⚠ A Return the Company CalculatesLow threat

Tokio Marine Holdings (8766) — threat to the moat

Tokio Marine's best argument for its deals is a number it calculates itself.

The 27.3% return is Tokio Marine's own figure1. How it is calculated, over what period and with what assumptions about capital, determines the result.

International business-unit profit (¥ bn, years to March)169.52017101.12021436.92024473.92026Tokio Marine IR conference, May 2026
Audited growth behind the claim.

The audited figures show the acquired businesses growing, but also carrying goodwill and exposed to losses such as the commercial real estate provisions2.

Investors relying on the claimed return should also watch the audited profits of each business.

International business-unit profit fell to ¥101.1 billion in the year to March 2021 before rising to ¥473.9 billion in 20263. A single bad year does not change a long-run return, but it shows that the acquired businesses are exposed to the same shocks as any insurer.

The measure is the business-unit profits of the acquired companies, which the company publishes each year4.

References
  1. ReportedThe 27.3% return is Tokio Marine's own figure.
    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 ↗
  2. ReportedThe audited figures show the acquired businesses growing, but also carrying goodwill and exposed to losses such as the commercial real estate provisions.
    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 ↗
  3. ReportedInternational business-unit profit fell to ¥101.1 billion in the year to March 2021 before rising to ¥473.9 billion in 2026.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - international businesses, acquisitions and synergies. — 2016-2026 · publ. 26 May 2026 · source ↗
  4. ReportedThe measure is the business-unit profits of the acquired companies, which the company publishes each year.
    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 ↗
Sources
Generated September 24, 2026