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Mix-Ansicht- Antizyklisches Kaufsignal für japanische Banken - El Sheik, 05.06.2002, 09:09
Antizyklisches Kaufsignal für japanische Banken
Wer hält jetzt überhaupt noch Bankaktien? Die trägen, uninformierten Versicherungen verlassen das"sinkende Schiff"; jetzt, nach den (wahrscheinlich) größten Verlusten.
El Sheik
Wednesday, June 5, 2002
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Top Life Insurers Post Y1tln Paper Loss On Banking Shares
TOKYO (Nikkei)--Japan's 10 major life insurers posted more than 1 trillion yen worth of appraisal losses on bank shareholdings in fiscal 2001.
The data implies an imminent change in relations between insurers and banks, which have long bought one another's stocks for the purpose of cementing ties.
Asset-impairment accounting rules introduced in fiscal 2001 require companies to account for losses on shareholdings for stocks that have fallen 30-50% from their original purchase price.
The 10 life insurers posted a total 1.5 trillion yen in such extraordinary losses, 1 trillion yen, or 70%, of which came from banking shares.
Dai-ichi Mutual Life Insurance Co. was hit the hardest, as appraisal losses on its banking shares accounted for more than 80% of its total paper loss. A sharp decline in Mizuho Holdings Inc. (8305) stock prices is believed to be the cause for the enormous loss. The company on Tuesday declined to comment on the issue.
Asahi Mutual Life Insurance Co. reduced its shareholdings by about 40% to 1.05 trillion yen in the past year to make itself less susceptible to stock price fluctuations.
An official at Meiji Life Insurance Co. said the company will also reduce its bank shareholdings.
Other life insurers are expected to follow suit, depending on the financial health of banks.
(The Nihon Keizai Shimbun Wednesday morning edition)
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