Business profits dipped at the nation's major life insurers, as falling share prices crippled securities portfolios and policyholders continued to flee, according to midterm earnings reports released by the companies Wednesday.
Profits from core operations sank at six of the 10 firms, but even the lucky four reported heavy losses on their massive securities holdings.
Nippon Life Insurance Co., the biggest life insurer, reported a 7.8 percent drop in its profits from core operations to 289.4 billion yen. Profits from its securities portfolio shrank to almost half its size at the end of March, from 4.2 trillion yen to 2.4 trillion yen.