TOKYO: Nippon Life Insurance Co. regained its title as the top premium revenue earner in the Japanese life insurance industry in the April-September half, according to earnings reports released by Thursday.
Nippon Life’s premium revenue in the first half of the business year ending March 31 grew 17.3 percent from the year before to ¥2.8 trillion, surpassing the 7.8 percent rise to ¥2.7 trillion earned by Dai-ichi Life Insurance Co., which overtook Nippon Life the previous year. That was the first time Nippon Life had been dethroned since the war.
Nippon Life enjoyed brisk sales of group annuity policies and foreign currency-denominated single-premium whole life plans, which are sold at bank counters, in the half.
Kazuhiro Kojima, managing executive officer at Nippon Life, said at a news conference that the company doesn’t plan to just sit on its laurels. Of Japan’s nine major life insurers, six enjoyed premium revenue growth in the period.
Dai-ichi Life posted its highest premium revenue since 2008, when it started disclosing first-half group results, because of the inclusion of revenue deriving from midsize U.S. life insurance company Protective Life Corp., which it turned into a wholly owned subsidiary in February.
Premium revenue dropped at T&D Holdings Inc., which slashed sales of single-premium policies amid falling interest rates. Five of the nine companies meanwhile raised core business profits to record highs after the yen depreciation allowed interest income on foreign bonds to grow.
Sony Life Insurance Co. saw its core business profit fall as it increased policy reserves related to the guaranteed minimum benefits of variable life insurance policies.
The nine life insurers include Meiji Yasuda Life Insurance Co., Fukoku Mutual Life Insurance Co., Sumitomo Life Insurance Co., Mitsui Life Insurance Co. and Asahi Mutual Life Insurance Co.
