Japan’s major life insurers snatch 46% YoY profit surge

Similarly, core business profits also increased by 16.2% YoY.

Japan’s major life insurers saw their premium and other income increase by 8.7% year-on-year (YoY) to $1.18b (¥187.6b) in the six months to September 2024 period, data from the Financial Services Agency (FSA) showed.

“Premium and other income increased from the same period of the previous year, primarily due to an increase in sales of single premium insurance denominated in yen because of rising domestic interest rates,” the FSA said in a release.

Similarly, core business profits also increased by 16.2% YoY to $0.13b (¥20.4b).

The industry’s net income during the period surged 46% YoY to $0.07b (¥10.9b), mainly due to a core profit increase and “an increase in interest and dividend income mainly as a result of dividend increases for domestic and overseas stocks, and an increase in net capital profits mainly due to sales of securities.”

($1.00 = ¥0.0063)