All 3 Major Japan Nonlife Insurers Log Record Net Profits

Tokyo, Could 21 (Jiji Press)–All three main Japanese nonlife insurance coverage firms posted report consolidated internet earnings for the second straight yr in fiscal 2024, which resulted in March, pushed by good points from the sale of cross-held shares, in keeping with their earnings reviews.

Internet revenue went up some 1.5 instances to 1,055.2 billion yen at Tokio Marine Holdings Inc., about 1.9 instances to 691.6 billion yen at MS&AD Insurance coverage Group Holdings Inc. and 1.7 pct to 422.9 billion yen at Sompo Holdings Inc.

The businesses plan to promote all of their cross-shareholdings, that are stated to have turn into the hotbed of improper enterprise practices, after fraudulent advance changes of premium charges for companies have been discovered.

For fiscal 2024, good points from the sale of cross-shareholdings reached 822.1 billion yen at Tokio Marine, 530.6 billion yen at MS&AD and 298.6 billion yen at Sompo Holdings.

Internet premium earnings elevated in any respect the businesses, reflecting hikes of automotive and hearth insurance coverage premium charges. The yen’s weakening additionally helped their abroad operations.

[Copyright The Jiji Press, Ltd.]