Premium and other income of life insurers in Japan FY 2014-2023

In the fiscal year 2023, premium and other income of life insurance companies in Japan amounted to around 43 trillion Japanese yen. This represented an increase from about 38 trillion yen in the previous year.

Premium income of life insurers

Individual insurance was the largest source of premium income for the 42 private life insurance companies operating in Japan, followed by individual annuity insurance. The value of individual insurance policies in force, which describes the total amount of death benefits, has been on a steady decline in recent years, while the opposite is the case for the number of individual insurance policies in force. This trend can be attributed to an increasing share of health-related insurance products that do not include any or only small amounts of death benefits.

Third-sector insurance

Considering the aging population and high life expectancy in Japan, the need for third-sector insurance products has increased over the past decade. Third-sector insurance products, such as medical insurance, long-term care, and personal injury insurance, account for a growing share of new individual insurance policies taken out each year. Annualized premiums of third-sector insurance, which can be offered by both life and non-life insurers, have increased steadily in recent years.