The nation's seven midsize life insurance firms released their fiscal 1998 earnings reports Thursday, in which all but Daido Life Insurance Co. reported declines in premium revenues.
Total premium revenues for the seven came to 5.093 trillion yen, down 5 percent from the previous year.
Daido boasted the highest solvency margin ratio — a key indicator of insurers' ability to absorb risks — at 998 percent, while Kyoei Life Insurance Co. reported the smallest at 343.2 percent.
The reports show that combined total assets held by the seven came to 29.37 trillion yen on March 31. The figure marks a 0.4 percent decline from the year before.
Daihyaku Mutual Life Insurance Co., which sold its business rights to Toronto-based Manulife Financial through an agreement reached in February, logged the biggest decline in assets. Daihyaku's total assets were 2.47 trillion yen at the end of business year, down 10.7 percent from the previous year.
The seven insurers also held 345.8 billion yen in outstanding problem loans, ranging from 10.7 billion yen owned by Tokyo Mutual Life Insurance Co. to 81.5 billion yen by Taiyo Mutual Life Insurance Co.