Nissan Fire & Marine Insurance Co. said Tuesday it plunged into the red with a consolidated net loss of 43.76 billion yen in the 2001 business year after taking heavy losses from reinsurance contracts linked to the Sept. 11 terrorist attacks.
That translates into a loss of 172.14 yen per share for the year to March 31, a steep turnaround from the 17.10 yen per share it made the previous year on group net profits of 4.40 billion yen, the property and casualty insurer said.
Nissan Fire reported consolidated pretax losses of 53.31 billion yen, reversing the previous year's profits of 19.06 billion yen.
Group operating revenues rose 11.1 percent to 415.47 billion yen, including net premium revenues of 230.44 billion yen, down 9.2 percent.
Nissan Fire said it took 115.6 billion yen in losses from reinsurance contracts with primary insurers that underwrote the risks of companies damaged in the attacks on New York and Washington.
The The Tokyo-based company booked 20.25 billion yen in appraisal losses on its securities holdings.
On May 20, Nissan Fire released unconsolidated results for the 2001 business year that included a net loss of 39.50 billion yen, paid a full-year dividend of 7 yen per share for 2000, and said it will pay no dividend for the reporting year.
For the current year to March 31, the insurer projects consolidated net profits of 100 million yen.