Global insurer Tokio Marine is the latest to announce a projected drop in profit following the Japan and Christchurch earthquakes.

The company expects a 38.3% drop in profits from an originally estimated ¥115 billion ($1.32 billion) to ¥71 billion ($819 million) for the year ending March 31.

Tokio Marine says its net income has been downgraded due to the more than ¥90 billion ($1.03 billion) in losses from the March 11 Japan earthquake and tsunami.

An “expected increase in overseas consolidated subsidiaries’ incurred losses” linked to the Christchurch earthquake has also been a major contributing factor.

The group will release its full-year results later this month.