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Sony Financial Holdings posts YOY increase in 9-month preliminary profit

Sony Financial Holdings Inc. posted a year-over-year increase in preliminary net profit for the fiscal nine-month period ended Dec. 31, 2017, due to extraordinary gains from its disposal of assets.

The company said preliminary profit attributable to owners of the parent rose 26% to ¥42.4 billion, or ¥97.67 per share, from ¥33.7 billion, or ¥77.51 per share.

The company said the increase was due to a gain from its disposal of real estate assets worth ¥13.2 billion, held for investment in its life insurance division. It added that ordinary revenues from its life insurance business grew year over year due to steady investment performance in the separate account and higher income from insurance premiums.

The group's ordinary profit fell to ¥49.5 billion from ¥50.3 billion, while ordinary revenues rose to ¥1.176 trillion from ¥1.041 trillion.

Further, the company raised its net income forecast for the fiscal year ending March 31 due to better-than-expected results from its life insurance business during the nine-month period. The company now expects full-year net profit of ¥50 billion, or ¥114.95 per share, up from its previous forecast of ¥42 billion, or ¥96.56 per share.

Ordinary profit is expected to clock in at ¥64 billion, while ordinary revenues is expected to come in at ¥1.540 trillion. The company also raised its dividend expectation to ¥60 per share from its previous forecast of ¥55 per share.

Sony Financial Holdings is set to announce its final consolidated results on Feb. 14.

As of Feb. 1, US$1 was equivalent to ¥109.45.