All three major Japanese nonlife insurers log record net profits

The three major Japanese nonlife insurers reported record net profits in fiscal 2024, driven by gains from selling cross-held shares following improper business practices and fraudulent premium adjustments. Despite the sale of all such holdings, net premium income rose due to increased car and fire insurance rates and a weaker yen benefiting overseas operations. However, they expect net profit to decline in 2025 as sales from these shares decrease, while automobile insurance faces headwinds from inflationary rising repair costs.