4 Major Japanese Life Insurers Log April-Sept. Profit Growth

Tokyo, Nov. 25 (Jiji Press)--Japan's four major life insurers have posted higher core business profits in April-September, thanks chiefly to higher investment gains reflecting the weak yen.

All but Dai-ichi Life Holdings Inc. raised their core profit forecasts for the year through next March.

In the first half of fiscal 2024, the four insurers logged losses from Japanese government bond sales linked to adjustments to their JGB investment portfolios as interest rates increased following the Bank of Japan's policy rate hikes.

"We can expect higher medium- to long-term earnings thanks to newly purchased government bonds," said Atsushi Nakamura, deputy president of Meiji Yasuda Life Insurance Co. "On the sales side, they will also make it easier to expand our savings-related product lineup."

Nippon Life Insurance Co. and Dai-ichi Life saw their insurance premium revenues decline by 2.8 pct and 2.3 pct, respectively, after being boosted by large contracts for group pensions inked the previous year.

[Copyright The Jiji Press, Ltd.]