Tokio Marine’s net income fell nearly 11%

Japanese insurer Tokio Marine Holdings Inc.’s net income fell 10.5% year-on-year to 376.4 billion Japanese yen ($2.72 billion) in the year ended March 31 due to inflationary pressures and increased expenses, Morningstar reported citing Alliance News. The insurer, which saw its ordinary profit also fall by 11% year-on-year to JPY503.9 billion, blamed the slow pace of post-pandemic recovery in the country for the decline.