Japan’s major life groups post weaker revenues

August 11 2017 by InsuranceAsia News Staff

A decline in premium income dragged down revenues of six of Japan’s seven leading life groups in the second quarter of this year from a year earlier.

Based on the life insurers’ earnings reports, premium increases in April and other factors dented their income from premiums and other sources, though the core profit of five life insurance groups rose on the back of favourable exchange rates.

Of the seven leading life insurance groups, only Sony Life Insurance posted a largely unchanged premium revenue at ¥241 billion (US$2.19 billion).

Nippon Life Insurance saw its revenue drop 1.4% to ¥1.34 trillion while Sumitomo Life Insurance’s premium and other income tumbled 20.3% to ¥629 billion.

Meiji Yasuda Life reported a 7.8% fall in revenue to ¥716 billion, but core profit climbed 19.4% to ¥103 billion.

Asahi Mutual Life, meanwhile saw its revenue drop 1.7% to ¥93.5 billion.