Four major Japanese life insurers, including Nippon Life Insurance, reported higher revenues in fiscal 2025, driven mainly by stronger sales of yen-denominated single-premium whole life insurance policies.

The products have become increasingly attractive to consumers after insurers raised their prospective yields in response to higher long-term interest rates following the Bank of Japan’s interest rate hikes.

Under single-premium whole life insurance policies, policyholders pay the entire premium in a lump sum when signing the contract. Upon the policyholder’s death, the bereaved family or other designated beneficiaries receive insurance benefits. In many cases, policyholders use large sums of money, such as retirement allowances, to pay the premium.