Saturday, November 18, 2017

Sompo Japan looks offshore for higher yields

Japan’s second-biggest property insurer, Sompo Japan Nipponkoa Insurance, is reportedly planning to increase its holdings of currency-hedged foreign bonds as it seeks to veer away from low-yielding domestic bonds.

The insurer, however, plans to reduce its foreign bond holdings without currency hedging in six months to March, according to Takura Nishida, the official in charge of investment planning.

Sompo is expecting limited scope for the yen to weaken.

Earlier, it was was among the three Japanese insurance companies that were given permit to operate in Myanmar.

Sompo has been granted one-year temporary licences to work in Thilawa Special Economic Zone with Myanma Insurance.

The other two Japanese insurers that were given permits by the Myanmar government were Tokio Marine & Nichido Fire Insurance and Mitsui Sumitomo Insurance.

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