Sumitomo Life to raise investments in stocks, foreign bonds

TOKYO, Oct 23 (Reuters): Sumitomo Life Insurance plans to increase investments in risk assets such as stocks and foreign bonds, to boost income as global bond yields are expected to stay depressed, a top investment planning official said on Wednesday.

Japanese life insurers collectively hold about 370 trillion yen ($3.4 trillion) of assets under management and have been a big player in US and European bond markets for many years as the Bank of Japan's aggressive easing has shrunk domestic bond yields.