TOKYO — Tokio Marine's international division registered a strong start to fiscal 2026, with net premiums written (NWP) rising by 16.6% to 934.7bn yen (about $5.9bn) in the first quarter, the insurer reported on 12 August. The result left the company broadly on track to meet its full‑year international NWP target of 3.762tn yen.
North America drives growth
North America remained the primary engine of expansion, contributing 632.1bn yen of Q1 NWP, an increase of 15.4% year on year. Specialty property and casualty business grew by 13%, while employee benefits increased by 21.8%, reflecting continued appetite in those lines.
| Region | Q1 NWP | Year‑on‑year change |
|---|---|---|
| North America | 632.1bn yen | +15.4% |
| LATAM | 106.5bn yen | +33.6% |
| APAC | 104.4bn yen | +18.5% |
| EMEA | 77.2bn yen | +11.4% |
| Total international | 934.7bn yen | +16.6% |
Profit and underwriting performance
Insurance‑related profit before tax for the international segment climbed to 133.4bn yen (about $836m), up 20.2% from 111bn yen a year earlier. North America accounted for the bulk of that improvement, with insurance‑related profit rising 19.5% to 105.1bn yen.
The division's combined ratio — a key measure of underwriting profitability — edged slightly better to 88.8% in Q1 from 88.9% a year earlier. Tokio Marine said the underlying performance benefited from a lower contribution from natural catastrophes: nat‑cat losses reduced the combined ratio by 0.9 percentage points, compared with 1.6 points the prior year.
Regional contrasts and loss pockets
Outside North America, results were mixed. Latin America produced the fastest top‑line growth, with NWP up 33.6% to 106.5bn yen, and insurance‑related profit more than doubled to 18bn yen — an increase of 130% in reported terms. Tokio Marine said LATAM remained ahead of plan despite intensifying price competition, helped by a favourable loss ratio and disciplined underwriting; the region's combined ratio improved to 84.6% from 91%.
By contrast, EMEA suffered a sharp earnings decline. Insurance‑related profit in the region fell by 81.9% to 1.5bn yen, driven by significant losses related to the Middle East conflict. Tokio Marine said that, excluding those losses, underwriting performance in EMEA remained robust. Nevertheless, the region's combined ratio deteriorated to 98% from 87.3%.
Asia‑Pacific delivered an increase in insurance‑related profit to 12.1bn yen, up 47.6%, while its NWP rose 18.5% to 104.4bn yen.
Implications for global re/insurance markets
Tokio Marine's numbers underline a continued shift of premium volume and profitability towards North America and selective emerging markets, while geopolitical losses can quickly erode regional returns. For global buyers of reinsurance protection and corporates seeking cover across multiple jurisdictions, the report highlights two ongoing dynamics:
- Growth and profitability are concentrated in specialty P&C and employee benefits in North America.
- Geopolitical events remain a material volatility driver for EMEA earnings and combined ratios.
For South African insurers and corporates that participate in international reinsurance markets, such developments matter for capacity and pricing. Insurers that rely on global reinsurers may see underwriting terms affected by where reinsurers allocate capital and by the incidence of large conflict‑related losses.
Tokio Marine's Q1 performance therefore offers an early gauge of where global underwriting capacity is expanding and where it is under pressure as the industry heads into the remainder of fiscal 2026.
