47.2%, amounting to 1.24 trillion yen.
Previously, the company forecasted a 25% growth in net income to 870 billion yen or 443.57 yen per share, with ordinary profit expected to increase by 42.4% to 1.20 trillion yen.
In a separate announcement, Tokio Marine revealed its plans to repurchase up to 75 million shares, approximately 3.8% of its total issued shares. This initiative is part of the company's strategy to implement flexible financial policies, with the aggregate purchase price capped at 120 billion yen.
