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The Japanese insurance group also revised its ordinary income forecast from 9 billion yen to a loss of 13 billion yen on a consolidated basis. Mitsui Sumitomo Insurance Co. Ltd. [84422], the local nonlife unit of the insurance group, said it expects it forecasted net income to fall to 46 billion yen from the previously predicted 66 billion yen. Its prediction for ordinary profit was also revised downward from 55 billion yen to 25 billion yen for the 2008 fiscal year on a non-consolidated basis. The Tokyo-based insurance group said the revision was made mainly due to "continued stagnancy in capital markets arising out of the financial crisis originated in the U.S." The group's devaluation losses on securities are expected to exceed the previous forecast of 75 billion yen by about 43 billion yen. In January, Mitsui Sumitomo reached a merger agreement with Aioi Insurance Co. [85028] and Nissay Dowa General Insurance Co. [85056]. The three-way merger is set to be completed by April 2010 and will form one of the biggest insurance groups in Japan, which will be incorporated under Mitsui Sumitomo Group (BestWire, Jan. 23, 2009). Mitsui Sumitomo 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) For full details for MSIGY click here.
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