NU Online News Service, Sept. 20, 3:00 p.m. – Standard & Poor’s, Tokyo, says Japan’s life insurance industry will post weak net business growth and poor earnings through the year, citing weak investment returns and stagnant growth in the rest of the economy. Intensifying competition with international insurers over market share, together with the government’s persistent low-interest policy, is putting pressure on the profitability of Japanese life insurers, the rating agency adds.
The stimulus law allows this in order to help retirement plans meet increasing demand for hardship withdrawals.
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They include temporary suspension of GAAP standards for some loan modifications.
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