# Tokio Marine Holdings, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2025/04/01－2026/03/31) (S100YLS8)
> Page: https://vizora.meequs.com/en/company/tokio-marine-holdings
> Retrieved: 2026-09-30T17:59:54.086Z

## Company

Tokio Marine, founded in 2001, is a company in Non-life Insurance listed on TSE Prime. It has 67,526 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tokio Marine Holdings, Inc. |
| Ticker | 8766 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8766.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町二丁目6番4号 |
| Representative (per filing) | 取締役社長 小池 昌洋 |
| Founded | Sep 2001 |
| Share capital | ¥150B |
| Employees (consolidated) | 67,526 |
| Average salary (parent only) | ¥14.9M |
| Fiscal year end | March |
| Website | www.pronexus.co.jp (https://www.pronexus.co.jp/) |
| Corporate number | 7010001078061 |
| EDINET | E03847 |
| Industries (Vizora) | Non-life Insurance |

> Profile source: annual securities report (S100YLS8, filed 2026-06-26). As of filing

## Key points (generated from figures)

- Tokio Marine brought in ¥7.69T in revenue.
- Revenue changed +4.0% from the prior year.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7693560000000 → ¥572193000000
- Net income → operating cash flow: ¥572193000000 → ¥1390562000000（difference ¥818369000000）
- Main uses of operating cash flow: CapEx ¥158732000000 / dividends ¥375420000000 / buybacks ¥251599000000
- Change in cash: ¥392598000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7.69T |  |
| Operating income | — | Margin — |
| Net income | ¥531.3B | Margin 6.9% |
| Free cash flow | ¥1.23T |  |
| Employees (consolidated) | 67,526 |  |
| EPS | ¥279.35 |  |
| Diluted EPS | ¥279.15 |  |
| Book value per share | ¥1286 |  |
| Equity ratio | 24.1% | Derived from disclosed figures |
| Shares outstanding | 1,934,000,000 |  |
| Treasury shares | 53,937,600 |  |
| Shareholders | 317,566 |  |
| Average salary (parent only) | ¥14.9M | Filing company only |
| Cash ratio | 7.1% | Cash ÷ revenue 30.3% |
| ROE | 7.1% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income

## What changed in 5 years

Accounting standard changed in FY2024; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5461195000000 | ¥7693560000000 | — |
| Employees | 43,257 people | 67,526 people | — |
| Cash and equivalents | ¥924687000000 | ¥2332406000000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内損害保険事業 → 事業再編・廃止 | 50.3% |
| 国内生命保険事業 → 事業再編・廃止 | 14.2% |
| 海外保険事業 → 事業再編・廃止 | 34.3% |
| 金融・その他事業 → 事業再編・廃止 | 1.3% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,693,560 | 100.0% | S100YLS8 |
| Pretax income | 750,700 | 9.8% | S100YLS8 |
| Income tax | 178,506 | 2.3% | S100YLS8 |
| Net income | 572,193 | 7.4% | S100YLS8 |
| Net income attributable to owners | 531,255 | 6.9% | S100YLS8 |

Operating income is not available as a machine-readable numeric value for this company. See the income statement table in its filing.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,396,221 | 7,693,560 | 297,339 | +4.0% |
| Net income attributable to owners | 450,423 | 531,255 | 80,832 | +17.9% |
| Operating cash flow | 2,013,920 | 1,390,562 | -623,358 | -31.0% |
| Free cash flow | 1,880,494 | 1,231,830 | -648,664 | -34.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 5,232,602 | — | — | 273,856 | 941,621 | — | S100LPXJ |
| FY ending Mar 2018 | 5,399,115 | — | — | 284,183 | 916,025 | — | S100OEK9 |
| FY ending Mar 2019 | 5,476,720 | — | — | 274,579 | 945,437 | — | S100R0BK |
| FY ending Mar 2020 | 5,465,432 | — | — | 259,763 | 997,623 | 972,914 | S100LPXJ |
| FY ending Mar 2021 | 5,461,195 | — | — | 161,801 | 1,177,873 | 1,151,649 | S100OEK9 |
| FY ending Mar 2022 | 5,863,770 | — | — | 420,484 | 1,102,240 | 1,073,190 | S100R0BK |
| FY ending Mar 2023 | 6,610,046 | — | — | 374,605 | 1,007,710 | 982,833 | S100TOZP |
| FY ending Mar 2024 | 7,424,667 | — | — | 695,808 | 1,072,124 | 1,051,401 | S100VZFR |
| FY ending Mar 2025 | 7,396,221 | — | — | 450,423 | 2,013,920 | 1,880,494 | S100YLS8 |
| FY ending Mar 2026 | 7,693,560 | — | — | 531,255 | 1,390,562 | 1,231,830 | S100YLS8 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥113.9M |
| Net income per employee (consolidated) | ¥7.9M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 43,048 | 43,217 | 43,870 | 51,436 | 67,526 |
| Average salary (parent company) | ¥14.1M | ¥14.3M | ¥13.9M | ¥15.4M | ¥14.9M |
| Average age (parent company) | 43.3 years | 43.2 years | 42.8 years | 41.7 years | 42.4 years |
| Average tenure (parent company) | 18.2 years | 17.5 years | 16.8 years | 16.2 years | 14.8 years |

Year over year: Employees (consolidated) +31.3% · Revenue (consolidated) +4.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,390,562 | 18.1% | S100YLS8 |
| Capital expenditure | 158,732 | 2.1% | S100YLS8 |
| Free cash flow | 1,231,830 | 16.0% | 算出 |
| Investing cash flow | -402,738 | -5.2% | S100YLS8 |
| Financing cash flow | -642,094 | -8.3% | S100YLS8 |
| Dividends paid | 375,420 | 4.9% | S100YLS8 |
| Share buyback | 251,599 | 3.3% | S100YLS8 |
| Change in cash | 392,598 | 5.1% | S100YLS8 |
| Cash and equivalents | 2,332,406 | 30.3% | S100YLS8 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2026 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 2,332,406 | S100YLS8 |
| Total assets | 33,002,651 | S100YLS8 |
| Net assets | 8,052,371 | S100YLS8 |
| Share capital | 150,000 | S100YLS8 |
| Property, plant and equipment | 318,913 | S100YLS8 |
| Goodwill | 591,541 | S100YLS8 |
| Total liabilities | 24,950,280 | S100YLS8 |
| Equity attributable to owners of parent | 7,955,554 | S100YLS8 |
| Retained earnings | 7,013,113 | S100YLS8 |
| Treasury stock | -304,160 | S100YLS8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YLS8 |
| Property, plant and equipment | 1% | S100YLS8 |
| Intangibles and goodwill | 2% | — |
| Other assets | 90% | S100YLS8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 76% | S100YLS8 |
| Equity | 24% | S100YLS8 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 4.1% | S100YLS8 |
| Fixed assets ÷ total assets | 1.0% | S100YLS8 |
| Goodwill ÷ parent equity | 7.4% | S100YLS8 |

Goodwill over 4 years: 453,433 → 591,541 JPY; total investing cash flow: -1,858,445 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 7.1% |
| Cash ÷ revenue | 30.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 859,307 JPY mn (of net income 161.8%) |
| Shareholder returns / net income | 118.0% |
| Shareholder returns / FCF | 50.9% |
| Shareholder payments — dividends / net income | 70.7% |
| Shareholder payments — dividends / FCF | 30.5% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 29.0% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | — | —× | — | S100R0BK |
| 2023 | — | —× | — | —× | — | S100TOZP |
| 2024 | — | —× | — | —× | — | S100VZFR, S100YLS8 |
| 2025 | — | —× | — | —× | — | S100YLS8 |
| 2026 | 6.9% | 0.24× | 1.7% | 4.22× | 7.1% | S100YLS8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社信託口 | Major shareholder | 17.1% | 2026-03-31 |
| 株式会社日本カストディ銀行信託口 | Major shareholder | 7.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.5% | 2026-03-31 |
| MOXLEY AND CO LLC （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| THE CHASE MANHATTAN BANK,N.A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| 東海日動従業員持株会 | Major shareholder | 1.5% | 2026-03-31 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| ゴールドマン・サックス証券株式会社 BNYM （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.2% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥7.69T, up +4.0% from ¥7.4T the year before.
- Net income attributable to owners grew faster, rising +17.9% from ¥450.4B to ¥531.3B.
- Cash generation went the other way: operating cash flow fell -31.0% to ¥1.39T, and free cash flow dropped -34.5% to ¥1.23T.

### Drivers

- Insurance revenue grew in both the overseas and Japanese property and casualty businesses, helped by more underwriting at subsidiaries in North America and Brazil.
- Claims from natural disasters in Japan were lower, and the North American subsidiaries posted strong underwriting results.
- The Japanese life insurance business sold bonds to better match its assets and liabilities, booked larger losses on those sales, and ended the year in the red. Operating cash flow fell mainly because of higher income tax payments.

### Risks

- A major earthquake in Tokyo, along the Nankai Trough, or in the US, or large typhoons and floods, could lead to very large claim payments.
- Rapid inflation could push up the cost of each claim; if pricing and reinsurance do not keep up, underwriting profit would shrink.
- A financial crisis or market turmoil could reduce the value of the assets the group holds.

Cited: Annual Securities Report (24th fiscal term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (24th fiscal term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/04/01－2026/03/31) | S100YLS8 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLS8,, |
| 有価証券報告書－第23期(2024/04/01－2025/03/31) | S100VZFR | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZFR,, |
| 有価証券報告書－第22期(2023/04/01－2024/03/31) | S100TOZP | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOZP,, |
| 有価証券報告書－第21期(2022/04/01－2023/03/31) | S100R0BK | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0BK,, |
| 有価証券報告書－第20期(令和3年4月1日－令和4年3月31日) | S100OEK9 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEK9,, |
| 有価証券報告書－第19期(令和2年4月1日－令和3年3月31日) | S100LPXJ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPXJ,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).