Tokio Marine has reported a net profit of ¥247.44 billion ($2.59 billion) for the year to March 31, up ¥63.3 billion ($663.5 million) on the previous year.

“While European economies had concerns about short-term prospects, and some developing countries, including China, grew only slowly, the world economy as a whole generally continued to recover gradually as a result of the steady improvement in the household sector and the corporate sector in the US,” the insurer said.

“In Japan, while the economy was affected by the increase in the consumption tax rate, the economy gradually recovered amid the depreciation of the yen and rising share prices, and improvement could be seen in the corporate sector.”

The company says its result is centred on the property and casualty and life insurance operations, despite a slump in its domestic life business.

Tokio Marine is a year into its customer-focused “To Be a Good Company 2017” strategy, striving for “growth characterised by high profitability, sustainability and soundness”.

The company has foreshadowed “refining” its business model under the strategy.