2 of 3 Major Japan Nonlife Insurers Post Larger Profits
Tokyo, May 20 (Jiji Press)--Two of Japan's three major nonlife insurance firms secured year-on-year growth in group net profits in fiscal 2018, which ended in March, according to their earnings reports released on Monday.
The two are MS&AD Insurance Group Holdings Inc. <8725> and Sompo Holdings Inc. <8630>.
Combined insurance payments by the two plus Tokio Marine Holdings Inc. <8766> rocketed to 1.6 trillion yen in the fiscal year, due to a series of disasters, including heavy rain and flooding in western Japan in July, a large typhoon in September that inundated Kansai International Airport in Osaka Prefecture, western Japan, and another powerful typhoon in the same month that caused power outages in many areas.
They tried to curb the impact of the disasters by dipping into reserves set aside for future benefit payments and using reinsurance schemes.
MS&AD saw its net profit rise 25.1 pct to 192.7 billion yen, also by selling part of its shareholdings. Sompo Japan recorded 146.6 billion yen in net profit, up 4.9 pct.
[Copyright The Jiji Press, Ltd.]