Major and second-tier life insurers' dismal earnings reports for fiscal 1998 have cast yet another shadow over the industry, already shaken by the recent collapse of midsize Toho Mutual Life Insurance Co.
Most of the 14 insurers suffered falls both in outstanding personal life insurance contracts and premium revenues, a trend that started in the previous fiscal year following the failure of Nissan Mutual Life Insurance Co. in April 1997.
In the meantime, negative spreads between low investment returns and high yields promised to policyholders totaled 1.56 trillion yen for 14 firms, weighing heavily on their financial health.