Nippon Life’s Q1 2024 net income skyrockets to $770m

Total new policies saw $4.1m during the period.

The net income of Japanese insurer, Nippon Life, significantly grew to $769.73m (¥111.7b) in the first quarter of the fiscal year 2024 (Q1 2024) from $21.74m (¥3.15b) the previous year.

Likewise, revenues from the insurance and reinsurance segments climbed 7.6% year-on-year (YoY) to $13.8b (¥2.0t). Investment income also inched up 1.9% to $7.59b (¥1.1t).

Total annualised premiums during the quarter amounted to $257.37b (¥37.3t), while total new policies reached $4.06m (¥588m).

($1.00 = ¥145.63)