Tokio Marine & Fire Insurance Co. and Yasuda Fire & Marine Insurance Co., two major Japanese casualty insurance firms, on Wednesday reported double-digit net profit increases for their group businesses in fiscal 1999.
Tokio Marine said it posted a consolidated net profit of 34.42 billion yen for the year that ended March 31, up 10.5 percent from the previous year, due mainly to a smaller extraordinary loss than in fiscal 1998.
Its group pretax profit, however, plunged 63.7 percent to 53.79 billion yen, as a result of losses in stock-index futures trading at its parent company, it said.
Group revenue at Tokio Marine dropped 3.8 percent to 2.04 trillion yen, partly because revenue from overseas subsidiaries declined when calculated in yen as a result of the yen's recent strength, it said.
Yasuda Fire & Marine Insurance reported a consolidated net profit of 14.01 billion yen for the same fiscal year, up 10.6 percent from the previous year.
Pretax profit totaled 41.32 billion yen, up 26.5 percent thanks to reduced costs.
Revenue came to 1.367 trillion yen, down 0.6 percent.
For fiscal 2000, Tokio Marine expects to post a consolidated net profit of 48 billion yen and pretax profit of 85 billion yen on revenue of 2.01 trillion yen.
Yasuda Fire's projections are a consolidated net profit of 15 billion yen and pretax profit of 46 billion yen on revenue of 1.32 trillion yen.