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News - Japanese majors post strong 05-06 non-life results.
(From Reinsurance)
Fitch Ratings has said that major Japanese non-life insurers posted strong underwriting results for the fiscal year ending March 2006 (FYE06), following a drop in earnings in FYE05 as a result of natural disasters.
Fitch said the major companies' capital positions were strengthened on the back of a surge in the Japanese equity market even as profits from the sale of securities decreased.
"The total net premiums written (NPWs) for the five major Japanese non-life insurers increased by 0.8% year-on-year in the 2006 fiscal year," said Megumi Usui, an analyst in Fitch's Financial Institutions group in Tokyo.
In aggregate, the NPWs increased in all the major business lines - except for compulsory automobile liability insurance (CALI) - with the largest contribution from the fire line. Demands for cargo insurance, medical and nursing care products, and general liability insurance were also strong, added Ms Usui.
In the voluntary automobile line, which is the major business line for the Japanese non-life insurers, the five companies' total NPWs returned to positive growth in FYE06. ...
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