All seven of the nation's major life insurers suffered declines in premiums and personal insurance contracts in fiscal 1998, according to earnings reports released Wednesday.
The prolonged economic slump and concern over the financial health of life insurers put a lid on new contracts and caused cancellations, they said.
The seven firms' combined outstanding contracts with individuals declined 4.7 percent to 1.12 quadrillion yen, marking the second consecutive year-on-year decline.