Japanese Insurers' Shares Slide on Reports of FSA Request

By Ronnie Harui

Shares of Sompo and Tokio Marine fell Tuesday after media reports said that Japan's Financial Services Agency has asked the companies and two other insurers for detailed information on suspected pre-adjustment of fire-insurance premiums.

Sompo's stock was recently 5.1% lower at Y6,183, on track for its biggest one-day loss since late November 2022. Tokio Marine's shares were 5.2% lower, falling to Y3,221 and on course for their largest one-day loss since mid-March.

Local media including NHK reported Monday that Japan's FSA issued the request to Sompo unit Sompo Japan Insurance, Tokio Marine unit Tokio Marine & Nichido Fire Insurance, Aioi Nissay Dowa Insurance and Mitsui Sumitomo Insurance.

Write to Ronnie Harui at [e-mail]

(END) Dow Jones Newswires

06-20-23 0010ET