Tokio Marine lowers profit targets

Tokio Marine Group revised downward its 2017 full-year profit expectations due to higher loss estimates for natural catastrophes in the domestic and overseas non-life insurance business.

The group has lowered its adjusted net income expectation for the 2017 financial year ending March 31, 2018, by ¥67 billion to ¥315 billion ($2.83 billion).

Tokio Marine Holdings said on Oct. 13 that it expects pre-tax incurred losses (net of reinsurance) attributable to Hurricanes Harvey, Irma and Maria, and the earthquakes in Mexico, of approximately ¥65.0 billion ($580 million).

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