德银-日本-人寿保险行业-上半年两家人寿保险公司结果-20171114-deutsche bank research-life insurance sector 1h results of 2 life insurers progress rate 60% at td, 51% at sfh.pdfVIP

Deutsche Bank Group Markets Research Japan Industry Date Life insurance sector 14 November 2017 Financials / Life Insurance Results Masao Muraki, CMA 1H results of 2 life insurers: Progress Research Analyst (+81) 3 5156-6701 rate 60% at TD, 51% at SFH masao.muraki@ Reversal gains from retirement benefit at TD; Capital losses expanded at SFH Top picks TD made a steady 56% progress toward its RP guidance (Taiyo 60%, Daido Dai-ichi Life Holdings (8750.T),¥2,112 Buy 51%) and 60% toward NP (1Q 26%, 2Q 33%). We projected profit progress Source: Deutsche Securities Inc. rates of 50-60% for TD and Japan Post Insurance (our 10 November report). As retirement age lifted form 60 to 65 for employees, reversal gains from the Companies Featured retirement benefit allowance contributed to the Taiyos strong progress. Due to expanded capital loss, SFH had sluggish progress rates of 49% for RP and 51% Dai-ichi Life Holdings (8750.T),¥2,112 Buy 2017A 2018E 2019E for NP, and had already released preliminary figures on 31 October.