2 Major Japan Nonlife Insurers Log Larger 1st-Half Profits

Tokyo, Nov. 20 (Jiji Press)–Two of Japan’s three major nonlife insurance companies have reported larger consolidated net profits than a year before in the first half of fiscal 2025. The three companies’ combined net profits for April-September jumped 15.7 pct to 1,538.9 billion yen, as natural disasters that hit Japan decreased, lowering their insurance payments, according to their announcements Wednesday. Another positive factor was insurance premium hikes. Sompo Holdings Inc. saw its net profit double to 360.4 billion yen, and MS&AD Insurance Group Holdings Inc.’s net profit rose 7.1 pct to 491.6 billion yen. The profit of Sompo, which adopts a different accounting method from the other two, does not include profits from the sale of cross-shareholdings. At Tokio Marine Holdings Inc., net profit declined 0.2 pct to 686.8 billion yen due to declining revenues from its overseas insurance business affected by the yen’s appreciation. Backed by higher stock prices, the three are actively selling cross-shareholdings, aiming to sell all of them in stages to utilize the profits for mergers and acquisitions. END [Copyright The Jiji Press, Ltd.]