Tokio Marine posts 42% decline in Q2 profit
Japan’s largest property and casualty insurer, Tokio Marine, has reported a 42% drop in quarterly profit.
The insurer is the latest to fall victim to a stumbling economy, posting a ¥28.9 billion ($304 million) profit in the second quarter compared to ¥49.4 billion ($521 million) for the same period last year.
Tokio Marine says while housing investment showed signs of recovery in the second quarter, the Japanese economy experienced slower growth due partly to a downturn in export growth caused by the slowing US-centred global economy and a sharp rise in energy and material prices.
The insurer is the latest to fall victim to a stumbling economy, posting a ¥28.9 billion ($304 million) profit in the second quarter compared to ¥49.4 billion ($521 million) for the same period last year.
Tokio Marine says while housing investment showed signs of recovery in the second quarter, the Japanese economy experienced slower growth due partly to a downturn in export growth caused by the slowing US-centred global economy and a sharp rise in energy and material prices.