Declining profits for major Japanese life insurers

The six major Japanese life insurers saw their profits decline slightly during the fiscal year ending March 31, 2011. The rise in claims due to events which occurred on March 11 is the main cause of this decline. The combined operating and financial profits of Nippon Life, Meiji Yasuda Life, Sumitomo Life, Mitsui Life, Asahi Mutual Life and Fukoku Mutual Life total 1 192.1 billion JPY (14 billion USD) for the last fiscal year.

This figure amounted to 1 326.4 billion JPY (14.31 billion USD) a year earlier. The six insurers have compensated the earthquake and tsunami victims up to 113.5 billion JPY (1.36 billion USD). Some companies have benefited from a significant improvement in their investment returns. Their average solvency margin is now 920% against 930% a year earlier.