Tokio Marine leans on overseas growth as domestic non-life profit weakens

Ordinary expenses rose by ¥441.2 billion to ¥5.472 trillion. Underwriting expenses increased to ¥4.119 trillion from ¥3.796 trillion, driven by higher net claims paid, agency commissions and brokerage, and larger provisions for underwriting reserves. Operating and general administrative expenses also moved higher, to ¥1.171 trillion from ¥978.2 billion. Investment expenses declined to ¥152.1 billion from ¥229.5 billion, helped by lower derivative losses, but the overall rise in expenses outpaced income growth.