Fukoku Life’s annualised premiums jump 13% YoY in H1 2024

Fukoku Life demonstrated solid growth in 1H24, according to CreditSights.

Fukoku Life’s first half (H1 2024) insurance premiums, including in-force and new business, rose slightly by 0.6%  year-on-year (YoY) to $2.65b (¥407.0b), marking the fourth consecutive year of growth.

The insurer’s new business annualised premiums (ANP) also rose by 12.6%YoY to $121.55m (¥18.7b). 

This growth was driven by both Fukoku Life and its subsidiary, Fukokushinrai Life. 

Fukoku Life's new ANP increased by 14.3% to $54.6m (¥8.4b), whilst Fukokushinrai Life's ANP grew by 11.3% to $66.3m (¥10.2b). 

Key contributors to this growth included robust sales of individual annuities, which benefited from an interest rate hike in April 2024, and strong demand for Fukokushinrai Life's single premium whole life insurance. 

Overall, Fukoku Life demonstrated solid growth in 1H24, supported by strong investment income that boosted core profit, according to CreditSights. 

Whilst the decline in insurance-related results is a factor to monitor, the company’s solvency levels remain strong. 

($1.00 = ¥153.59)