Japan's four biggest life insurers reported a 10.9% year-over-year rise in aggregate net income for the quarter ended Dec. 31, 2017, even as operating income slid for the period.
Meiji Yasuda Life Insurance Co. and Nippon Life Insurance Co. posted net income increments for the quarter, which pulled aggregate net income for all four companies up to ¥211.57 billion from ¥190.72 billion previously.
Meiji Yasuda Life reported a year-over-year increase in net income for the quarter ended Dec. 31, 2017, to ¥47.63 billion from ¥16.79 billion. The company also reported a consolidated net surplus of ¥149.38 billion for the nine months ended Dec. 31, 2017, up from ¥124.13 billion in the prior-year period.
Nippon Life saw its net income for the quarter rise to ¥72.79 billion year over year from ¥69.85 billion, while its net premiums and fee income rose to ¥1.32 trillion from ¥1.24 trillion.
The other two insurers, Sumitomo Life Insurance Co. and Dai-ichi Life Insurance Co. Ltd., reported lower net income for the quarter ended Dec. 31, 2017, against the year-ago period.
Aggregate operating income for the four insurers dropped to ¥5.357 trillion from ¥5.526 trillion, while expenses slid to ¥5.146 trillion from ¥5.336 trillion.
As of Feb. 20, US$1 was equivalent to ¥107.30.
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