Premium income for Japan’s life insurers saw a significant rise in the seven months leading up to November, with a 101.8% year-on-year (YoY) increase, reaching $159.25 billion (¥24.5 trillion), according to data from the Life Insurance Association of Japan.
The growth in premium income was matched by a sharp rise in claims paid, which nearly doubled, increasing by 96.5% YoY to $38.35 billion (¥5.9 trillion). Annuities paid also saw a notable twofold growth, amounting to $19.5 billion (¥3.0 trillion).
The total assets held by Japanese life insurers also experienced a substantial increase, doubling to $2.61 trillion (¥402.2 trillion).
Additionally, all new business segments demonstrated impressive growth during this period. Individual insurance and annuity volumes surged by 104.4% YoY and 121.5% YoY, respectively. Group insurance and annuity also saw strong growth, with increases of 61.5% YoY and 22.4% YoY.
The strong performance across these sectors highlights a positive trend in the Japanese life insurance industry.
(Exchange rate: $1 = ¥154.4)
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