Toa Re profit jumps 35%; underwriting, overseas units strengthen

Toa Re America, the U.S. subsidiary, reported a largely flat top line but a sharp jump in earnings for the year ended December 31, 2025. Gross premiums written edged up 0.5% to $520.4 million, while net premiums written increased 2.1% to $390.1 million. Pre-tax net income surged 85.4% to $51.6 million, and after-tax net income more than doubled, rising 138.2% to $42.6 million from $17.9 million. Casualty accounted for 47.8% of gross premiums at the U.S. unit, followed by agriculture at 27.5%, property at 18.8% and automobile liability at 5.2%.

Toa Re Europe saw lower premium volumes but a significant earnings improvement for the same period. Gross premiums written fell 6.4% to CHF248.3 million, and net premiums written declined 8.3% to CHF225.5 million. Pre-tax net income rose 15.5% to CHF31.1 million, while after-tax net income jumped 45.3% to CHF25.7 million. Property made up the largest share of European gross premiums at 34.5%, followed by engineering at 29.0%, automobile liability at 19.1% and casualty at 9.1%.

Toa Re's capital ratio improved 5.31 percentage points to 36.25%.