FWD Group Holdings (FWD) is expanding its financial literacy programme, JA SparktheDream, to span seven markets in Asia as part of its 10th anniversary year community initiatives. Developed in partnership with Junior Achievement Asia Pacific (JA), the programme integrates financial, social and life skills education for students to help boost financial literacy in the region.
Nippon Life has partnered with AI cloud tech firm H2O.ai to deploy driverless AI tools for the insurer's business. This will, in turn, better meet the needs of the company's policyholders, improve financial security of corporate health insurance unions, and support health promotion and disease prevention.
Japanese insurer Dai-ichi Life Holdings has acquired New Zealand firm Partners Life as a wholly owned subsidiary.
Life insurers and pension funds in the country sold record amounts of foreign bonds in July as heightened volatility in global debt markets dampened appetite.
Nippon Life Insurance Co is lowering its estimated rate of return on corporate pension insurance policies. This will be the first time it has slashed its estimated rate in 21 years.
With the number of daily confirmed COVID-19 cases in Japan reaching new highs, fanned by the rapid spread of the Omicron variant, Japanese insurers have seen predictably robust demand for COVID insurance policies.
The number of new life insurance policies in Japan has been recovering after falling when the COVID-19 pandemic erupted last year, says the Life Planning Department of The Toa Reinsurance Company.
Earnings from underwriting in the life insurance sector in Japan remain resilient due to the seasoned and stable in-force policies, noted Fitch Ratings in its "2021 Fitch on Japan" webinar last week.
The COVID-19 pandemic has dented life insurers' top-line growth while low interest rates have dampened their investment income significantly. Consequently, AM Best says that it is maintaining its negative market segment outlook on Japan's life insurance segment.
The overall credit fundamentals of Japanese life insurers are likely to remain healthy in the financial year ending March 2022 (FYE22), said Fitch Ratings (Fitch) in a new report.
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