Major Japanese Nonlife Insurers Log Profit Falls in FY 2019
Tokyo, May 20 (Jiji Press)--Three major Japanese nonlife insurers reported on Wednesday that their respective group net profits fell in fiscal 2019, which ended in March, blaming a spate of major natural disasters including last autumn's violent typhoons.
Disaster-linked insurance payments by the three--Tokio Marine Holdings Inc. <8766>, MS&AD Insurance Group Holdings Inc. <8725> and Sompo Holdings Inc. <8630>--came to 331.4 billion yen, 502 billion yen and 390.5 billion yen, respectively.
They increased reserves for future insurance payments in the event of extreme disasters.
The lower profits were also attributed to financial market turbulence caused by the COVID-19 outbreak, which hurt the companies' asset portfolios.
For fiscal 2019, Tokio Marine booked a net profit of 259,763 million yen, down 5.4 pct from the previous year. MS&AD suffered a net profit slump of 25.8 pct to 143,030 million yen. Sompo's net profit dropped 16.4 pct to 122,515 million yen.
[Copyright The Jiji Press, Ltd.]