Japan

Fitch says Tokio Marine, Sompo and MS&AD improved their combined ratio to 94% in the year to March 2026 from 99%, but combined ordinary profit of ¥2.2 trillion was about 90% disposal gains from strategic shareholdings, which it expects to shrink.

Sumitomo Life has set aside up to ¥1 trillion (about $6.3 billion) for investments through March 2029 and will have Symetra lead the search for US deals, as Japanese life insurers such as Meiji Yasuda, Nippon Life and Daiichi continue to expand in America.

Japan's Financial Services Agency ordered Prudential of Japan to stop soliciting new business from October 13 to January 31, 2027, and Gibraltar Life to suspend its employed sales channels, after misconduct by more than 100 employees.

The BOJ's September 18 increase took its policy rate to a 31-year high, but two dissenters and a weak yen show how contested the next move could be when the board meets again on October 29-30.

On June 4, 2026 PayPay agreed to acquire 70.2% of T&D Financial Life Insurance from T&D Holdings for roughly ¥134.3 billion (about $840 million), with the share transfer planned for October 1, 2027, conditional on an IFRS transition and regulatory approvals.

PayPay agreed on June 4, 2026 to buy 70.2% of T&D Financial Life Insurance from T&D Holdings for about ¥134.3 billion ($840 million), with the share transfer planned for October 1, 2027 and subject to conditions.

A Fitch Ratings viewpoint of April 29, 2026 says Japanese insurers' major deals total about ¥4.5 trillion (US$35 billion), 86% in the US, and that Korean cross-border M&A reached about $2.6 billion in 2025, with concentration and capital risks to watch.

Berkshire's National Indemnity will buy a 2.49% stake in Tokio Marine Holdings for ¥287.4 billion (about $1.8 billion), alongside a 10-year partnership covering reinsurance and joint investments, with a cap of 9.9% without board approval.