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Japan's Prudential Life Insurance reports fiscal Q1 loss

Japan-based Prudential Life Insurance Co. Ltd. posted a net loss for the fiscal first quarter ended June 30.

The insurer, a unit of Prudential Financial Inc., on Aug. 14 reported a net loss of ¥1.17 billion for the quarter, compared to net profit of ¥2.90 billion for the year-ago period.

Net premium income rose year over year to ¥215.56 billion from ¥190.94 billion, while investment income climbed to ¥39.20 billion from ¥23.90 billion. Ordinary income increased to approximately ¥256 billion from ¥218.73 billion in the year-ago period.

Insurance payment rose to ¥116.07 billion from ¥107.64 billion, while reserve for future payments increased to ¥102.75 billion from ¥58.88 billion. Ordinary expenses amounted to ¥257.35 billion, up from ¥212.03 billion in the prior-year period.

The insurer's solvency margin ratio fell to 838.1% as of June 30 from 872% as of March 31.

As of Aug. 14, US$1 was equivalent to ¥109.46.