Seven of the top nine domestic life insurers logged declines in basic profit in fiscal 2010 due largely to valuation losses posted for steep price falls in shareholdings following the March 11 catastrophe, according to consolidated earnings reports released by the nine companies through Thursday.
Basic profit comes from an insurer's core operations, representing the total of premium revenues and returns on invested premiums minus insurance payouts and operating expenses.
Sumitomo Life Insurance Co. incurred a 31.4 percent profit drop and Mitsui Life Insurance Co.'s profit plunged 72.9 percent, as they had to increase reserves for variable insurance in the face of stock price falls.