Major non-life insurance company MS & AD to record loss of more than 60 billion yen Impact of new corona April 20:43
MS & AD Holdings, a major non-life insurance company, has announced that it will book a total loss of over 60 billion yen due to the effect of the spread of the new coronavirus worldwide and a drop in stock prices, which will be booked in the fiscal year ending March.
According to MS & AD Holdings, the Group's Australian life insurance company's share price has dropped significantly, resulting in an accounting loss of 36.6 billion yen.
In addition, the value of domestic companies' shares held by the Company dropped significantly, resulting in a write-down of 31.8 billion yen. As a result, we will post a loss of 68.4 billion yen in line with the fiscal year ending March.
The company will announce the details of the financial results on the 20th of next month.
Due to the decline in global stock prices, major domestic financial institutions have announced that Mitsubishi UFJ Financial Group, Mizuho Financial Group and Dai-ichi Life Holdings will also record losses. The impact on business performance is spreading.