Fukoku Mutual Life Insurance Co.'s net profit for the fiscal first quarter ended June 30 rose year over year amid lower policy reserves.
The company said net profit for the three months increased to ¥17.39 billion from ¥13.44 billion a year earlier.
Net premium income was ¥191.93 billion from ¥198.01 billion year over year, while investment income decreased to ¥46.49 billion from ¥56.50 billion. Ordinary income dropped to ¥241.96 billion from ¥259.38 billion in the year-ago period.
Insurance payment rose to ¥175.70 billion from ¥145.83 billion, while policy reserves fell to ¥5.43 billion from ¥37.30 billion. Ordinary expenses fell to ¥220.21 billion from ¥243.33 billion.
Fukoku Mutual Life's solvency margin ratio decreased to 1,188.1% as of June 30 from 1,214.8% as of March 31.
As of Aug. 9, US$1 was equivalent to ¥110.07.