Dai-ichi Life takes ¥140 billion loss promoting off lengthy bonds

Dai-ichi Life Insurance misplaced about ¥140 billion ($890 million) promoting off bonds with longer maturities to arrange for increased rates of interest.

The insurer offered about ¥500 billion of Japanese authorities notes, primarily 20- to 40-year bonds, within the fiscal first half that led to September. The gross sales have been concentrated within the first half of the fiscal yr and could be “extra restrained” within the second half, the corporate’s president, Toshiaki Sumino, mentioned in an interview.

“We will proceed to hold out substitute operations whereas listening to the affect on income and losses” within the subsequent fiscal yr and past, Sumino mentioned. “I don’t assume the loss could have any affect on our monetary soundness,” he added. Dai-ichi owns ¥18.9 trillion in yen-denominated bonds.