TOKYO, April 27 (Reuters) - Sumitomo Mitsui Financial Group said on Wednesday that its net profit is likely to have come 13 percent short of its own forecast for the year ended in March, hurt by losses in its Tokyo Electric shares.
Japan's top banks and life insurers, which are among the largest shareholders of Tokyo Electric, are expected to suffer losses as the troubled utility's stock plunges in the wake of an accident at its Fukushima Daiichi nuclear plant.
Japan's second-largest life insurer Dai-ichi Life said earlier this week it would book 110 billion yen ($1.3 billion) in valuation losses on its securities holdings during the January-March quarter, and a source said most of that was from Tokyo Electric shares.
SMFG, Japan's third-largest lender by assets, owns a 2.7 percent stake in Tokyo Electric. It said its commercial banking unit would book valuation losses of 92 billion yen in the January-March quarter, of which, about 80 billion yen was from Tokyo Electric.
As a result, the bank said it now expects to report net profit of 470 billion yen for the year ended in March, down from the previous estimate of 540 billion yen and below a forecast of 522 billion yen in a poll of 13 analysts by Thomson Reuters I/B/E/S.
The bank is scheduled to announce its results on May 13.
($1 = 81.515 Japanese Yen) (Reporting by Taiga Uranaka; Editing by Joseph Radford)