Six major domestic nonlife insurers on Wednesday reported mixed financial results for the business year to March 31 as earnings were affected by revelations of an industrywide failure to pay legitimate claims and payouts for typhoon damage.
Mitsui Sumitomo Insurance Co. and Sonpo Japan Insurance Inc., which were ordered by the Financial Services Agency last year to partially suspend operations, saw earnings drop.
Mitsui Sumitomo said its net premium revenue, which corresponds to sales in other industries, dropped 1 percent from the previous year to 1.32 trillion yen, with net profit falling 14.6 percent year-on-year to 55.3 billion yen.