All 3 Major Japanese Nonlife Insurers Post Record Profits

Tokyo, Nov. 20 (Jiji Press)--All three major Japanese nonlife insurance firms posted record consolidated net profits in April-September thanks to gains from the sale of cross-held shares and strong overseas operations.

According to earnings reports for the first half of fiscal 2024 released on Tuesday, Tokio Marine Holdings Inc. saw its net profit surge some 3.4-fold from a year earlier to 688.5 billion yen, while MS&AD Insurance Group Holdings Inc.'s net profit was some 5.2 times larger at 458.9 billion yen. Sompo Holdings Inc.'s net profit roughly doubled to 262.2 billion yen.

The nonlife insurance industry has recently been hit by a series of scandals, including the inappropriate sharing of policyholder information between insurers.

However, Masahiro Hamada, senior executive vice president and representative executive officer of Sompo Holdings, explained that the scandals had little impact on the company's earnings. Officials from the other two major nonlife insurers offered similar views.

In the six-month period, net premium income grew at all of the three firms. Thanks to higher insurance rates, sales of automobile insurance and fire insurance products were robust.

[Copyright The Jiji Press, Ltd.]