Millea Holdings

A negative difference of only 3% between the growth of Millea Group’s operating income and is operating costs resulted in a 30% fall in its pre-tax profits

The last two financial years (which in Japan ends in March) have been tough for Millea Holdings, the holding company created in April 2002 when two separate insurers, Tokio Marine and Nichido Fire, joined together through a statuary exchange of shares. The property and casualty insurance market in Japan remains highly competitive, as companies adapting to the new liberalising, more consumer focused, environment invest in improved and more diversified products and services on the one hand, and restructure or seek new alliances to achieve greater operating efficiencies, on the other.