The insurer's combined ratio also strengthened over the period to 84.3% at the end of Q1 2024 from 103.9% at the end of December 2023 when COVID insurance losses negatively affected underwriting performance. Nonetheless, the improved combined ratio is largely the result of seasonal effects and our base-case for Tokio Marine Newa remains unchanged, with satisfactory underwriting performance and an annual combined ratio of around 96% in 2024. Despite Tokio Marine's improved earnings in the first three months of 2024, we continue to forecast the company's capital adequacy will remain redundant throughout the year, under a substantial stress scenario (99.8% confidence level). This view is supported by the insurer's resumption of ordinary business and investment plans in 2024 after significant
