Sony Financial Holdings Inc. aims to boost policy sales 15 percent to ¥36 trillion by March 2011 as Japan's insurers struggle to counter declining demand.
Sony Financial, which derives almost 90 percent of revenue from its insurance business, aims to boost the amount for future payouts, a measure of size for Japanese life insurers, by 4 percent annually from the current ¥31.4 trillion as it expects premium revenue to rise, Executive Vice President Hiromichi Fujikata said in a recent interview in Tokyo. The firm also plans to increase its insurance sales force by 5.8 percent to 4,000 people in the same period, he said.
The financial arm of Sony Corp. is faced with declining demand for new contracts in the world's most rapidly aging country. Total policy commitment for Japan's life insurers declined 35 percent to ¥979 trillion as of March 31, since peaking 11 years ago, according to the Life Insurance Association of Japan.