Japan’s life insurance segment accelerates in August

Individual insurance and group insurance both saw large increases YoY of 104.9% and 83.9%, respectively to Y4.0t and Y283b.

The performance of 42 life insurance businesses in Japan saw its premiums income more than double to Y3.43t in August whilst claims paid also rose to Y859b during the month, data from the Life Insurance Association of Japan showed.

During the month, total annuities increased to Y518b. Further, benefits went up to Y438b.

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Broken down, individual insurance and group insurance both saw large increases year-on-year (YoY) of 104.9% and 83.9%, respectively to Y4.0t and Y283b.

The total assets of Japanese life insurers all saw a 99.7% jump YoY, nearly doubling last year. It amounted to a month-end balance of Y399.26t.