Japan life insurers post 5.9% growth as annuities slip

New individual cover reached JPY46.1t whilst annuity sales edged lower.

Japan’s life insurance sector reported steady growth in new business value but mixed trends across product lines, based on data from 41 companies covering the period from 1 April 2025 to end-January 2026.

Total new individual insurance business reached $290.4b (JPY46.1t) on an accumulated basis, up 5.9% year-on-year. 

New individual annuity business totalled $47.3b (JPY7.5t), slightly down 1.0% from a year earlier. Group insurance rose 13.4% to $34.0b (JPY5.4t), whilst group annuity business remained negligible.

For the latest month, individual insurance new business amounted to $22.7b (JPY3.6t), up 8.8% year-on-year. Individual annuities rose 2.6% to $3.8b (JPY596b), and group insurance increased 53.8% to $2.8b (JPY450b).

In-force business remained stable. Individual insurance policies in force stood at $4.9t (JPY778.1t), down 0.6% year-on-year. 

Individual annuities rose 2.8% to $676.6b (JPY107.4t), whilst group insurance increased 1.2% to $2.7t (JPY426.2t). Group annuities fell 0.5% to $223.7b (JPY35.5t).

Premium income totalled $199.7b (JPY31.7t) on an accumulated basis, up 4.5% year-on-year. Claims paid declined 4.7% to $44.7b (JPY7.1t), whilst annuities paid were flat at $24.6b (JPY3.9t).

Total assets across the sector reached $2.5t (JPY404.5t), up 0.6% year-on-year.

Net insurance figures showed a decline of $5.4b (JPY862b) for individual insurance, whilst individual annuities recorded a positive $20.2b (JPY3.2t) and group insurance reached $32.8b (JPY5.2t).

($1.00 = JPY159.42)