MS&AD Insurance Group reports annual results
MS&AD Insurance Group reports annual results | Insurance Business Canada
Insurance News
MS&AD Insurance Group reports annual results
Forecast for next fiscal year set
Insurance News
By
Terry Gangcuangco
MS Amlin parent MS&AD Insurance Group Holdings has released its summary of financial statements for the year ended March 31, 2023.
According to MS&AD, here’s how it fared during the 12-month span:
Source of net income attributable to owners of the parent
Year ended March 31, 2023
Year ended March 31, 2022
Mitsui Sumitomo Insurance
¥107.8 billion
¥145.7 billion
Aioi Nissay Dowa Insurance
¥43.1 billion
¥53.9 billion
Mitsui Direct General Insurance
¥0.8 billion
¥0.8 billlion
Mitsui Sumitomo Aioi Life Insurance
¥12.7 billion
¥21 billion
Mitsui Sumitomo Primary Life Insurance
¥19.7 billion
¥53 billion
Overseas Insurance subsidiaries
¥15.7 billion
¥24.5 billion
Others, consolidation adjustments, etc.
¥(38.6 billion)
¥(36.3 billion)
Group
¥161.5 billion
¥262.8 billion
For the current fiscal year, MS&AD’s underwriting income amounted to ¥4.5 trillion while investment income stood at ¥745.7 billion. The results were in part attributed to efforts in the areas of value creation, business transformation, and group synergy.
Looking ahead, MS&AD said: “For consolidated earnings for the next fiscal year, the company forecasts ordinary profit of ¥420 billion and net income attributable to owners of the parent of ¥300 billion on the basis of the assumptions set forth below.
“Net premiums written are based on the company’s own forecasts in view of past trends in results. Incurred loss due to new natural disasters (domestic) is expected to be ¥49 billion for Mitsui Sumitomo Insurance Co., Ltd. and ¥39.5 billion for Aioi Nissay Dowa Insurance Co., Ltd. (total of net claims paid and provision of outstanding claims).”
The insurance group is also assuming that no significant fluctuations in market interest rates, exchange rates, or stock market prices will take place from the end of March 2023.
What do you think about MS&AD’s financial results? Share your thoughts in the comments below.
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