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Favorable loss results from Tokio Marine Nichido Fire Insurance Co., a local nonlife subsidiary of the insurance group, contributed to a better financial forecast for the 2008 fiscal year ended March 31, 2009.
The group lowered its loss forecast for ordinary income to 15 billion yen in losses, from the previous predicted loss of 29 billion yen for 2008.
The Tokyo-listed insurance group said its local nonlife subsidiary's incurred losses related to large claims are expected to be "less than previously forecasted."
Tokio Marine Nichido Fire's net income is expected to rise to 71 billion yen from the previous forecast net income of 50 billion yen. Its ordinary profit also expected to improve from 50 billion yen to 69 billion yen for the 2008 fiscal year.
Tokio Marine Nichido Fire Insurance Co. Ltd. currently has a Best's Financial Strength Rating of A++(Superior).
(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)
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