WhoOwnsJapan’sLifeInsuranceCompanies.docVIP

PAGE 16 PAGE 15 Room document 9  MACROBUTTON NUMBERING  SEQ ccount \h \* MERGEFORMAT  SEQ cpara \h \r 0 \* MERGEFORMAT Statistics Directorate National Accounts Who Owns Mutual Life Insurance Companies?– Mutual Life Insurance Companies under the Flow of Funds Statistics Paper prepared b y Katsufumi Yoshino, Toshie KoriResearch and Statistics Department (Bank of Japan OECD MEETING OF NATIONAL ACCOUNTS EXPERTSChateau de la Muette, Paris8-11 October 2002 MACROBUTTON NUMBERING  SEQ ccount \h \* MERGEFORMAT  SEQ cpara \h \r 0 \* MERGEFORMAT  MACROBUTTON NUMBERING  SEQ ccount \h \* MERGEFORMAT  SEQ cpara \h \r 0 \* MERGEFORMAT Beginning at 9:30 a.m. on the first day  MACROBUTTON NUMBERING  SEQ ccount \h \* MERGEFORMAT  SEQ cpara \h \r 0 \* MERGEFORMAT Who Owns Mutual Life Insurance Companies?– Mutual Life Insurance Companies under the Flow of Funds Statistics Katsufumi Yoshino*, Toshie Kori** Research and Statistics Department Bank of Japan CPO Box 203 Tokyo 100-8630 JAPAN *e-mail: katsufumi.yoshino@boj.or.jp ** e-mail: toshie.koori@boj.or.jp The views expressed in this paper are those of the authors and do not necessarily reflect those of the Bank of Japan or the Research and Statistics Department. 1. Introduction While Japanese law permits two forms for firms engaged in the life insurance businesses – joint stock corporations and mutual companies – Japan’s leading life insurers are mutual companies, and mutual companies account for a high percentage of the Japanese life insurance market. Most Japanese mutual life insurance companies switched its scheme from a joint stock corporation to a mutual company in and after 1947. On a number of companies basis, 11 out of Japan’s 43 life insurance firms are presently mutual companies (as of the end of March 2002), but these mutual companies account for 86% of the Japanese life insurance market on a policy reserves basis and 87% of the market as measured by premium inc