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Japanese Non-Life Insurers' FY2010 Profits Declined After Earthquake; Core Profitability Still Weak Jun 11
Standard & Poors, June 2011
Abstract
Japan's top eight non-life insurance companies (see note 1) suffered a substantial decline in their total nonconsolidated after-tax net profit, mainly due to increased incurred losses relating to the Great East Japan Earthquake and tsunami on March 11, 2011. Insurance underwriting profits, mainly from core automobile insurance, also remained weak. Given that the eight companies' financial bases have been under stress from the impact of the disaster, Standard & Poor's Ratings Services believes that downward pressure on each company's credit quality could increase if the companies fail to improve the profitability of their underwritings in the domestic non-life insurance market, or if another massive natural disaster strikes before they are able to restore their financial bases. Standard & Poor's has...
Companies mentioned in this report are: Sompo Japan Insurance Inc.,NIPPONKOA Insurance Co. Ltd.,Fuji Fire & Marine Insurance Co. Ltd.,Kyoei Fire & Marine Insurance Co. Ltd.,Nisshin Fire & Marine Insurance Co. Ltd.,Toa Reinsurance Co. ,Secom General Insurance Co. Ltd.,AIU Japan,American Home Assurance Company, Japan Branch,Mitsui Sumitomo Insurance Co. Ltd.,Allianz Fire and Marine Insurance Japan Ltd.,Tokio Marine & Nichido Fire Insurance Co. Ltd.,Aioi Nissay Dowa Insurance Co. Ltd.,Hitachi Capital Insurance Corp.,ACE Insurance
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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