4 Major Japan Life Insurers Incur Operating Profit Drops in FY 2022
Tokyo, May 24 (Jiji Press)--Four major Japanese life insurers suffered double-digit year-on-year falls in their core business profits in fiscal 2022, which ended in March, due to ballooning insurance payments related to COVID-19, according to their earnings reports released by Wednesday.
The declines also reflected a rise in the cost of hedging foreign exchange risks amid rising interest rates overseas.
Meanwhile, all four firms posted higher insurance premium revenues.
Among the four, Dai-ichi Life Holdings Inc. logged the highest insurance premium revenue for the first time in eight years, taking over the top spot from Nippon Life Insurance Co.
Dai-ichi Life's insurance premium revenue jumped 25.4 pct from the previous year to 6,635.4 billion yen. The sharp increase came after Dai-ichi Frontier Life Insurance Co., a subsidiary, expanded sales of foreign currency-denominated insurance products on the back of higher overseas interest rates.
[Copyright The Jiji Press, Ltd.]