Polarization among the nation's midsize life insurers is accelerating due to a business environment that is becoming increasingly severe, according to the fiscal 1999 earnings reports the seven firms had released as of Monday.
New life insurance policies and pension plans signed by the seven life insurers dropped 8.1 percent to 19.23 trillion yen, following the collapse of Toho Mutual Life Insurance Co. in June last year.
Outstanding life insurance policies concluded between the seven and individual policyholders also dipped, by 4.1 percent to 173.98 trillion yen, due to a high level of cancellations.
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