The purpose of the repurchase is to implement flexible financial policies
Tokio Marine Holdings (TMH) has repurchased its own shares.
The class of shares repurchased were common shares of the company.
Exactly 1,808,000 shares were repurchased between 1 and 16 August 2021.
The shares were purchased through the Tokyo Stock Exhchange at an aggregate purchase price of 9,724,874,300 yen (£65,131,608.13).
The completion of the share repurchases was approved by TMH’s board of directors on 28 June 2021 – pursuant to Article 156 of the Companies Act.
TMH stated that the reason for the repurchase of its shares was to implement flexible financial policies.
Ronnie Gray, director at Alpha Insurance Analysts, said: “Given the statement from the company when the buyback was announced, which included the phrase ‘flexible financial policies’, that seems to be the case here, rather than a lack of attractive investment opportunities in the insurance space.”
Insurance Times has approached the Tokio Marine Group for comment.