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    8766   JP3910660004

TOKIO MARINE HOLDINGS, INC.

(8766)
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Tokio Marine : AM Best Affirms Credit Ratings of Tokio Marine & Nichido Fire Insurance Co., Ltd. and Its U.S. Subsidiaries

09/06/2021 | 06:55am EDT

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of 'aa+' (Superior) of Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF) (Japan).

The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the U.S. subsidiaries.)

The ratings reflect TMNF's balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management (ERM).

TMNF's balance sheet strength assessment reflects risk-adjusted capitalisation that is at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). Besides its sizable solvency capital of over JPY4 trillion (USD 36 billon), this assessment is also supported by the company's low financial leverage.

TMNF has a track record of strong operating performance, mainly supported by steadily increasing premium income; a consistently strong and sizable domestic business with an average five-year combined ratio of approximately 95.5% (fiscal years 2016-2020), excluding its compulsory automobile liability insurance (CALI) business; and an expanding overseas portfolio. Although TMNF's international businesses recorded a decline in profit in fiscal year 2020 due to the adverse impact of the COVID-19 pandemic, AM Best expects the company's consistently strong net premium written (NPW) growth in recent years to result in better profitability over the long term.

TMNF continues to maintain a strong and leading position in Japan, with a market share of over 25% in terms of NPW; the company also topped its domestic peers in all major lines of business in terms of NPW volume in fiscal year 2020. Over the past decade, TMNF has successfully expanded overseas and built a high quality book of overseas insurance business with its disciplined merger & acquisition strategy, which now accounts for approximately 35% of its NPW. AM Best believes that TMNF's leading position in its domestic market and increasingly sizable international business profile will help it navigate challenging market conditions while enhancing earnings over the medium to long term.

The company continues to have a sophisticated ERM framework that is embedded throughout its organisation. AM Best believes that TMNF's ERM programme is very effective in managing its group-wide exposure to potential earnings and capital volatility.

The stable outlooks reflect AM Best's expectation that TMNF will maintain its overall balance sheet assessment, supported by risk-adjusted capitalisation at the strongest level, as measured by BCAR, while maintaining the strong performance in its domestic non-life business and developing its overseas insurance business in a prudent manner over the intermediate term.

Negative rating actions could occur if there is material deterioration in risk-adjusted capitalisation, such as substantial losses caused by investment volatility or large-scale natural catastrophes. Negative rating actions could also occur if there is significant deterioration in Tokio Marine Holdings, Inc.'s credit profile, including its risk-adjusted capitalisation, financial leverage or interest coverage levels.

The FSR of A++ (Superior) and the Long-Term ICRs of 'aa+' (Superior), each with a stable outlook, have been affirmed for the following subsidiaries of Tokio Marine & Nichido Fire Insurance Co., Ltd.:

Tokio Marine America Insurance Company

Trans Pacific Insurance Company

TM Specialty Insurance Company

TNUS Insurance Company

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2022 5 543 B 48 516 M 48 516 M
Net income 2022 329 B 2 880 M 2 880 M
Net Debt 2022 - - -
P/E ratio 2022 12,9x
Yield 2022 3,76%
Capitalization 4 222 B 36 978 M 36 948 M
Capi. / Sales 2022 0,76x
Capi. / Sales 2023 0,74x
Nbr of Employees 43 257
Free-Float 94,4%
Chart TOKIO MARINE HOLDINGS, INC.
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Tokio Marine Holdings, Inc. Technical Analysis Chart | 8766 | JP3910660004 | MarketScreener
Technical analysis trends TOKIO MARINE HOLDINGS, INC.
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 13
Last Close Price 6 153,00 JPY
Average target price 6 507,69 JPY
Spread / Average Target 5,76%
EPS Revisions
Managers and Directors
Satoru Komiya President, Group CEO & Representative Director
Tsuyoshi Nagano Chairman
Susumu Harada Managing Executive Officer & Head-Group IT
Kenji Okada MD, Head-Compliance & Legal Affairs
Akio Mimura Independent Outside Director
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