Business Services Industry
Sompo Japan Insurance Inc. Swings Back into Black in FY 2003.
Knight Ridder/Tribune Business News, May, 2004
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
May 21--TOKYO -- Sompo Japan Insurance Inc. said Friday it swung back into the black in fiscal 2003 as the recovery in the nation's stock market in the just-ended business year brought remarkable improvements in the company's asset management.
The nonlife insurer said it posted a parent-only net profit of 64.17 billion yen in the year that ended March 31, a turnaround from a net loss of 26.95 billion yen in the previous year.
Sompo Japan was created in July 2002 through the merger of Yasuda Fire & Marine Insurance Co. and Nissan Fire & Marine Insurance Co.
The company also chalked up a pretax profit of 134.40 billion yen, compared with a pretax loss of 10.26...
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