Magazine date:
Nov 2008 The Yamato Life bankruptcy
With these risky investments in speculative funds having resulted in a loss of 2.6 billion USD, the life insurance company Yamato Life became the first Japanese insurer to go bankrupt since the start of the international financial downturn.
Yamato Life's debts amount to 2.6 billion USD, that is, 109 million USD more than the value of the group's total assets.
Founded in 1911, Yamato Life has been managing a portfolio of 180 000 life-insurance contracts worth a total of 10 billion USD by the end of March 2008.