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Dai-ichi Life fiscal FY net income rises 57.4% YOY

Dai-ichi Life Holdings Inc. reported a 57.4% year-over-year rise in net income for the fiscal year ended March 31.

The company on May 15 posted consolidated fiscal full-year net income attributable to shareholders of ¥363.93 billion, up from ¥231.29 billion in the prior-year period. EPS rose to ¥310.45 from ¥196.48.

The S&P Capital IQ consensus GAAP EPS estimate for the fiscal full year came to ¥301.98.

The company attributed the rise in net income mainly to a one-time increase in profit for its unit Protective Life Corp. as a result of the reduction in the U.S. corporate tax rate and a share exchange gain on the merger of Janus Capital Group Inc. and Henderson Group, in addition to the increase in net income of Dai-ichi Life.

Ordinary revenues grew to ¥7.038 trillion from ¥6.457 trillion, while ordinary profit rose to ¥471.99 billion from ¥425.320 billion. Ordinary expenses increased to ¥6.566 trillion from ¥6.031 trillion.

Premium and other income climbed to ¥4.885 trillion from ¥4.469 trillion, while investment income rose to ¥1.803 trillion from ¥1.626 trillion.

The company's solvency margin ratio stood at 881.8% as of March 31, up from 850.5% at March 31, 2017.

Dai-ichi Frontier Life Insurance Co. Ltd., a unit of the company, posted a 26% year-over-year decline in net income for the fiscal full year to ¥37.00 billion from ¥50.20 billion.

Ordinary revenues climbed to ¥1.809 trillion from ¥1.183 trillion, while ordinary profit fell to ¥60.8 billion from ¥63.7 billion. Ordinary expenses grew to ¥1.749 trillion from ¥1.120 trillion.

Premium and other income rose to ¥1.608 trillion from ¥988.8 billion, while investment income inched up to ¥201.4 billion from ¥194.1 billion.

The group raised its dividend for the fiscal year ended March 31 to ¥50 per share from ¥43 per share in the prior fiscal year. It forecasts a dividend of ¥53 per share for the fiscal year ending March 31, 2019.

For the fiscal year ending March 31, 2019, Dai-ichi Life expects to post a 39.5% year-over-year decline in net income to ¥220 billion, or ¥188.87 per share. Ordinary revenues for the period is expected to come to ¥6.429 trillion, while ordinary profit is forecast at ¥414 billion.

In addition, the company plans to repurchase up to 39 million of its own shares for up to ¥39 billion to enhance shareholder return. The insurer will buy back the shares between May 16 and March 31, 2019.

As of May 14, US$1 was equivalent to ¥109.61.