Negative rates drive Japan life insurers to take greater risks
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Tokyo
JAPAN'S biggest life insurers will be looking for returns in corporate bonds and infrastructure lending in the year ahead, as central bank stimulus clouds the outlook for local sovereign debt.
Nippon Life Insurance, the nation's largest, said on Friday that it plans to restrain buying of Japanese government bonds (JGBs), while boosting sovereign paper from abroad. Dai-ichi Life Insurance aims to increase "middle-risk, middle-return" investments such as infrastructure project financing as well as currency-hedged overseas debt. Sumitomo Life Insurance will target credit assets including corporate notes abroad. All three plan to either limit or reduce JGB buying in the fiscal year started April 1.
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