Seven of Japan’s eight major life insurers have reported drops in core profits for April-September, citing massive insurance payments due to the seventh wave of COVID-19 infections in summer.
Meiji Yasuda Life Insurance was the only one to log profit growth in the first half of fiscal 2022, powered by strong investment gains reflecting higher interest and dividend revenues from foreign securities thanks to the yen’s weakness.
Insurance payments ballooned as life insurers distributed hospitalization benefits to a wide range of policyholders infected with the coronavirus even if they self-isolated at homes or hotels in accordance with government guidelines instead of being hospitalized.
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