MILLEA CUTS FULL-YEAR PROFIT FORECAST

Japan-based Millea Group Holdings, the parent of Nisshin Fire & Marine and Tokio Marine & Nichido Fire has cut its full-year earnings outlook to March 31 as a result of higher-than-anticipated payouts as a result of natural disasters. Tokio Marine now predicts a net profit of ¥78bn, down from a previous estimate of ¥90bn. Group revenue was cut to ¥4.16tn from ¥4.29tn. Millea also announced that it would be buying back ¥41.4bn-worth of its own shares, equal to 1.2% of the shares in issue.