Japan life insurers double premiums to $12b  in 2023

Operating expenses also doubled for the year.

The annualised premiums of 42 Japan-based life insurers more than doubled in 2023, reaching $12b (JPY1.85t).

Premium income for the year also doubled its size year-on-year (YoY) to $190b (JPY27.8t). Claims paid for 2023 shot up 96.8% to $47b (JPY7t).

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However, operating expenses also doubled the previous year with $25b (JPY3.7t). Assets of the life insurers reached a total of $2.79t (JPY418.4t), growing 103.5% YoY.

New business accumulated for individual insurance tallied 1.29 billion, up 91.8% YoY. individual annuity also climbed 126.3% to 92,400. Group insurance surged 160.6% to 60,000.

(Y1.00 = $0.0067)