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Stock market slump weighs on Japan's top nonlife insurers.

Publication: Japan Weekly Monitor
Publication Date: 03-DEC-01
Format: Online
Delivery: Immediate Online Access

Article Excerpt
TOKYO, Nov. 27 Kyodo

Japan's top 10 casualty insurers on Tuesday reported dismal earnings results for the fiscal first half ended Sept. 30 as crumbling Tokyo share prices cut deep into their profitability, forcing all to book hefty appraisal losses on stockholdings under new accounting rules.

As an industry realignment proceeds, the results illustrated the widening gap between the strong and weak, with four of the smallest slipping into the red on a pretax basis.

Tokio Marine & Fire Insurance Co., Japan's biggest casualty insurer, managed to stay afloat but reported a 28.4% fall in unconsolidated pretax profit in the first half as falling share prices forced it to book 21.17 billion yen in securities...

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