Japanese life insurers Dai-ichi Life Holdings Inc., T&D Holdings Inc., and Japan Post Insurance Co. Ltd. are all making significant progress towards achieving their annual profit forecasts for the fiscal year ending March 30, 2024.

Dai-ichi Life Holdings Inc. reported a remarkable 42.1% year-over-year growth in net income, attributing the increase to various positive factors. The company stated, "The improvement in T&D Holdings' nine-month profit was largely due to a 'reactionary decline' in large temporary valuation losses related to Fortitude, a foreign reinsurance affiliated company, as a result of interest rate increases in the US," according to T&D Holdings Inc. Japan Post Insurance Co. Ltd. faced a decline in net income, primarily due to accounting treatments related to capital gains or losses and foreign exchange-related hedging costs.

The decline in COVID-19 claims payments significantly contributed to the growth in core profit for both T&D Holdings Inc. and Japan Post Insurance Co. Ltd. T&D Holdings Inc. saw a substantial decrease in claims related to the disease, leading to a positive impact on core profit. Similarly, Japan Post Insurance Co. Ltd. experienced a significant fall in insurance claims related to COVID-19, resulting in an increase in core profit.

Regarding new business performance, Dai-ichi Life Holdings Inc. CFO Taisuke Nishimura highlighted that the major factor impacting new business performance had not changed. The company saw a significant rise in annualized new premiums (ANP) from new business. T&D Holdings Inc. and Japan Post Insurance Co. Ltd. also reported growth in ANP from new business, driven by various factors within their respective businesses.

Overall, these Japanese life insurers are demonstrating resilience and progress in achieving their fiscal 2023 profit forecasts, with notable improvements in net income, core profit, and new business performance.