Tokio Marine Holdings Inc - ADR

Strong Fiscal '23 Performance: Adjusted net income reached JPY 711.6 billion, surpassing the February projection of JPY 690 billion, primarily driven by smaller-than-expected winter storm losses and increased capital gains from equity sales. The normalized adjusted net income grew by 11% YOY to JPY 685.5 billion, indicating robust underlying business strength.

Aggressive Growth Projections for Fiscal '24: The company expects to achieve an adjusted net income of JPY 1 trillion for FY '24, which represents a significant 46% increase from the previous year. This growth will be supported by accelerated sales of business-related equities and enhanced operational capabilities.

New Medium-Term Management Plan (MTP) Targets: The new MTP aims for world-class EPS growth with a target of 8% CAGR, including capital gains. The ROE target is set at 14% or higher, aiming for 20% when including capital gains. This reflects a focus on steady growth while minimizing volatility, challenging given global economic conditions.