Japan's major life insurers continued to post declines in individual life insurance and annuity contracts for the six months to Sept. 30, reflecting consumer reluctance to increase spending amid persistent deflation, according to their earnings reports released as of Friday.
The combined outstanding balance of contracts at Japan's nine major insurers came to 1.013 quadrillion yen, down from 1.036 quadrillion yen as of March 31, when the nine saw their combined contracts down for seven straight business years.
But most of the nine insurers saw an increase in medical- and nursing-care-related insurance sales for the April-September period from the March 31 end of fiscal 2003, reflecting the rapid aging of Japan's population and people's desire to receive payments before death.