Meiji Yasuda's Paper Bond Losses Jump Eightfold as Rates Climb
Meiji Yasuda Life Insurance Co. said unrealized losses on its domestic bond holdings increased more than eightfold last fiscal year, in the latest sign of how climbing interest rates are weighing on the portfolios of Japanese insurers.
Paper losses on Japanese bonds held by the Tokyo-based company expanded to about ¥1.386 trillion ($9.7 billion) in the year ended March compared with ¥161.4 billion a year earlier, Meiji Yasuda said in a statement Monday. That followed a similar announcement last week by Nippon Life Insurance Co.
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