To use this site, please disable the ad blocking feature and reload the page.
This website uses cookies to collect information about your visit for purposes such as showing you personalized ads and content, and analyzing our website traffic. By clicking “Accept all,” you will allow the use of these cookies.
Users accessing this site from EEA countries and UK are unable to view this site without your consent. We apologize for any inconvenience caused.
Reuters file photo The logo of the Nippon Life Insurance Co. is displayed at the company’s headquarters in Tokyo
Jiji Press
11:24 JST, May 26, 2023
TOKYO (Jiji Press) — Four major Japanese life insurers suffered double-digit year-on-year falls in their core business profits in fiscal 2022, which ended in March, due to ballooning insurance payments related to COVID-19, according to their earnings reports released by Wednesday.
The declines also reflected a rise in the cost of hedging foreign exchange risks amid rising interest rates overseas.
Meanwhile, all four firms posted higher insurance premium revenues.
Among the four, Dai-ichi Life Holdings Inc. logged the highest insurance premium revenue for the first time in eight years, taking over the top spot from Nippon Life Insurance Co.
Dai-ichi Life’s insurance premium revenue jumped 25.4% from the previous year to ¥6.64 trillion. The sharp increase came after Dai-ichi Frontier Life Insurance Co., a subsidiary, expanded sales of foreign currency-denominated insurance products on the back of higher overseas interest rates.
Nippon Life saw its insurance premium revenue grow 18.3% to ¥6.37 trillion.
At a press conference on Wednesday, Nippon Life Managing Executive Officer Kazuo Saito said that the company “humbly accepts” the fact that it fell behind Dai-ichi Life in terms of insurance premium revenue, which reflects “trust from customers.”
