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Yahoo
2 days ago
- Business
- Yahoo
RGA and SOA Research Institute Release Comprehensive Study on Retirement Readiness in Japan
Research reveals limited retirement planning and knowledge on financial products TOKYO, June 10, 2025--(BUSINESS WIRE)--The Society of Actuaries (SOA) Research Institute, in collaboration with Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer, today released a new report titled "Retirement Readiness in Japan: Financial Security and Risk Perceptions." The study provides critical insights into the evolving retirement landscape in Japan, offering valuable information for insurers, policymakers, and financial advisors. The study, based on a November 2024 joint consumer survey conducted by the SOA and RGA among 750 Japanese respondents across three age groups (Prime Age Workers: ages 30-45, Pre-Retirees: ages 46-59, and Retirees: ages 60-75), reveals a maturing retirement system facing significant demographic pressures. With nearly 29% of Japan's population aged 65 or older1, the need for robust retirement planning and financial products is more critical than ever. Key findings: Financial Literacy: 17% of respondents reported no knowledge at all about investment and financial products, and 42% indicated 'not very knowledgeable.' Generational Divide in Planning: Retirees show significantly higher engagement in retirement planning compared to younger cohorts, with 37% of Prime Age Workers and 45% of Pre-Retirees not having done any retirement planning. Post-Retirement Concerns about Factors Outside of Individual's Control Dominate: 90% of respondents consider tax increase and impact of an aging society on government support as their top concerns. Source of Retirement Income: Prime Age Workers and Pre-Retirees are not confident that their retirement savings are sufficient; 89% of them expect to rely on full- or part-time job earnings as part of their retirement income. Preference on Financial Products with Guaranteed or Fixed Income: Guaranteed income for life (43%) and fixed income throughout retirement (39%) are considered top financial/investment product features for retirement income, indicating preference for risk-averse options. Significant Interest in Annuity Products: 73% of respondents expressed interest in annuities with increased payments for critical illness or disability or tax-deferred annuity (65%). Improved Engagement in Retirement Planning Since 2018: Overall engagement has improved. Willingness to buy lifetime income products increased from 22% in 2018 to 35% in 2024. Respondents who are very involved in managing their retirement savings increased significantly from 21% to 50%. "This research underscores the urgent need for innovative retirement solutions that address both income security and health-related financial risks," said Hironori Takahashi, Chief Executive Officer, RGA Japan. "The findings reveal significant opportunities for the insurance industry to develop tailored solutions that address the evolving needs and enhance financial security for Japan's rapidly aging population of retirees." "This report provides insights on the generational differences in retirement preparedness," said R. Dale Hall, FSA, MAAA, CERA, CFA, Managing Director of Research, SOA Research Institute. "Our study reveals that while 59% of Retirees review their social pension benefits, only 23% of Pre-Retirees and 17% of Prime Age Workers do so. Also, 37% of Prime Age Workers and 45% of Pre-Retirees haven't done any retirement planning at all. We encourage proactive retirement strategies across all age groups, working with employers, insurers, and policymakers." The full report offers in-depth analysis of retirement perceptions, planning behaviors, income sources, and risk management strategies, providing a comprehensive view of retirement readiness in Japan. For more information about the study, access the full report. About RGA Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world's largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus — all directed toward creating sustainable long-term value. RGA has approximately $4.0 trillion of life reinsurance in force and assets of $128.2 billion as of March 31, 2025. To learn more about RGA and its businesses, please visit or follow RGA on LinkedIn and Facebook. Investors can learn more at About the Society of Actuaries With roots dating back to 1889, the Society of Actuaries (SOA) is the world's largest actuarial professional organization with more than 34,000 actuaries as members. The SOA's vision is for actuaries to be the leading professionals in measuring and managing risk. To learn more, visit The SOA Research Institute provides objective, data-driven research bringing together tried and true practices and future-focused approaches to address societal challenges and your business needs. It provides trusted knowledge, extensive experience and new technologies to help effectively identify, predict and manage risks. Visit 1 Statistics Bureau, Japan's Ministry of Internal Affairs and Communications website. View source version on Contacts FOR MORE INFORMATION: RGA Lynn PhillipsVice President, Corporate Communications636-736-2351lphillips@ Lizzie CurryExecutive Director, Public SOA Michael NowakCommunications Managerpress@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
2 days ago
- Business
- Business Wire
RGA and SOA Research Institute Release Comprehensive Study on Retirement Readiness in Japan
TOKYO--(BUSINESS WIRE)--The Society of Actuaries (SOA) Research Institute, in collaboration with Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer, today released a new report titled 'Retirement Readiness in Japan: Financial Security and Risk Perceptions.' The study provides critical insights into the evolving retirement landscape in Japan, offering valuable information for insurers, policymakers, and financial advisors. This research underscores the urgent need for innovative retirement solutions that address both income security and health-related financial risks. Share The study, based on a November 2024 joint consumer survey conducted by the SOA and RGA among 750 Japanese respondents across three age groups (Prime Age Workers: ages 30-45, Pre-Retirees: ages 46-59, and Retirees: ages 60-75), reveals a maturing retirement system facing significant demographic pressures. With nearly 29% of Japan's population aged 65 or older 1, the need for robust retirement planning and financial products is more critical than ever. Key findings: Financial Literacy: 17% of respondents reported no knowledge at all about investment and financial products, and 42% indicated 'not very knowledgeable.' Generational Divide in Planning: Retirees show significantly higher engagement in retirement planning compared to younger cohorts, with 37% of Prime Age Workers and 45% of Pre-Retirees not having done any retirement planning. Post-Retirement Concerns about Factors Outside of Individual's Control Dominate: 90% of respondents consider tax increase and impact of an aging society on government support as their top concerns. Source of Retirement Income: Prime Age Workers and Pre-Retirees are not confident that their retirement savings are sufficient; 89% of them expect to rely on full- or part-time job earnings as part of their retirement income. Preference on Financial Products with Guaranteed or Fixed Income: Guaranteed income for life (43%) and fixed income throughout retirement (39%) are considered top financial/investment product features for retirement income, indicating preference for risk-averse options. Significant Interest in Annuity Products: 73% of respondents expressed interest in annuities with increased payments for critical illness or disability or tax-deferred annuity (65%). Improved Engagement in Retirement Planning Since 2018: Overall engagement has improved. Willingness to buy lifetime income products increased from 22% in 2018 to 35% in 2024. Respondents who are very involved in managing their retirement savings increased significantly from 21% to 50%. 'This research underscores the urgent need for innovative retirement solutions that address both income security and health-related financial risks,' said Hironori Takahashi, Chief Executive Officer, RGA Japan. 'The findings reveal significant opportunities for the insurance industry to develop tailored solutions that address the evolving needs and enhance financial security for Japan's rapidly aging population of retirees.' 'This report provides insights on the generational differences in retirement preparedness,' said R. Dale Hall, FSA, MAAA, CERA, CFA, Managing Director of Research, SOA Research Institute. 'Our study reveals that while 59% of Retirees review their social pension benefits, only 23% of Pre-Retirees and 17% of Prime Age Workers do so. Also, 37% of Prime Age Workers and 45% of Pre-Retirees haven't done any retirement planning at all. We encourage proactive retirement strategies across all age groups, working with employers, insurers, and policymakers.' The full report offers in-depth analysis of retirement perceptions, planning behaviors, income sources, and risk management strategies, providing a comprehensive view of retirement readiness in Japan. For more information about the study, access the full report. About RGA Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world's largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus — all directed toward creating sustainable long-term value. RGA has approximately $4.0 trillion of life reinsurance in force and assets of $128.2 billion as of March 31, 2025. To learn more about RGA and its businesses, please visit or follow RGA on LinkedIn and Facebook. Investors can learn more at About the Society of Actuaries With roots dating back to 1889, the Society of Actuaries (SOA) is the world's largest actuarial professional organization with more than 34,000 actuaries as members. The SOA's vision is for actuaries to be the leading professionals in measuring and managing risk. To learn more, visit The SOA Research Institute provides objective, data-driven research bringing together tried and true practices and future-focused approaches to address societal challenges and your business needs. It provides trusted knowledge, extensive experience and new technologies to help effectively identify, predict and manage risks. Visit
Business Journals
25-04-2025
- Health
- Business Journals
Direct primary care: This doctor's order for affordable employee wellness
During renewals and open enrollment, employers feel this squeeze acutely. How can they attract, keep, and do right by their employees when quality health benefits always cost more? We've watched it happen for decades: Health care gets more expensive, less affordable, and less accessible every year. During renewals and open enrollment, employers feel this squeeze acutely. How can they attract, keep, and do right by their employees when quality health benefits always cost more? The good news is, it's not impossible — if you're willing to take a different approach to the problem. Direct primary care: A doctor-led movement towards real health Direct primary care (DPC) isn't exactly new, but it is a powerful — and underused — approach to keeping people healthy. DPC came from a grassroots movement in the late 1990s and early 2000s led by primary care providers who wanted freedom from the burden of high patient volumes, administrative overwhelm, and the red tape of insurance-based billing. Within the membership model, patient-members pay a monthly or annual fee directly to their primary care provider, not their insurer. The fee covers routine visits, acute care, labs — the everyday care that people need to stay well. DPC is a win-win-win: Providers have control over their practice, patients can afford to use primary care — and, they do — resulting in better overall health. A 2020 Society of Actuaries report on a DPC case study revealed members had nearly a 54% reduction in emergency room claims and a more than 25% reduction in hospital admissions. That's no small savings. It's a proven model with powerful potential. But how can employers bring DPC to their people? Until very recently, the power of DPC was also one of its greatest obstacles: scalability. The small-scale, personal touch of DPC made it a great choice for individuals or small employers seeking high-quality care. But bringing that same model to dozens of employees (let along a few hundred) was challenging. Not anymore. Introducing $0 out-of-pocket primary care Harbor Health is at the forefront of making Direct Primary Care a viable option for Austin-based employers looking to support their employees' health — without passing cost on to employees. Last year, we brought our own DPC offering to the market: Core by Harbor Health. Core enables employers to make primary care absolutely free to their employees and eligible dependents at just $40 per member per month. But we didn't stop there. Core also offers: A personalized health team for every member Health coaching Same-day appointments (virtual visits and Express Care) Pharmacy management Acute care for illness and injury Annual wellness exams Preventive screenings for chronic diseases and cancer Chronic disease management Certain vaccines and lab work Referrals to specialists with proven track records of high-quality care and outcomes Because of Harbor's clinical footprint (11 clinics) and holistic care model, we're able to take DPC a step further than previously possible — removing cost and access barriers to care, and complementing with wraparound services that move members from sick-care to real wellness. What's the catch? DPC isn't a cure-all. It doesn't cover specialty care, and it's not a replacement for health plans. It is, however, a powerful tool that packs a one-two punch. By embracing DPC as part of your benefits structure, you can offer affordability and access to care that leads to measurably better health for your people. Find a better way to better health If you're ready to take a new (but proven) approach to reduce your health care spend without leaving your employees and their families footing the bill, direct primary care memberships like Core by Harbor Health can be the perfect prescription for health and wealth. Harbor Health is Austin's favorite and fastest growing clinic group — changing the game through an integrated model that co-creates better health at lower costs. Our secret? We deliver personalized, condition-based care that people love. Clay Johnston is the co-founder and chief medical officer of Harbor Health. He also served as the inaugural dean of The University of Texas at Austin Dell Medical School. His passion is redesigning the health system to create a new, harmonious vision of health — one focused on patient-provider partnership, transparency, and wellness.
Express Tribune
19-04-2025
- Business
- Express Tribune
Climate risk spurs insurance need
Experts underscored the need to promote actuarial education in Pakistan to strengthen the insurance sector, which would eventually support the development and innovation of products. photo: file Listen to article With climate change vulnerabilities increasing, countries like Pakistan need to focus on enhancing insurance penetration to protect urban dwellers as well as farmers from extreme weather patterns. Talking to the media, Society of Actuaries (SOA) Managing Director Andrew Peterson stressed the need for introducing more insurance products related to damages occurring due to climate change. Accompanying him, SOA Regional Director Zain Ibrahim referred to the recent hailstorm in Islamabad and said that threats from extreme weather conditions were not limited to rural areas, crops and mountains that had faced flash floods. "Those having ordinary cars or solar panels need insurance cover as well," Ibrahim emphasised, adding that there was a gap between the insurance sector and the general public in Pakistan. Experts highlighted that farmers lacked adequate knowledge of the available crop insurance products, while insurance companies also appeared to be engaged in limited activity in the sector. However, he pointed out that a number of companies were offering insurance products in Punjab and Khyber-Pakhtunkhwa for flood and drought mitigation – a much-needed solution in Pakistan and the region, which was even more critical than theft insurance. They underscored the need to promote actuarial education in Pakistan to strengthen the insurance sector, which would eventually support the development and innovation of products. SOA was established in 1889 and currently it has over 34,000 members. Its mission is to advance actuarial knowledge and help actuaries offer relevant, expert advice on financial and societal challenges. Actuaries are experts who use mathematics, statistics, predictive analytics, economics and finance to analyse risk and make informed decisions. Actuaries play crucial roles in industries such as insurance, banking, healthcare, consulting and public policy. "The key job of actuaries is to design and validate financial models, helping businesses turn risk into opportunity," Peterson said. He called on Pakistani youth to attain actuarial education, adding that the profession had global demand too. Some of the SOA initiatives in Pakistan include discounts on exams and preparatory materials to become an actuary, offering scholarships to promising students and engagements with local universities to create awareness and build capacity. Pakistan has witnessed growth in the actuarial profession, with a 17% increase in candidates appearing for the SOA examination in 2024. Currently, there are over 1,700 Pakistan-based SOA affiliate members. "The demand is set to rise sharply as SECP (the Securities and Exchange Commission of Pakistan) mandates every insurance firm to establish an 'actuarial function'," Ibrahim added.
