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Japan-based AXA Life Insurance's fiscal-year net profit rises YOY

AXA Life Insurance Co. Ltd. reported a year-over-year rise in net profit for the fiscal year ended March 31.

The life insurer said May 25 that net profit for the year rose to ¥28.62 billion from ¥15.84 billion in the year-ago period.

Net premium income fell to ¥596.63 billion from ¥619.13 billion, while investment income slipped to ¥188.51 billion from ¥200.79 billion, pushing operating income down to ¥789.74 billion from ¥822.97 billion.

Insurance claims and other payments rose to ¥455.96 billion from ¥455.42 billion, while investment expenses dropped to ¥36.01 billion from ¥43.25 billion. Ordinary expenses fell to ¥733.71 billion from ¥781.70 billion.

The insurer recorded an extraordinary gain of ¥17.06 billion for the year. Extraordinary losses rose to ¥20.95 billion from ¥4.36 billion in the prior financial year.

The company's solvency margin ratio was 780.9% as of March 31, up from 745.6% as of March 31, 2017.

AXA Life Insurance is the Japanese unit of Paris-based Axa.

As of May 25, US$1 was equivalent to ¥109.37.