Companies

3 Nonlife Insurers Log Net Profits in April-Sept.

REUTERS/Toru Hanai/File Photo
A logo of Sompo Japan Nipponkoa Insurance Inc is seen at the company’s headquarters in Tokyo, Japan

Jiji Press

11:00 JST, November 19, 2023

TOKYO (Jiji Press) — All three major nonlife insurance companies in Japan reported on Friday group net profits in April-September thanks to relatively low insurance payouts related to natural disasters in the country.

Of the three, Sompo Holdings Inc. was the only one that suffered an insurance revenue drop, hurt by the impact of automobile insurance fraud at used car dealer Bigmotor Co.

In the first six months of fiscal 2023, Tokio Marine Holdings Inc.’s net profit rose 2.1-fold from the same period a year before to ¥205 billion due to its strong overseas operations.

MS&AD Insurance Group Holdings Inc. and Sompo Holdings Inc. both returned to the black, at ¥87.5 billion and ¥131.5 billion.

Net insurance premium revenue rose 7.5% to ¥2.45 trillion at Tokio Marine and 8.3% to ¥2.27 trillion at MS&AD.