Japan: Toa Re's ratings affirmed as 'Excellent"


The Toa Reinsurance Company (Toa Re) has chalked up adequate operating performance underpinned by a five-year average return on equity of 1.7% (fiscal years 2017-2021), as calculated based on comprehensive income, says AM Best.

The reinsurer’s net premium written (NPW) grew by 5% in the financial year ended 31 March 2022 (FY2021), driven by its overseas business. Its overall underwriting performance was adversely impacted by a series of losses from natural catastrophes and extraordinary incidents in FY2021. The company’s combined ratio remained above 100% due to continued reserve strengthening from TRA and losses from the high frequency of natural catastrophes and large loss incidents.

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