Milliman：2026年日元计价保险负债的利率风险对冲报告（英文版）

Interest rate risk management has long been a key issue for Japanese life insurers due to the long-duration nature of insurance liabilities and the challenges of matching those liabilities with available long-duration assets in the domestic market. We review publicly disclosed derivative positions of 41 Japanese life insurance companies and provide observations on how interest rate derivatives are used in practice. Our analysis shows that interest rate swaps (IRS) remain the dominant hedging