Newsfrom Japan
Economy
May 21, 2025 16:47 (JST)
Tokyo, May 21 (Jiji Press)–All three major Japanese nonlife insurance companies posted record consolidated net profits for the second straight year in fiscal 2024, which ended in March, driven by gains from the sale of cross-held shares, according to their earnings reports.
Net profit went up some 1.5 times to 1,055.2 billion yen at Tokio Marine Holdings Inc., about 1.9 times to 691.6 billion yen at MS&AD Insurance Group Holdings Inc. and 1.7 pct to 422.9 billion yen at Sompo Holdings Inc.
The companies plan to sell all of their cross-shareholdings, which are said to have become the hotbed of improper business practices, after fraudulent advance adjustments of premium rates for corporations were found.
For fiscal 2024, gains 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.
Net premium income increased at all the companies, reflecting hikes of car and fire insurance premium rates. The yen’s weakening also helped their overseas operations.
[Copyright The Jiji Press, Ltd.]
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