The Revenue LinesNarrow moat

Tokio Marine Holdings (8766) — moat facet

Under the old accounting Japan looked like Tokio Marine's biggest earner; strip out the share sales and America is.

Under Japanese GAAP, the basis of its history, Tokio Marine reported four segments, and these pages follow each one's ordinary profit, its pre-tax profit from ordinary activities. In the year to March 2026 domestic non-life earned ¥744.5 billion, international ¥559.1 billion, domestic life ¥23.6 billion and solution and other ¥21.4 billion, for a total of ¥1,348.6 billion1.

Ordinary profit by segment, yr to Mar 2026 (¥ bn)Domestic non-life744.5International559.1Domestic life23.6Solution and other21.4Japanese GAAP; Tokio Marine results, year to March 2026
Japan leads only under the old accounting.

The shares are 55% domestic non-life and 41% international2, but that overstates Japan. Domestic non-life's profit includes the gains on selling strategic equities, of which ¥745.6 billion were sold in the latest year3. On the IFRS adjusted measure, which excludes those gains, international produced ¥578.5 billion of ¥881.5 billion4.

The chart covers the four years to March 2026 on the same four-segment basis56. From April 2026 the company reports three segments on an IFRS adjusted basis, Japan insurance, international insurance and solution7.

The segments differ in size of assets as well as profit: international ¥17,552.6 billion, domestic non-life ¥7,346.1 billion and domestic life ¥7,153.3 billion8.

The measure that ties them together is the IFRS adjusted plan for the current year: international ¥634.0 billion, Japan ¥305.0 billion and solution ¥17.0 billion9.

Moat trajectory: Widening

International grows; Japanese profit falls as equity gains end.

The number that tests this moat
Reported
Largest segment by ordinary profit
Domestic non-life, ¥744.5bn

Including strategic equity gains; international is larger on the IFRS adjusted basis.

Source: Tokio Marine Japanese GAAP results, year to March 2026 ↗
Dig deeper
DIG DEEPER 01
Domestic Non-Life
Tokio Marine's Japanese non-life profit looks large because it includes the proceeds of selling client shares.
DIG DEEPER 02
International
Tokio Marine's international segment earns two-thirds of its adjusted profit and nearly quadrupled in three years.
DIG DEEPER 03
Domestic Life
Tokio Marine's life segment earns little and carries nearly a trillion yen of paper losses.
DIG DEEPER 04
Solution and Other
Tokio Marine's non-insurance services are small and growing through an engineering acquisition.
References
  1. ReportedIn the year to March 2026 domestic non-life earned ¥744.5 billion, international ¥559.1 billion, domestic life ¥23.6 billion and solution and other ¥21.4 billion, for a total of ¥1,348.6 billion.
    Tokio Marine Holdings, Consolidated Financial Results (Japanese GAAP) for the fiscal year ended March 31, 2026 - ordinary income, net income, segment profit, dividends, cash flows and securities. — FY to March 2026 · publ. 20 May 2026 · source ↗
  2. Moat Explorer calcThe shares are 55% domestic non-life and 41% international, but that overstates Japan.
    Moat Explorer calculation from Tokio Marine's reported figures. Market value: ¥7,932 x 1,899,994,045 shares outstanding (1,934,000,000 issued less 34,005,955 treasury at 30 June 2026) = ¥15.07 trillion; over JGAAP net income of ¥980.4bn = 15.4 times; over IFRS adjusted net income guidance of ¥950.0bn = 15.9 times; over ordinary income of ¥8,872.3bn = 1.70. March year-end P/E (company market value over JGAAP net income): 3,536.2 / 273.8 = 12.9 (2017) ... 14,133.7 / 980.4 = 14.4 (2026). IFRS trailing net income: 531.3 - 256.0 + 264.3 = 539.6. Japan non-life shares: MS 19% + AD 14% = 33% against TMNF 27%. Equity-sale gains inside JGAAP adjusted net income: 1,204.8 - 711.6 = 493.2. Strategic equities: 1,964.3 / 3,605.6 - 1 = -45.5%. International share of IFRS adjusted net income: 578.5 / 881.5 = 65.6%; Japan P&C 234.7 / 881.5 = 26.6%. NICO share price against the current price: 7,932 / 5,962 - 1 = +33%. First-quarter progress: 261.4 / 950.0 = 28%; 264.3 / 830.0 = 31.8%. Agrihedge goodwill: 71.8 / 150.0 = 48%; Ignyte 54.5 / 102.8 = 53%. PHLY profit growth: 1,265 / 180 = 7.0 times. Bonds and borrowings over equity: 598.0 / 7,955.6 = 0.075. Segment ordinary profit shares, year to March 2026: domestic non-life 744.5 / 1,348.6 = 55%; international 559.1 / 1,348.6 = 41%. Domestic non-life profit against strategic equity sales: 744.5 against 745.6. Dividends: 218 / 36.7 = 5.9 times since the year to March 2016 (split-adjusted). Market value since March 2017: 14,133.7 / 3,536.2 = 4.0 times. Unrealized loss change: 914.6 - 590.5 = 324.1. Auto rate increases compounded: 1.035 x 1.085 = 1.123. CRE loan book: 8.73 / 11.21 - 1 = -22%. Distributions: 860.6 / 267.6 = 3.2 times. Nat-cat losses against the 10-year average: 131.2 / 160.9 = 82%; 200.7 / 160.9 = 125%. Two combined-ratio points on Japanese premiums: 0.02 x 2,596.3 = ¥51.9bn. Large deals: 94.1 + 473.5 + 215.0 + 898.0 + 356.7 = ¥2,037.3bn. Ignyte and Agrihedge goodwill: 54.5 + 71.8 = 126.3. Distributions since the year to March 2018: 860.6 / 267.6 = 3.2 times. Analysts' target against the price: 8,653 / 7,932 - 1 = 9%. Channel share: 28.5 + 25.0 + 18.4 = 71.9%. Ignyte and Agrihedge prices: 102.8 + 150.0 = 252.8; 10% of that = 25.3. Pure profit growth: 43.2 / 38.0 - 1 = 13.7%. Agency commissions: 19.7% x 2,596.3 = ¥511bn. HCC profit against price: 122.1 / 898.0 = 13.6%. Suncorp against HCC: 14 / 7.5 = 1.9 times. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Tokio Marine's results, presentations and market data; operands shown in the source line.
  3. ReportedDomestic non-life's profit includes the gains on selling strategic equities, of which ¥745.6 billion were sold in the latest year.
    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. ReportedOn the IFRS adjusted measure, which excludes those gains, international produced ¥578.5 billion of ¥881.5 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 ↗
  5. ReportedThe chart covers the four years to March 2026 on the same four-segment basis.
    Tokio Marine Holdings, Consolidated Financial Results (Japanese GAAP) for the fiscal year ended March 31, 2026 - ordinary income, net income, segment profit, dividends, cash flows and securities. — FY to March 2026 · publ. 20 May 2026 · source ↗
  6. ReportedThe chart covers the four years to March 2026 on the same four-segment basis.
    Tokio Marine Holdings, Consolidated Financial Results for the fiscal year ended March 31, 2024 - including segment information for the year to March 2023. — FY to March 2024 · publ. May 2024 · source ↗
  7. ReportedFrom April 2026 the company reports three segments on an IFRS adjusted basis, Japan insurance, international insurance and solution.
    Tokio Marine Holdings, Consolidated Financial Results (IFRS) for the three months ended June 30, 2026 - insurance revenue, net income, adjusted net income by segment and the balance sheet. — April-June 2026 · publ. 12 August 2026 · source ↗
  8. ReportedThe segments differ in size of assets as well as profit: international ¥17,552.6 billion, domestic non-life ¥7,346.1 billion and domestic life ¥7,153.3 billion.
    Tokio Marine Holdings, Consolidated Financial Results (Japanese GAAP) for the fiscal year ended March 31, 2026 - ordinary income, net income, segment profit, dividends, cash flows and securities. — FY to March 2026 · publ. 20 May 2026 · source ↗
  9. ReportedThe measure that ties them together is the IFRS adjusted plan for the current year: international ¥634.0 billion, Japan ¥305.0 billion and solution ¥17.0 billion.
    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 ↗
Sources
Generated September 24, 2026