Tokio Marine, Sompo Japan Nipponkoa and MS & AD Insurance Group increased their net profits by 30% to approximately 590 billion JPY (5.2 billion USD) in the year ending on March 31.
Tokio Marine equaled its last year's profit with 247.4 billion JPY (2.2 billion USD).
For its part, Sompo Japan has made more impressive results: its net profit tripled to 160 billion JPY (1.4 billion USD ). Finally, MS & AD saw its profits increasing by 30% to 180 billion JPY (1.6 billion USD).
The decline in motor claims combined with the increase in premiums turned in favor of insurers. Moreover, these three companies have not marketed long-term fire insurance since October.
The demand for this type of policy had sharply increased before the cease of their marketing. Prospects for the coming year are less satisfactory.
Demand for fire guarantees should weaken and motor competition will put rates under pressure.