Sony Group (TYO:6758) insurance arm Sony Life Insurance plans to sell government bonds to prevent writedowns should domestic interest rates continue to climb, Bloomberg News reported Thursday, citing a top official.
Ryoji Inaba, head of investment planning, expressed significant concern about rising ultra-long-term bond yields, stating they will "take measures such as selling bonds as necessary" to avoid impairment, said the newswire.
Life insurers are required to record impairment losses if bond prices fall significantly due to interest rate increases, the report added.
As of March-end, Sony Life held $59.8 billion in domestic bonds, primarily government debt, with unrealized losses of $1.4 trillion, the report said.
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