Sales Results
Annualized Premiums
In fiscal 2016, annualized premiums of new policies for the three life insurance companies were ¥137.0 billion, up 3.3% from the previous fiscal year. Of this, the annualized premiums of new policies for medical benefits, living benefits and others (Third Sector products) rose substantially by 16.5% from the previous fiscal year to ¥28.6 billion. As a result, annualized premiums of total policies were ¥1,498.4 billion, up 2.0% from the previous fiscal year-end. (Of this, annualized premiums of Third Sector products were ¥191.1 billion, up 6.7% from the previous fiscal year-end.)
Taiyo Life is focusing on protection-type annualized premiums of new policies, which represent the protection portion of the annualized premiums of new policies, mainly excluding savings-type products. Protection-type annualized premiums of new policies increased 10.1% year on year to ¥17.0 billion, owing to solid sales of relaxed-underwriting type products. As a result, protection-type annualized premiums of total policies were ¥152.7 billion.
Annualized Premiums of New Policies (Three companies total)
Annualized Premiums of Total Policies (Three companies total)
Protection-type Annualized Premiums of New Policies (Taiyo Life)
Protection-type Annualized Premiums of Total Policies (Taiyo Life)
New Policy Amount and Policy Amount in Force*
The new policy amount of the three life insurance companies was ¥7,441.4 billion, up 11.3% from the previous fiscal year. The total policy amount in force of the three life insurance companies was ¥64,612.8 billion, up 2.6% from the previous fiscal year-end.
Daido Life’s new policy amount was up 18.7% year on year to ¥5,121.1 billion, due to growth in sales of individual term life insurance and disability benefit products (J-type product (non-participating critical illness insurance) and T-type product (non-participating disability protection insurance)), which are Daido Life’s core products. The surrender and lapse rate improved by 0.04 percentage points from the previous fiscal year to 6.44%.
As a result, the policy amount in force reached an all-time high of ¥40,992.2 billion, up 4.6% from the previous fiscal year-end.
T&D Financial Life’s new policy amount was down 0.3% from the previous fiscal year to ¥235.4 billion, due to the suspension of sales of yen-denominated single-premium whole life insurance products under the low interest rate environment. The surrender and lapse rate improved by 0.29 percentage points from the previous fiscal year to 3.12%. As a result, the policy amount in force was ¥1,879.3 billion, up 3.9% from the previous fiscal year-end.
New Policy Amount and Policy Amount in Force (Three companies total)
New Policy Amount, Policy Amount in Force, and Surrender and Lapse Rate (Daido Life)
New Policy Amount, Policy Amount in Force, and Surrender and Lapse Rate (T&D Financial Life)
- * The total of individual insurance, individual annuities, and Daido Life’s J-type product, T-type product and Kaigo Relief. The new policy amount includes the net increase from conversions.
