Japanese insurer and reinsurer Tokio Marine Holdings has issued a full-year profit warning following losses from Hurricane Sandy.

It says net profit for the 12 months to next March 31 will be ¥90 billion ($1.1 billion), down 14% on its original forecast of ¥105 billion ($1.2 billion).

This is largely because of a revised outlook for its overseas insurance business, with the adjusted earnings forecast cut by ¥21 billion ($245 million) to ¥47 billion ($549 million), “mainly owing to the effects of Hurricane Sandy”.

In the six months to September 30, Tokio Marine Holdings reported net profit of ¥62.5 billion ($730 million), down 21% from ¥79.1 billion ($923 million) in the corresponding period last year. Income in the six-month period fell 9% to ¥1.7 trillion ($20 billion).