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Japan life insurers double premium income in fiscal year start
The industry saw individual insurance and annuity new businesses climb.
Japan’s life insurance sector saw its premium income surge 98.4% year-on-year (YoY) to $41.5b (¥6.1t) in the first two months of the fiscal year, data from the Life Insurance Association of Japan showed.
Similarly, claims paid also rose by 94.5% YoY to $10.9b (¥1.6t). Annuities paid also nearly doubled (98.4%) to $5.4b (¥799b). Total assets also surged 98.9% to $2,711.2b (¥398.7t).
The industry saw individual insurance and annuity new businesses climb 97.5% YoY and 84.5% YoY, respectively.
Group insurance and annuity also saw increases of 98.7% YoY and 8.8% YoY, accordingly.
($1.00 = ¥147.47)
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