Life Insurance Fact Book
(2016)
The Life Insurance Association of Japan
Introduction
The Life Insurance Fact Book summarizes key performance indicators of life insurance
companies operating in Japan. We hope that this report will provide a better understanding
of the life insurance business in Japan.
Please note that the data of Japan Post Insurance has been included in the figures since
fiscal 2008; therefore, some figures show the data excluding Japan Post Insurance in order
to maintain continuity with the previous data before its inclusion.
In addition to this report, the LIAJ provides detailed statistical data of the life insurance
market in Japan; please refer to such data as necessary.
Contents
Highlights of Business Results1
I Underwriting Results · 3
1. Insurance Products for Individual3
(1) Individual Insurance ·· 3
(2) Individual Annuity Insurance6
(3) Annualized Premium · 8
(4) Hospitalization and Surgery Protection ·· 9
(5) Statistical Data by Gender, Age and Prefecture ·· 10
2. Insurance Products for Groups ·· 14
(1) Group Insurance 14
(2) Group Annuity Insurance · 17
II Profit and Loss ·· 18
1. Insurance Related Profit and Loss · 18
(1) Premium Income ·· 18
(2) Insurance Benefits Paid ·· 19
2. Investment Income and Expenses · 21
3. Operating Expenses · 23
4. Ordinary Profits and Basic Profits ·· 23
III Investment Results ·· 24
1. Total Assets24
2. Securities25
3. Loans ·· 26
4. Tangible Fixed Assets (Real Estate) · 28
IV Liabilities and Net Assets28
Reference ·· 29
Distribution Channels and Sales Force · 29
Member Companies · 30Highlights of Business Results
- The Trend of Individual Insurance Policies -
As of the end of fiscal 2015, the amount of
policies in force (the amount of major
protections such as death protection) for
individual insurance was 858 trillion yen and
increased from the previous year for the first
time in 19 years. This is particularly due to the
increasing sales of single-premium products
for whole life variable insurance etc. and
decreases in lapses, surrenders and
decrease caused by the conversion. The
amount of policies in force for individual
insurance had been decreasing after
reaching a peak at 1,495 trillion yen at the
end of fiscal 1996. However, the decreasing
trend slowed down around fiscal 2008 and
recent years, the amount has been remaining
on the same level.
The number of policies in force as of the end
of fiscal 2015 was 160.11 million, increasing
for the eighth successive year.
While the number of policies in force had
decreased after reaching a peak at 130.71
million in fiscal 1995 to 109.34 million in fiscal
2003, it started to increase thereafter and has
been setting new highs every year since fiscal
2012.
Among others, the number of policies with
benefits for hospitalization or surgery and
medical and cancer insurance has been
increasing steadily, reflecting the growing
needs of third-sector products (such as
medical insurance and long-term care
insurance).
(See: pages 3 to 5)
As to the annualized premium (the amount of
premium income which a life insurer would
receive in one year, under the assumption
that premium is equally divided and paid
throughout the entire contract period) of
policies in force, it amounted to 26.1 trillion
yen (including 5.9 trillion yen for
third-sector) at the end of fiscal 2015,
increasing steadily since fiscal 2006 when the
record started. Due to the increase in
insurance products with small amount of
policies such as medical insurance,
annualized premium is positioned as an
indicator that complements the amount of
policies.
(See: page 8)
Note: The amount of annualized premium of third-sector includes the amount of premium to be allocated
for paying medical coverage (e.g. benefits for hospitalization/surgery), living benefits (e.g. benefits for
specified disease/long-term care), and premium waiver benefits (e.g. benefits due to specified disease or
long-term care, but excluding disability).
1,3811,4691,4621,364
1,255
1,1521,070
981
90286585785820
40
60
80
100
120
140
160
180200
400
600
800
1,000
1,200
1,400
1,600
199319951997199920012003200520072009201120132015
(trillion yen)
Amount of Policies in Force
Number of Policies in Force
(million)
19.4 19.8 20.4
21.3 21.7 22.7
23.8 24.4 25.2
26.1
4.4 4.5 4.7 4.8 5.0 5.2 5.3 5.5 5.7 5.9
0.0
5.0
10.0
15.0
20.0
25.0
30.0
2006200720082009201020112012201320142015
(trillion yen)
Annualized Premium of Policies in Force
Third-Sector
Note: Includingindividual annuity insurance
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