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Top Japan Nonlife Insurers’ Net Profits Down 5.4% In 1st Qtr
Three leading Japanese casualty insurance groups have reported a combined net profit of 105.2 billion yen (US$1.36 billion) for the April-June quarter, down 5.4 per cent from a year earlier, on higher claims payouts stemming from overseas natural disasters.
The strong yen also ate into foreign earnings. But payouts related to Japan’s March 11 earthquake were covered by reserves set aside by the end of March and had no impact on first-quarter results, which all three companies had reported as of Friday.
MS&AD Insurance Group Holdings Inc. (TSE:8725), Tokio Marine Holdings Inc. (TSE:8766) and NKSJ Holdings Inc. (
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