My name is Kenji Okada, Group CFO of Tokio Marine Holdings. I thank all of the participants for joining us tonight despite this late in the day. Thank you for your interest in Tokio Marine. Today, Tokio Marine announced its Q3 results and upward revision to full year projections. I am going to be explaining about that first. Without further ado, please turn to page three. I have two points I would like to convey to you today. The first point is that Q3 earnings was very strong. Adjusted net income for the Q3 was JPY 472.9 billion. This is a progress rate of 96.5% against the annual projection announced back in November last year. Therefore, I believe it is fair to conclude that current business performance is robust.
The second point is that based on the strong Q3 results and strong business momentum, we are making an upward revision to full-year projections. Specifically, full-year guidance of Adjusted Net Income will be revised upwards by JPY 70 billion from JPY 490 billion announced in November to JPY 560 billion this time. Now I will give more details on both of these two points. Please turn to page four. First, I will talk about top line. Q3 results on Net Premiums Written excluding FX impact increased by 4.9% year-on-year, and Life Insurance Premiums increased by 0.5% year-on-year. Both these are making good progress against our annual projections and performance is strong.
Backed up by strong performance of overseas businesses, annual projection of net premiums written was also revised upwards and it is now positive 4.2% growth year-on-year. Next, I will talk about Adjusted Net Income. Please turn to page five . Q3 result was strong, as I touched upon earlier, and this is mainly driven by TMNF and international business. To be more specific, at TMNF, in addition to the strong top-line results, incurred losses declined significantly from the November projection. This is due to decrease in natural catastrophes and large losses compared to a normal year and decrease in traffic volume due to COVID-19, which has mitigated loss ratio in the auto line of business. As a result, we already exceeded the full year forecast by 6.5% as of the end of the Q3.
In the international business, with strong underwriting profit and investment income, we achieved a strong progress rate against the full-year forecast at 92.4%. Based on these results, we made an upward revision to our full-year guidance, which I would like to discuss on page six. As I mentioned earlier, we revised up the full-year projection for adjusted net income by JPY 70 billion. First, TMNF is revised up by JPY 20 billion. This is because we released JPY 15 billion from the natural catastrophe budget to make the full-year budget JPY 40 billion before tax. Also, based on the recent actual results, we revised net premiums earned. Next, international business is revised up by JPY 45 billion. As the accounting period for the international business ends in December, we reflected the most recent results to the extent that we know.
To be more specific, as shown on the slide, underwriting results were strong, partly helped by benign NatC at losses. On the investment front, those capital and income gains increased, and currencies worked favorably with weaker Japanese yen. Also, other profit is revised up by JPY 5 billion. This is because sales volume of business-related equities is expected to increase by JPY 10 billion. All in all, adjusted net income is projected at JPY 560 billion. You might rather be interested in underlying level of income as a basis to estimate FY 2022 performance. Certainly, the projected JPY 560 billion includes some one-off factors such as benign NatCat losses and capital gains in North America by approximately JPY 20 billion each or JPY 40 billion in total.
In addition, while we haven't done detailed calculations, we also assume that mitigated loss ratio under the pandemic is helping our income by about JPY 10 billion and sales volume of business-related equities has been exceeding our original plan. In terms of our underlying performance, management team appreciates that we are capable of exceeding JPY 500 billion. I like to finish off my remarks with some comment on capital management, although there is no slide prepared. Last December, we announced share repurchase up to JPY 40 billion. As of the end of January, we implemented the plan by JPY 20 billion, which made our total repurchase at JPY 80 billion so far in FY 2021 on a cumulative basis. Our stock price is now exceeding JPY 7,000 with a market cap of approximately JPY 5 trillion.
As I discussed earlier, given our underlying capabilities, we think our stock is still undervalued. As for the remaining JPY 20 billion in the share repurchase program, we intend to make flexible decisions and execute the program. We will continue to implement our management and business strategies steadily and along with disciplined capital management, we strive to increase profit and ROE. We would like to continue to meet the expectations of capital market, and I would like to ask for your continued support.