Capital · out
Policy benefits + policyholder dividends (mutual — surplus returns to members, not shareholders); large JGB/foreign-bond investment allocation; overseas M&A ($8.2B Resolution Life, prior Reliance Life India stake).
Sourced figures 1
- Royal Gazette + Wikipedia — Nippon Life $8.2B Resolution Life buyout (2024); mutual pays policyholder dividends since 1898
the working
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