S&P Global has reported that Japanese insurance companies’ capital has stabilized and strengthened due to better financial conditions and efforts to reduce market risk. The agency’s ratings on these insurers are likely to remain stable, constrained by Japan’s sovereign rating. The four major life insurers and three non-life insurance groups saw increased revenue and profit in fiscal 2023, driven by revenue diversification, higher interest rates, and a weaker yen. However, investments and shareholder returns may limit the pace of capital growth for these insurers.
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