Millea Holdings Inc., which groups Tokio Marine & Fire Insurance Co. and Nichido Fire & Marine Insurance Co., said Thursday it has revised downward its group profit forecast for fiscal 2002.
It attributed the downgrade to valuation losses on its shareholdings amid the stock market slump.
Millea now expects its group net profit for the business year that ended March 31 to stand at 56 billion yen, down 36.4 percent from a forecast of 88 billion yen released in December.
The firm said it expects to incur about 110 billion yen in appraisal losses on group securities holdings.
The company expects its group pretax profit to stand at 100 billion yen, down 32.4 percent from a previous estimate of 148 billion yen, on revenue of 2.93 trillion yen, up 3.7 percent from an earlier projected 2.825 trillion yen.
Millea said earnings projections for Tokio Marine & Fire Insurance and Nichido Fire & Marine Insurance remain unchanged.