S&P Global Ratings Inc. said that Japan’s three major nonlife insurers, MS&AD Insurance Group Holdings, Tokio Marine Holdings Inc. and Sompo Holdings Inc., reported a combined profit of $9.3 billion in the fiscal 2023 ended March 31, a 142% increase over the prior year, MSN reported. The growth was driven by higher earnings from overseas operations, gains from strategic shareholding sales and reduced COVID-19 and catastrophe-related insurance payments.
