Domestic LifeThin moat

Tokio Marine Holdings (8766) — moat facet

Tokio Marine's life segment earns little and carries nearly a trillion yen of paper losses.

Domestic life's ordinary profit was ¥51.7 billion in the year to March 2023, ¥57.2 billion in 2024, ¥70.2 billion in 2025 and ¥23.6 billion in 2026123. Its ordinary income was ¥796.2 billion in the latest year4, and its life insurance premiums fell from ¥586.8 billion to ¥377.2 billion because of block reinsurance5.

Domestic life ordinary profit (¥ bn, years to March)51.7202357.2202470.2202523.62026Japanese GAAP; Tokio Marine results, 2023-2026
A sharp fall in the reinsurance year.

On the IFRS basis the segment lost ¥81.0 billion and ¥204.9 billion6, the latest year including investment losses of ¥237.6 billion7. Its adjusted net income was ¥69.3 billion8, and its contractual service margin ¥1,149.7 billion9.

The life company holds ¥7,153.3 billion of assets10, and its held-to-maturity bonds carried an unrealized loss of ¥914.6 billion at March 202611.

The plan for the current year is adjusted net income of ¥82.0 billion12; the first quarter earned ¥21.6 billion13.

On the business-unit measure the life company earned ¥57.1 billion in the latest year, up from ¥41.9 billion14, a different picture from the IFRS loss, because the business-unit measure excludes the investment losses around the reinsurance.

The measure is adjusted net income against the plan. It is a small segment whose balance-sheet risks are larger than its profit.

Moat trajectory: Narrowing

Ordinary profit fell after the reinsurance.

The number that tests this moat
Reported
Japan Life adjusted net income, April-June 2026
¥21.6bn against ¥18.6bn

Progress toward an ¥82.0 billion plan.

Source: Tokio Marine results, April-June 2026 ↗
References
  1. ReportedDomestic life's ordinary profit was ¥51.7 billion in the year to March 2023, ¥57.2 billion in 2024, ¥70.2 billion in 2025 and ¥23.6 billion in 2026.
    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 ↗
  2. ReportedDomestic life's ordinary profit was ¥51.7 billion in the year to March 2023, ¥57.2 billion in 2024, ¥70.2 billion in 2025 and ¥23.6 billion in 2026.
    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. ReportedDomestic life's ordinary profit was ¥51.7 billion in the year to March 2023, ¥57.2 billion in 2024, ¥70.2 billion in 2025 and ¥23.6 billion in 2026.
    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 ↗
  4. ReportedIts ordinary income was ¥796.2 billion in the latest year, and its life insurance premiums fell from ¥586.8 billion to ¥377.2 billion because of block reinsurance.
    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 ↗
  5. ReportedIts ordinary income was ¥796.2 billion in the latest year, and its life insurance premiums fell from ¥586.8 billion to ¥377.2 billion because of block reinsurance.
    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. ReportedOn the IFRS basis the segment lost ¥81.0 billion and ¥204.9 billion, the latest year including investment losses of ¥237.6 billion.
    Tokio Marine Holdings, Consolidated Financial Results (IFRS) for the fiscal year ended March 31, 2026 - insurance revenue, net income, segment results, the Japan Life investment loss, acquisitions, the NICO share disposal and the buybacks. — FY to March 2026 · publ. 26 June 2026 · source ↗
  7. ReportedOn the IFRS basis the segment lost ¥81.0 billion and ¥204.9 billion, the latest year including investment losses of ¥237.6 billion.
    Tokio Marine Holdings, Consolidated Financial Results (IFRS) for the fiscal year ended March 31, 2026 - insurance revenue, net income, segment results, the Japan Life investment loss, acquisitions, the NICO share disposal and the buybacks. — FY to March 2026 · publ. 26 June 2026 · source ↗
  8. ReportedIts adjusted net income was ¥69.3 billion, and its contractual service margin ¥1,149.7 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 ↗
  9. ReportedIts adjusted net income was ¥69.3 billion, and its contractual service margin ¥1,149.7 billion.
    Tokio Marine Holdings, Consolidated Financial Results (IFRS) for the fiscal year ended March 31, 2026 - insurance revenue, net income, segment results, the Japan Life investment loss, acquisitions, the NICO share disposal and the buybacks. — FY to March 2026 · publ. 26 June 2026 · source ↗
  10. ReportedThe life company holds ¥7,153.3 billion of assets, and its held-to-maturity bonds carried an unrealized loss of ¥914.6 billion at March 2026.
    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 ↗
  11. ReportedThe life company holds ¥7,153.3 billion of assets, and its held-to-maturity bonds carried an unrealized loss of ¥914.6 billion at March 2026.
    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 ↗
  12. ReportedThe plan for the current year is adjusted net income of ¥82.0 billion; the first quarter earned ¥21.6 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 ↗
  13. ReportedThe plan for the current year is adjusted net income of ¥82.0 billion; the first quarter earned ¥21.6 billion.
    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 ↗
  14. ReportedOn the business-unit measure the life company earned ¥57.1 billion in the latest year, up from ¥41.9 billion, a different picture from the IFRS loss, because the business-unit measure excludes the investment losses around the reinsurance.
    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