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Sumitomo Life Insurance 9-month earnings fall YOY

Sumitomo Life Insurance Co. reported a net loss attributable to the parent company of ¥1.70 billion for the nine months ended Dec. 31, 2019, compared with a net surplus of ¥49.09 billion in the prior-year period.

Ordinary income for the period was ¥2.601 trillion, down from ¥2.682 trillion in the nine months ended Dec. 31, 2018. Insurance premiums and other income decreased to ¥1.837 trillion from ¥1.924 trillion, while investment income fell to ¥665.24 billion from ¥667.32 billion.

The company logged ordinary expenses of ¥2.554 trillion for the period, down from ¥2.566 trillion in the prior-year period. Ordinary profit also dropped to ¥46.81 billion from ¥115.70 billion year over year.

Sumitomo Life's consolidated solvency margin ratio was 939.6% as of Dec. 31, 2019, compared with 915.6% on March 31, 2019.

As of Feb. 14, US$1 was equivalent to ¥109.78.