Premium revenues for the nation's major life insurers dropped in business 2006, reflecting fallout from revelations of an industrywide failure to properly pay out benefits, according to their earnings reports released Wednesday.
In April, 38 Japanese and foreign life insurers operating in Japan admitted they failed to pay out a combined 35.9 billion yen in 440,000 cases between fiscal 2001 and 2005.
Meiji Yasuda Life Insurance Co.'s premium revenues, which indicate a life insurer's sales, dropped 3.9 percent to 2.57 trillion yen in the business year to March 31 since the company was banned from selling new products from November 2005 to July 2006.