5 Major Japan Life Insurers Log Lower Profits in FY 2019
Tokyo, May 28 (Jiji Press)--Five of nine major Japanese life insurance companies saw year-on-year falls in their core business profits in fiscal 2019, which ended in March, due to cuts in insurance premium rates and other factors, according to their earnings reports released by Thursday.
The five are Nippon Life Insurance Co., Dai-ichi Life Holdings Inc. <8750>, Sumitomo Life Insurance Co., Sony Life Insurance Co. and Fukoku Mutual Life Insurance Co.
Premium revenue dropped at six of the nine, partly reflecting sluggish sales of foreign currency-denominated insurance products. They are Nippon Life, Dai-ichi Life, Japan Post Insurance Co. <7181>, Meiji Yasuda Life Insurance Co., Sumitomo Life and Asahi Mutual Life Insurance Co.
T&D Holdings Inc. <8795> saw growth in both premium revenue and core business profit.
"It was a tough year due to the worse-than-expected deterioration in the external environment," Satoshi Asahi, managing executive officer of Nippon Life, told a news conference.
[Copyright The Jiji Press, Ltd.]