3 of 4 Major Japan Life Insurers See Revenue Growth in April-Sept.

Tokyo, Nov. 21 (Jiji Press)–Three of Japan’s four major life insurance companies enjoyed insurance premium income growth in April-September, their earnings reports have shown. All the four–Nippon Life Insurance Co., Meiji Yasuda Life Insurance Co., Sumitomo Life Insurance Co. and Dai-ichi Life Holdings Inc.–saw their single-premium whole life insurance policies and savings-type products attract stronger domestic demand amid rising interest rates. Insurance premium revenues rose 30.4 pct from a year earlier at Meiji Yasuda, 13.4 pct at Nippon Life and 4.0 pct at Sumitomo. Higher interest rates are “very beneficial,” Sumitomo Managing Executive Officer Nobuji Takao said. But Dai-Ichi Life Holdings suffered a premium revenues drop of 7.4 pct due to weaker sales of foreign currency-denominated products at a group insurance firm. Meanwhile, Nippon Life’s core operating profit expanded 27.4 pct to rewrite a record high as investment profit went up on higher interest and dividend income. Still, its Executive Vice President Naoki Akahori called for vigilance against volatile markets. “Neither political nor economic conditions warrant optimism,” he said. END [Copyright The Jiji Press, Ltd.]