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Japan's Asahi Mutual Life reports YOY jump in 9-month profit

Asahi Mutual Life Insurance Co. reported a year-over-year jump in unconsolidated net income for the nine months to Dec. 31, 2017, partly due to a decline in expenses.

The Japan-based insurer said Feb. 14 that net income for the period surged to ¥40.21 billion from ¥21.00 billion for the year-ago period.

Premiums and other income slipped to ¥285.91 billion from ¥288.50 billion. Investment income climbed to ¥136.80 billion from ¥116.89 billion. As a result, ordinary income rose to ¥513.67 billion from ¥504.72 billion in the year-ago period.

Ordinary expenses fell to ¥460.15 billion from ¥475.43 billion.

The insurer's solvency margin ratio was 780.0% as of Dec. 31, 2017, compared to 742.7% as of March. 31, 2017.

As of Feb. 14, US$1 was equivalent to ¥106.98.