Average Group Annuities Inked -8.51% By 3rd Q. of 2011

The average return for group annuities in special accounts which Japan's six largest insurers invest in on behalf of corporate pension funds was minus 8.51% in the cumulative 3rd quarter of fiscal 2011, compared with minus 3.67% a year earlier, according to Nikkei. The poor performance in investment return is mainly attributed to a drop in domestic stock prices and the yen's sharp appreciation.