⚠ An Investment Portfolio Wearing an Insurance LabelModerate threat

Tokio Marine Holdings (8766) — threat to the moat

Delphi earns most of its profit on a $45 billion portfolio, which also produced Tokio Marine's real estate losses.

Delphi's $45.0 billion investment balance1 is its main source of profit. The group's North American assets earn an income yield of 5.6%2.

Delphi Financial GroupInvestment balance, Dec 2025$45.0bnNorth American income yield5.6%Business-unit profit, latest year¥188.4bnTokio Marine IR conference and results presentation, May 2026
An insurer that is mostly an investor.

An insurer that earns mainly from investments is exposed to credit markets. The commercial real estate losses of ¥123.9 billion3 came from the same part of the business.

The company lists private-credit disruption among its business-environment risks4.

Rising interest rates in America have raised the income on Delphi's portfolio and lowered the market value of the bonds already in it. Profit of ¥188.4 billion5 shows the first effect; the commercial real estate losses showed a cost of the same environment6.

The measure is Delphi's investment income and credit losses together. Stable income without further credit charges would show the portfolio's quality.

References
  1. ReportedDelphi's $45.0 billion investment balance is its main source of profit.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - international businesses, acquisitions and synergies. — 2016-2026 · publ. 26 May 2026 · source ↗
  2. ReportedThe group's North American assets earn an income yield of 5.6%.
    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 ↗
  3. ReportedThe commercial real estate losses of ¥123.9 billion came from the same part of the business.
    Tokio Marine Holdings, Consolidated Financial Results for the fiscal year ended March 31, 2025 - including the expected credit losses on US commercial real estate loans. — FY to March 2025 · publ. May 2025 · source ↗
  4. ReportedThe company lists private-credit disruption among its business-environment risks.
    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 ↗
  5. ReportedProfit of ¥188.4 billion shows the first effect; the commercial real estate losses showed a cost of the same environment.
    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. ReportedProfit of ¥188.4 billion shows the first effect; the commercial real estate losses showed a cost of the same environment.
    Tokio Marine Holdings, Consolidated Financial Results for the fiscal year ended March 31, 2025 - including the expected credit losses on US commercial real estate loans. — FY to March 2025 · publ. May 2025 · source ↗
Sources
Generated September 24, 2026