Due to record natural disaster-related claims caused by the unprecedented number of typhoons last year, Japan's three largest nonlife insurers on Monday reported sharp drops in fiscal 2004 profits.
Tokio Marine & Nichido Fire Insurance Co. said its parent-only net profit fell 17 percent to 96.86 billion yen for the year that ended in March.
The nonlife insurer, the main unit of Millea Holdings Inc., said total net payout for natural disaster-related claims jumped nearly 10-fold to 147.9 billion yen.