Tokio Marine Holdings, Inc. · Year ended March 2026
What risks do Tokio Marine’s three North American insurers take on?
A nonprofit’s liability, protection when an employee cannot work, and medical costs borne by an employer call for different insurance decisions. Tokio Marine’s PHLY, Delphi and TMHCC choose risks and set terms for these needs. Their 2025 results, disclosed with Tokio Marine’s March 2026 year, make those decisions visible.
The three businesses’ figures cover January–December 2025 on a JGAAP management basis, with amounts translated into yen. Their period and accounting basis differ from the group’s April 2025–March 2026 IFRS accounts. “North America” is a management grouping: it includes TMHCC’s European business and excludes TMK’s North American business. The products below are examples within broader businesses.
PHLY sets prices and limits around an organization’s risks
Delphi combines employee protection with investment activity
Medical stop-loss and softer markets coexist at TMHCC
Whose risks, on what terms?
Representative coverages and decisions. Financial figures cover January–December 2025 on the JGAAP management basis.
- PHLY: organizationsProperty and liability, with choices on prices, limits and contracts
- DFG: employee protectionDisability, group life and excess workers’ compensation alongside investments
- TMHCC: medical costs and moreEmployer medical stop-loss alongside specialty lines with different market conditions
A loss can occur before its final cost is known
THE VIEW AFTER THE NUMBERS
What the numbers suggest
Tokio Marine’s three North American insurers become more tangible by asking whose losses they accept and on what terms.
PHLY combines organizational property and liability cover with pricing, limits and selection. DFG brings disability and workers’ compensation cover together with investment activity. TMHCC has employer medical stop-loss alongside specialty lines facing different pricing conditions.
Premium growth alone does not determine the outcome. Reading underwriting choices alongside later loss estimates, expenses, investments and currency effects reveals the distinct expertise Tokio Marine brings together.
Primary sources used
FY2025 Results Presentation (corrected edition)
Tokio Marine Holdings, Inc. · 2026-05-20
Pages used: p.11 / p.14 / p.15 / p.16
Open source →Annual Investor Day 2025
Tokio Marine Holdings, Inc. · 2025-12-02
Pages used: p.20 / p.25
Open source →Non-profit Insurance & Social/Human Service Package
Philadelphia Insurance Companies
Open source →Excess Workers’ Compensation
Safety National
Open source →A&H Group Underwriting
Tokio Marine HCC
Open source →Integrated Annual Report 2026: Supplement
Tokio Marine Holdings, Inc.
Pages used: p.5 / p.26
Open source →