Tokio Marine & Fire Insurance Co. said Tuesday its group pretax profit for the 2000 business year surged 58.9 percent to 85.45 billion yen.
In the previous year, the nonlife insurer booked 130.7 billion yen as an investment loss related to stock index futures trading. But in the absence of any investment loss of similar magnitude, the firm saved 167.2 billion yen in asset management costs, it said.
Tokio Marine posted a group net profit of 41.82 billion yen in fiscal 2000, up 21.5 percent from the previous year, and group revenues of 1.96 trillion yen, down 4 percent.
Group net profit per share was 26.98 yen, up from 22.21 yen the previous year.
For the year ending March 31, 2002, the company forecasts a group net profit of 53 billion yen and a group pretax profit of 82 billion yen on revenues of 1.97 trillion yen.
Tokio Marine released its unconsolidated earnings report on May 18, saying its unconsolidated pretax profit surged 87.5 percent in fiscal 2000 to 86.41 billion yen on the strength of cost-cutting efforts.
Millea eyes Thailand
Two insurers planning to form the Millea Insurance Group are in talks with life insurer Thai Charoen Life Assurance Co. on a joint venture that would give the group a foothold in Thailand’s life insurance market, a Tokio Marine & Fire Insurance Co. spokesman said.
The nonlife insurer plans to buy a 25 percent stake in the Thai firm, following a basic agreement that may be reached as early as this week. Under Thai law, 25 percent is the maximum stake permitted for foreign investors.
Tokio Marine and Asahi Mutual Life Insurance Co. plan to send eight staffers to help manage the joint venture, the spokesman said.
Tokio Marine and Asahi Mutual Life will join forces under a holding company with Nichido Fire & Marine Insurance Co. and Kyoei Mutual Fire & Marine Insurance Co. to form the Millea group in April 2004.
Charoen Life, owned by liquor tycoon Charoen Sirivadhanabhakdi, has been struggling to take off since it began operations two years ago. Thailand’s 75.2 billion yen life insurance market is dominated by the U.S. financial service company American International Group, whose market share in Thailand is estimated at 49.3 percent.
Yasuda profit up 1.6%
Yasuda Fire & Marine Insurance Co. said Tuesday its consolidated net profit for fiscal 2000 rose 1.6 percent from the previous year to 14.23 billion yen.
The gain came on steps to strengthen its business structure under a mid-term management plan, the nation’s second largest nonlife insurer said.
Group pretax profit, meanwhile, fell 8 percent to 38.02 billion yen in the year to March 31, and group revenue dropped 1.6 percent to 1.35 trillion yen.
Group net profit per share rose to 15.32 yen from 14.96 yen the previous year.
For the current fiscal year, Yasuda Fire expects its earnings to grow, with net profit standing at 15 billion yen, pretax profit at 43.50 billion yen and group revenue at 1.48 trillion yen.
The company said it will take all possible measures to improve its management basis prior to the planned merger next April with Nissan Fire & Marine Insurance Co. and Taisei Fire & Marine Insurance Co.
Yasuda Fire released its unconsolidated earnings report for fiscal 2000 on May 18, saying its unconsolidated pretax profit rose 0.9 percent from the previous year to 40.12 billion yen.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.