April-June
Revenue Up at 5 of 6 Major Japan Non life Insurers |
|
|
|
Five of six major Japanese non life
insurers posted year-on-year rises in net premium revenue in April-June as
growth in fire insurance policy sales via bank counters more than offset a
slump in their mainstay auto insurance businesses. |
|
According to their preliminary
business results for the first quarter of fiscal 2004, Sompo Japan Insurance
Inc. <8755> led the five others, with its revenue reaching 356.4 billion
yen, up 0.6 pct. |
|
Sompo Japan was followed by
Tokio Marine and Fire Insurance Co., a unit of Millea Holdings Inc.
<8766>, which saw its premium revenue increase 0.9 pct to 349.1 billion
yen. Mitsui Sumitomo Insurance Co. <8752> came third with 330.2 billion
yen, up 3.1 pct. |
|
But Nissay Dowa General
Insurance Inc. <8759> suffered a 1.8 pct drop, hit by slack sales of fire
insurance policies. |
|
In Japan, banks are now allowed
to sell such products as long-term fire insurance policies on behalf of
insurance firms thanks to a deregulation measure by the government. |
|
Premium revenue from the auto
insurance businesses, meanwhile, declined at five of the six insurance companies,
including Aioi Insurance Co. <8761>, which suffered a 2.0 pct drop. Tokio
Marine incurred a 1.1 pct decrease. |
Nipponkoa Insurance Co.
<8754> alone logged revenue growth of 3.4 pct as its sales tie-ups with
Meiji Yasuda Life Insurance Co. and Taiyo Life Insurance Co. bore fruit.
|
