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Japan Sumitomo Life plans to raise yen bond portfolio in Oct-March

Thursday, 24 Oct 2013 | 3:51 AM ET

TOKYO, Oct 24 (Reuters) - Sumitomo Life Insurance Co plans to increase domestic bond holdings in the six months to March, a senior company official said on Thursday, but added that it could shift to foreign debt if domestic bond yields stay too low.

Japan's fourth largest private life insurer with total assets of 26.5 trillion yen ($272.4 billion) has started to remove currency hedging on its foreign bond investments this financial year and plans to keep doing so further, the official said.