7 of Japan's insurers' core profits drop due to COVID surge

Seven of Japan's eight major life insurers reported drops in core profits for April-September due to massive insurance payments due to the seventh wave of COVID 19 infections in the summer.

Meiji Yasuda Life Insurance was the only one to register profit growth in the first half of fiscal 2022, driven by strong investment gains that reflect higher interest and dividend revenues from foreign securities thanks to the weakness of the yen.

Insurance payments went up as life insurers distributed hospitalization benefits to a wide range of policyholders who have been infected with the coronaviruses, even if they self-isolated at homes or hotels in accordance with government guidelines instead of being hospitalized.

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