TOKYO (dpa-AFX) - Tokio Marine Holdings Inc. (TKOMF.PK, TKOMY.PK), a Japanese insurance holding company, reported that its net income attributable to owners of the parent for the fiscal year ended March 31, 2024 increased by 321.2 billion yen year-over-year to 695.8 billion yen. Annual earnings per share rose to 351.59 yen from 186.41 yen from in the prior year.
Ordinary income increased by 814.6 billion yen to 7.42 trillion yen from the previous fiscal year.
The company's consolidated business forecasts for the fiscal year 2024 are 1.20 trillion yen for Ordinary profit and 870.0 billion yen for Net income attributable to owners of the parent.
As for the fiscal year 2024, the company intends to repurchase its own shares of 200 billion yen in a flexible manner, fully considering market environments, stock prices and other factors. The company announced that its board of directors resolved repurchases of its own shares with an amount of up to 100 billion yen on May 20, 2024.
Tokio Marine said its board resolved to adopt the policy regarding the sale of business-related equities.
The Board of Directors enacted a resolution outlining a comprehensive policy aimed at divesting these equities entirely by the conclusion of the fiscal year 2029. This directive excludes unlisted shares and those secured through capital and business alliances. Additionally, within the framework of the company's new mid-term business plan spanning fiscal years 2024 to 2026, there will be a concerted effort to reduce the equity balance by half from its recorded value of 3.5 trillion yen as of the end of March 2024.
Furthermore, the planned sales amount for fiscal year 2024 will be 600 billion yen, market value as of the end of March 2024.
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