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Dai-ichi Life fiscal Q1 income rises YOY on decline in extraordinary losses

Dai-ichi Life Holdings Inc. reported a 48.5% year-over-year increase in net income for the fiscal first quarter ended June 30, helped by a sharp decline in extraordinary losses.

The company said net income attributable to shareholders of the parent went up to ¥71.94 billion from ¥48.44 billion. EPS for the quarter came in at ¥61.16, up from ¥41.03 in the year-ago period.

Extraordinary losses for the period declined to ¥5.54 billion from ¥15.98 billion in the year-ago period.

Ordinary profit slipped to ¥98.17 billion from ¥117.62 billion, while ordinary income also fell year over year to ¥1.593 trillion from ¥1.676 trillion a year earlier. The company attributed this to a shift in its product mix to focus on protection-type policies, as well as a difficult year-over-year comparison as it reported gains on hedge-related investment transactions in the year-ago period.

The group's premium and other income fell to ¥1.035 trillion from ¥1.092 trillion, while investment income increased to ¥482.00 billion from ¥382.67 billion.

As of June 30, Dai-ichi Life's solvency margin ratio stood at 856.0%, up from 850.5% as of March 31. The group's consolidated solvency margin ratio clocked in at 772.7% at June-end.

Group unit Dai-ichi Frontier Life Insurance Co. Ltd. reported net income of ¥2.78 billion for the fiscal first quarter, compared to a net loss of ¥21.74 billion in the prior-year period on higher investment income and a decline in expenses.

The company's ordinary revenues fell to ¥348.80 billion from ¥451.34 billion. Premium and other income inched up to ¥259.20 billion from ¥233.22 billion, while investment income surged to ¥89.60 billion from ¥32.14 billion.

The insurer's solvency margin ratio for the period clocked in at 604.0% at the end of June, compared to 576.6% at March 31.

As of Aug. 8, US$1 was equivalent to ¥110.77.