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MS&AD Insurance Group fiscal Q1 net income surges 140.9% YOY

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MS&AD Insurance Group fiscal Q1 net income surges 140.9% YOY

MS&AD Insurance Group Holdings Inc. saw a 140.9% year-over-year increase in net income for the fiscal first quarter ended June 30, helped by higher investment income and lower investment expenses.

The company said net income attributable to owners increased to ¥91.67 billion from ¥38.06 billion in the year-ago quarter. Basic EPS rose to ¥154.82 per share from ¥63.14 per share. Diluted EPS for the quarter was ¥154.80. The company did not declare a diluted EPS in the year-ago period.

Ordinary profit jumped to ¥124.56 billion from ¥49.22 billion, while ordinary income rose to ¥1.481 trillion from ¥1.382 trillion.

Net premiums written increased to ¥954.39 billion from ¥944.25 billion, while underwriting income dropped to ¥1.247 trillion from ¥1.288 trillion. Investment income surged to ¥229.47 billion from ¥89.80 billion.

The company's ordinary expenses increased to ¥1.356 trillion from ¥1.333 trillion in the year-ago period. Investment expenses fell to ¥9.62 billion from ¥312.45 billion.

MS&AD Insurance unit Mitsui Sumitomo Insurance Co. Ltd. posted a net income attributable to owners of ¥66.69 billion, up from ¥32.26 billion.

Net premiums written during the quarter amounted to ¥376.11 billion, up from ¥362.66 billion in the prior-year period.

The insurer's combined ratio was 87.7% as of June 30, compared to 89.1% as of June 30, 2016.

MS&AD Insurance expects its net income to come in at ¥245 billion, or ¥413.56 per share, for the fiscal year ending March 31, 2018. Ordinary profit is expected at ¥345 billion.

The company expects to pay a total dividend of ¥130 per share for the 2017-2018 fiscal year, up from ¥120 per share in the previous fiscal year. The annual dividend will consist of two interim dividends, each amounting to ¥65 per share.

As of Aug. 8, US$1 was equivalent to ¥110.77.