Investor Presentaiton
Benefit Payout and Impact of COVID-19
NISSAY
Nippon Life
Insurance Company
Benefit payout soared in FY2022 mainly due to payment related to COVID-19; but as COVID-19 was downgraded to “common
infections disease" from May 8, 2023, we no longer cover "deemed hospitalization" 1 arrangements going forward
COVID-19 related payments in 1H FY2023 have fallen sharply compared to 1H FY2022
Benefit Payout
Payment due to COVID-192
(consolidated)
(\bn)
■Insurance claims, annuities, and benefits
I (thousands)
I 300
-
Daily new COVID-19 cases in Japan (left axis)
Benefit payout (right axis)
(\bn)
Surrender and other refunds
250
Reinsurance premium
5,470.8
¥212.8bn
4,597.4
4,561.0
4,696.7
305.5
I 250
Still subject
44.1
1,407.2
100.9
1,330.5
89.9
1,534.4
4,629.8
111.6
1,381.0
Death Benefits ³
31.6
200
to payments4
1,717.5
I 200
Hospital Benefits
(hospitalization
8.3
Not subject
172.8
to payments
150
at a medical institution)
150
from May 8, 2023
100
Hospital Benefits
(deemed hospitalization)
¥95.7bn
100
3,447.7
3,146.0
3,129.5
3,072.4
3,137.1
¥39.0bn
50
¥10.6bn
0
FY2018
FY2019
FY2020
FY2021
FY2022
FY2020 FY2021
FY2022
Surrender due to the depreciation of JPY
(yen)
150
140
130
120
110
100
Apr-
2018
Apr-
2019
The depreciation of JPY led to the
surrender of profit taking in foreign
currency-denominated products
USD/JPY
Covered
Covered
Covered
Medical
treatment at
With high risk of
severity5
Covered
Covered
home or
lodging
(deemed
hospitalization)
х
Excluded
Other than the
above
Covered
Excluded
50
¥10.5bn
0
FY2022 FY2023
Apr-Sep Apr-Sep
Scope of
Hospitalization Benefit
Payouts
Until Sep 25,
2022
Date of positive diagnosis
From Sep 26,
2022
From May 8,
2023
Hospitalization at a medical
institution
Apr-
Apr-
Apr-
2020
2021
2022
Apr-
2023 1
(Reference)
For corporate insurance, we announced that the policies written/renewed on
or after Apr 1, 2024 will not cover CO VID-19-related death or disability
1.
2.
Source: FactSet, Ministry of Health, Labour and Welfare
We deemed COVID-19 patients recovering at homes equivalent to those who have been hospitalized
Nippon Life, Taiju Life, Nippon Wealth Life & Hanasaku Life only
3.
Total payments for death insurance claims related to COVID-19, accidental death rider, etc.
4.
Some of the death insurance claims are not eligible for payment because they are handled differently by the group companies
5.
Those who are 65 years of age or older, or who require hospitalization, or have a risk of severity and need treatment of COVID-19 medicine or administration of oxygen, or pregnant women
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