Japan: Major insurers report declining profits amidst coronavirus-fuelled volatility
Source: Asia Insurance Review | Jul 2020
While capital and profitability remains at risk in fiscal year 2020 due to COVID-19, four major Japanese life insurers reported declines in their core profit in aggregate in the fiscal year ended March 2020 (fiscal year 2019) because of a revision in mortality tables - revealed a new report published by Moody’s Investors Service.
These four insurers are Dai-ichi Life, Meiji Yasuda Life, Nippon Life and Sumitomo Life.
According to the report, disruptions from the coronavirus outbreak remain a risk for fiscal 2020 whereby insurers’ investment yields could fall to reflect a lower-for-longer domestic interest rates and lower dividend incomes. A