Japan

Protective Life Corp., a wholly owned Dai-ichi Life unit based in Birmingham, Alabama, has decided to cede the blocks to reinsurance firm Resolution Life Group Holdings Ltd., Dai-ichi said in a statement.

Even though Gen AI adoption in the Japanese insurance industry may still be in its infancy, most major insurance companies have already incorporated some technology.

Life insurers are among Japan's biggest institutional investors, with a combined portfolio of about 380 trillion yen ($2.7 trillion), according to the association.

Sompo Holdings Inc. and Sumitomo Life Insurance Co., two of the country’s biggest insurers, are offering policies.

Having raised nearly 20 billion yen ($175 million) in an offering that was priced at the top of its advertised range, got off to a bad start -- the biggest first-day decline in more than two decades for a company that raised at least $150 million. Daiwa Securities Co. and Mitsubishi UFJ Morgan Stanley Securities Co. were the lead managers for the listing.