Tokio Marine Holdings says economic recovery in the US and Japan contributed to a 72% increase in profit to ¥150.27 billion ($1.63 billion) for the nine months to December 31.

The company – parent of Tokio Marine & Nichido Fire Insurance, Nisshin Fire & Marine, E.design Insurance and Tokio Marine & Nichido Life Insurance – says underwriting income from general and life insurance gained 9% to ¥2.52 trillion ($27.34 billion).

Underwriting expenses grew 14% to ¥2.42 trillion ($26.27 billion) and investment income jumped 81% to ¥586.91 billion ($6.36 billion).

The company says the Bank of Japan’s monetary easing policies and an increase in public spending fuelled economic growth.

The operating performance of its general and life insurance businesses also improved.