Aoba Life Insurance Co. logged premium revenues totaling 64.9 billion yen for fiscal 1998 ended March 31, the firm said in its first full-year earnings reports, released Thursday.
Total assets of Aoba, which began operations in October 1997 after taking over the healthy assets of the defunct Nissan Mutual Life Insurance Co., stood at 1.196 trillion yen at the end of fiscal 1998, down 17 percent from a year earlier.
The firm, which handles existing contracts and no longer takes new ones, managed to secure a solvency margin ratio of 283 percent — surpassing the regulatory threshold of 200 percent.
Industry group Life Insurance Associations of Japan set up Aoba Life in 1997 with funding from member insurers after Nissan went belly up in April 1997.