Sales declined at all three major life insurance companies Sales of foreign currency-denominated insurance were sluggish New Corona May 22 19:18
Earnings for the three major life insurance companies for the last fiscal year all fell. Interest rates fell worldwide due to the spread of the new coronavirus, and sales of foreign currency-denominated insurance, which had a poor yield, were sluggish.
According to the announcement, “Insurance premium income”, which is the sales amount,
▼ Daiichi Life Holdings decreased 8.6% compared to the previous year,
▼ Meiji Yasuda Life decreased 5.5%,
▼ Sumitomo Life decreased 6.1%, Sales of all three companies were down.
So far, all three companies have been driven by foreign currency-denominated life insurance, which has gained popularity with high yields.
However, as the world economy slowed down and the spread of the new coronavirus spread and the interest rates were lowered due to monetary easing in each country around the world, the yield of foreign currency-denominated life insurance also declined and sales were sluggish.
In addition, Dai-ichi Life and Sumitomo Life also suffered a decline in “basic profit,” which is the core of their core business.
On the other hand, each company is currently refraining from face-to-face sales nationwide due to the new coronavirus.
Although the declaration of an emergency situation is being lifted, we are thinking carefully about restarting operations to prevent the spread of infection.
Atsushi Nakamura, Managing Executive Officer, Meiji Yasuda Life Insurance Co., Ltd., said, "We will decide to restart face-to-face sales by region and focus on non-face-to-face sales using phones and apps."