Tokio Marine Holdings Inc (JP:8766)
:8766
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Tokio Marine Holdings
(8766)
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Rating:74Outperform
Price Target:
¥8,800.00
▲(47.77% Upside)
Action:UpgradedDate:03/27/26
The score is driven primarily by strong financial performance (improving profitability, strong cash generation, and low leverage). Technicals are supportive with price above key moving averages and positive MACD, but the high RSI signals the stock may be overextended. Valuation is reasonable with a moderate P/E and a 2.50% dividend yield.
Positive Factors
Strong cash conversion
A free cash flow to net income ratio near one shows durable ability to turn accounting profits into cash. That supports capital allocation for claims, reinvestment, dividends or buybacks and reduces reliance on external funding through insurance cycles, strengthening resilience.
Negative Factors
Revenue decline
A notable top-line contraction in 2025 reflects pressures on premium volume or pricing. Persistent revenue weakness would constrain growth options, limit scale benefits, and require either rate increases, product repositioning or M&A to restore structural premium expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash conversion
A free cash flow to net income ratio near one shows durable ability to turn accounting profits into cash. That supports capital allocation for claims, reinvestment, dividends or buybacks and reduces reliance on external funding through insurance cycles, strengthening resilience.
Read all positive factors
Tokio Marine Holdings (8766) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥13.80T
Dividend Yield3.33%
Average Volume (3M)4.31M
Price to Earnings (P/E)13.0
Beta (1Y)1.33
Revenue Growth-2.10%
EPS Growth-8.76%
CountryJP
Employees43,870
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)111.83
Shares Outstanding1,934,000,000
10 Day Avg. Volume4,788,580
30 Day Avg. Volume4,314,843
Financial Highlights & Ratios
PEG Ratio0.20
Price to Book (P/B)2.20
Price to Sales (P/S)1.47
P/FCF Ratio8.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥6,866.67Price Target Upside15.31% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)537.14
Revenue Forecast (FY)¥8.71T
Tokio Marine Holdings Business Overview & Revenue Model
Company Description
Tokio Marine Holdings, Inc. engages in non-life and life insurance, and financial and general businesses worldwide. It operates through four segments: Domestic Non-Life Insurance, Domestic Life Insurance, International Insurance, and Financial and...
How the Company Makes Money
Tokio Marine Holdings makes money primarily through its insurance operations and investment activities conducted by its insurance subsidiaries.
1) Insurance underwriting (core operating revenue)
- Premiums: The company’s main source of revenue is...
Tokio Marine Holdings Earnings Call Summary
Earnings Call Date:May 20, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The earnings call showcased strong financial performance and growth in FY 2024, with positive forecasts for FY 2025. However, challenges such as social inflation in North America, a decrease in life insurance premiums, and concerns with CRE loans and repair costs due to inflation were highlighted.Positive Updates
Strong Financial Performance in FY 2024
Adjusted net income for FY 2024 was JPY680.9 billion, exceeding the February forecast by JPY27.9 billion, with a year-over-year growth of 14%.
Negative Updates
Challenges with Social Inflation in North America
There was a large provisioning for liability insurance in North America due to social inflation, highlighting ongoing challenges in this area.
Read all updates
Q4-2024 Updates
Positive
Negative
Strong Financial Performance in FY 2024
Adjusted net income for FY 2024 was JPY680.9 billion, exceeding the February forecast by JPY27.9 billion, with a year-over-year growth of 14%.
Read all positive updates
Company Guidance
During the FY 2024 results and FY 2025 presentation call, several key metrics were highlighted. For FY 2024, Tokio Marine reported an adjusted net income of JPY 680.9 billion, which was JPY 27.9 billion higher than the forecast in February, primarily due to the yen's appreciation against foreign currencies. The normalized adjusted net income was JPY 679.0 billion, marking a 14% year-over-year growth. The company's sales of business-related equities reached JPY 922 billion, exceeding forecasts by JPY 10 billion, contributing to an adjusted net income, including these gains, of JPY 1.215 trillion. For FY 2025, the company projects an adjusted net income of JPY 700 billion, excluding gains from equity sales, indicating a 3% growth from the previous year's normalized income. The forecasted sales of business-related equities remain at JPY 600 billion, with an expected adjusted net income of JPY 1.100 trillion after completing these sales. Shareholder returns are planned to increase, with a dividend per share (DPS) growth of 40% in FY 2024, resulting in a DPS of JPY 172, and a further increase to JPY 210 in FY 2025, representing a 22% growth. The company also announced a share buyback plan of JPY 220 billion for FY 2025, with JPY 110 billion approved for immediate repurchase.Tokio Marine Holdings Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.99T | 7.58T | 7.08T | 6.21T | 5.66T | 5.29T |
| Gross Profit | 4.33T | 3.95T | 3.72T | 3.14T | 3.05T | 2.77T |
| EBITDA | 1.78T | 1.71T | 1.06T | 726.82B | 724.58B | 397.33B |
| Net Income | 1.32T | 1.06T | 695.81B | 374.60B | 420.48B | 161.80B |
Balance Sheet | ||||||
| Total Assets | 30.56T | 31.24T | 30.59T | 27.40T | 27.25T | 25.77T |
| Cash, Cash Equivalents and Short-Term Investments | 1.03T | 1.07T | 896.90B | 871.99B | 848.82B | 812.01B |
| Total Debt | 225.76B | 227.25B | 224.40B | 222.81B | 219.79B | 230.60B |
| Total Liabilities | 25.64T | 26.13T | 25.41T | 23.80T | 23.17T | 22.04T |
| Stockholders Equity | 4.94T | 5.08T | 5.18T | 3.58T | 4.02T | 3.67T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.32T | 1.05T | 982.83B | 1.07T | 1.15T |
| Operating Cash Flow | 0.00 | 1.35T | 1.07T | 1.01T | 1.10T | 1.18T |
| Investing Cash Flow | 0.00 | 177.45B | -616.43B | 29.16B | -658.65B | -725.69B |
| Financing Cash Flow | 0.00 | -1.20T | -417.42B | -1.02T | -511.42B | -518.29B |
Tokio Marine Holdings Technical Analysis
Positive
5955.00
Price Trends
6312.86
Positive
6005.18
Positive
5991.95
Positive
Market Momentum
345.74
Negative
64.68
Neutral
30.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8766, the sentiment is Positive. The current price of 5955 is below the 20-day moving average (MA) of 6742.48, below the 50-day MA of 6312.86, and below the 200-day MA of 5991.95, indicating a bullish trend. The MACD of 345.74 indicates Negative momentum. The RSI at 64.68 is Neutral, neither overbought nor oversold. The STOCH value of 30.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:8766.
Tokio Marine Holdings Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ¥5.53T | 7.65 | ― | 2.82% | 11.37% | 27.90% | |
74 Outperform | ¥13.80T | 13.03 | 20.81% | 3.33% | -2.10% | -8.76% | |
72 Outperform | ¥6.05T | 8.22 | 16.97% | 2.59% | 23.01% | 2.59% | |
72 Outperform | ¥1.76T | 17.60 | ― | 2.44% | -21.38% | 58.05% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | ¥5.50T | 7.36 | 10.61% | 3.26% | -8.02% | 5.21% | |
61 Neutral | ¥1.74T | 10.62 | 7.91% | 2.74% | -1.96% | 10.32% |
* Financial Sector Average
JP:8766
Tokio Marine Holdings
7,250.00
2,144.28
42.00%
JP:8750
Dai-ichi Life Holdings
1,496.50
578.20
62.96%
JP:8725
MS&AD Insurance Group Holdings
4,115.00
1,285.08
45.41%
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Sompo Holdings
5,994.00
1,710.35
39.93%
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4,053.00
1,325.20
48.58%
JP:7181
JAPAN POST INSURANCE Co., Ltd.
1,598.00
700.01
77.95%
Tokio Marine Holdings Corporate Events
Tokio Marine Launches ¥287.4 Billion Buyback Linked to Berkshire Partnership
Mar 23, 2026
Tokio Marine Holdings will repurchase up to 48,207,200 of its own common shares, representing about 2.6% of its outstanding stock excluding treasury shares, for a total cost of up to ¥287.4 billion between April 1 and September 18, 2026. The ...
Tokio Marine Forms Strategic Partnership with Berkshire Hathaway’s National Indemnity
Mar 23, 2026
Tokio Marine Holdings has entered into a comprehensive strategic partnership with National Indemnity Company, the core reinsurance arm of Berkshire Hathaway, aimed at combining their respective strengths in capital, underwriting and global insuran...
Tokio Marine Overhauls Top Management to Strengthen Strategy, Governance and AI Focus
Feb 17, 2026
Tokio Marine Holdings has announced a broad reshuffle of representative directors, directors and executive officers effective April 1, 2026, following recommendations from its group nomination committee. Key changes include appointing Yoichi Moriw...
Tokio Marine to Adopt Audit and Supervisory Committee Structure, Strengthen Governance
Feb 17, 2026
Tokio Marine Holdings will shift its governance structure from a Company with Audit and Supervisory Board to a Company with Audit and Supervisory Committee, aiming to better balance growth strategy and governance and to make its framework more int...
Tokio Marine Posts Higher Revenue but Softer Profit, Lifts Dividend Payout
Feb 13, 2026
Tokio Marine Holdings reported consolidated ordinary income of ¥6.67 trillion for the nine months ended December 31, 2025, up 6.8% year on year, while ordinary profit slipped 1.4% to ¥1.20 trillion and net income attributable to owners o...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.