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Sun Life fiscal Q1 profit falls YOY

Sun Life Corp. said its normalized net income for the fiscal first quarter ended June 30 came to ¥25.84 per share, a decline of 24.5% from ¥34.22 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥167.5 million, a decrease of 24.5% from ¥221.9 million in the year-earlier period.

The normalized profit margin fell to 6.4% from 8.0% in the year-earlier period.

Total revenue declined 5.5% year over year to ¥2.62 billion from ¥2.77 billion, and total operating expenses fell year over year to ¥2.41 billion from ¥2.47 billion.

Reported net income fell 15.3% year over year to ¥166.0 million, or ¥25.60 per share, from ¥196.0 million, or ¥30.23 per share.

As of Aug. 14, US$1 was equivalent to ¥102.44.