Japanese Life Insurers Report Lower First Half Profits

NU Online News Service, Nov. 30, 3:13 p.m. – The seven biggest Japanese life insurers are reporting a total core business profit of about $7.3 billion on $73 billion in revenue for the first half, down from $8 billion in core profits on $80 billion in revenue for the first half of 2000.

Total assets fell 2.6%, to $1.2 trillion.

But three of the companies reported an increase in new business, in spite of the continuing weakness of the Japanese economy. The companies reporting higher new sales figures are Sumitomo Life Insurance Company, Osaka; Meiji Life Insurance Company, Tokyo; and Asahi Mutual Life Insurance Company, Tokyo.