Dai-ichi Life Holdings Cuts Net Profit Estimate by 90 Pct
Tokyo, April 1 (Jiji Press)--Dai-ichi Life Holdings Inc. <8750> on Wednesday sharply revised down its group net profit projection for the year that ended Tuesday due to the financial market turmoil stemming from the coronavirus pandemic.
The major Japanese life insurer now expects a net profit of 17 billion yen, more than 90 pct lower than the 226 billion yen initially projected.
The revision was prompted by steep interest rate falls mainly in overseas markets and a sizable decline in stock prices of a group company listed overseas.
Meanwhile, its forecast for group adjusted profit, a source for shareholder returns such as dividends, remains intact at approximately 240 billion yen.
Due to the falls in interest rates, Dai-ichi Life Holdings increased policy reserves at Dai-ichi Frontier Life Insurance Co., a subsidiary, by 160.5 billion yen.
[Copyright The Jiji Press, Ltd.]