⚠ Premiums Are Barely GrowingLow threat

Tokio Marine Holdings (8766) — threat to the moat

HCC is holding its margin by not chasing volume, which means it is barely growing.

TMHCC's net premiums written rose from ¥905.6 billion to ¥919.7 billion1, about 1.6% in yen. Specialty markets soften when competition increases, and a disciplined underwriter writes less business rather than accept lower prices.

TMHCC net premiums written (¥ bn, years to March)905.62025919.72026Tokio Marine results presentation, May 2026
Nearly flat.

That discipline preserves the combined ratio but limits growth. The business-unit profit fell from ¥127.0 billion to ¥122.1 billion2.

Tokio Marine's plan for international premiums is growth of 11.5% in the current year3, which requires growth somewhere.

HCC's combined ratio of 87.8%4 is the reason not to worry much. A specialist insurer that holds its margin by writing less is behaving as a disciplined underwriter should.

The measure is TMHCC's premium growth. A decline would show the specialty market softening.

References
  1. ReportedTMHCC's net premiums written rose from ¥905.6 billion to ¥919.7 billion, about 1.6% in yen.
    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 ↗
  2. ReportedThe business-unit profit fell from ¥127.0 billion to ¥122.1 billion.
    Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - Japan P&C results: premiums, auto, natural catastrophes and expense ratios. — FY to March 2026 · publ. May 2026 · source ↗
  3. ReportedTokio Marine's plan for international premiums is growth of 11.5% in the current year, which requires growth somewhere.
    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 ↗
  4. ReportedHCC's combined ratio of 87.8% is the reason not to worry much.
    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 ↗
Sources
Generated September 24, 2026