Major Japanese life insurers post revenue declines
Thursday, 11 26 2020, Category: Insurance and Reinsurance, Country: Asia
Japan's four major life insurance companies have posted declines in their revenue for the first half of this fiscal year, as the coronavirus pandemic crimped sales of policies.
Both Nippon Life Insurance and Dai-ichi Life Holdings reported a more than 14 percent drop in premium and other income. Revenue fell over 7 percent at Meiji Yasuda Life Insurance. Sumitomo Life Insurance booked a decline of more than 6 percent.
Nippon Life Director and Managing Executive Officer Asahi Satoshi said, "Concerns are mounting over the new wave of infections. We can't forecast when new contracts will return to pre-pandemic levels. The unpredictable business climate is likely to continue in the second half and even beyond."
The life insurers refrained from selling their insurance products face-to-face in April and May particularly, due to rising infections. While in-person sales have now resumed, the companies are also increasing their focus on online sales.