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Japan's Sumitomo Life plans a shift to foreign bonds from JGBs

TOKYO, April 23 (Reuters) - Sumitomo Life Insurance, Japan's fourth largest life insurance company, plans to shift some of its funds into foreign bonds from long-term domestic bonds, as bond yields in Japan are too low, a senior company official said on Wednesday

Sumitomo Life Insurance, with total assets of about 26 trillion yen ($253.4 billion), plans to allocate about a third of the money it would invest in domestic super-long bonds to foreign bonds, said Iwao Matsumoto, general manager of investment planning at the insurer. ($1 = 102.6000 Japanese Yen)

(Reporting by Hideyuki Sano; Editing by Dominic Lau)