Rate reductions and a slowing economy has precipitated a JPY100 billion (USD1.1 billion) reduction in net written premium, though net earned premium did grow lightly. Underwriting income fell 63.6 percent on an earned-incurred basis as a result of slightly higher losses in core lines of business and administrative expense growth. For the first half of FY2008, the combined ratio for these seven carriers was 99 percent, compared to 97.3 percent for the first half of FY2007.
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