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Asahi Mutual Life posts yearly rise in profit on rise in investment income

Asahi Mutual Life Insurance Co. reported a rise in profit for the quarter ended June 30 amid a rise in investment income.

Net surplus attributable to the parent company increased to ¥21.17 billion from ¥12.18 billion in the year-ago quarter.

Premium and other income declined to ¥93.50 billion from ¥95.11 billion in the year-ago period, while investment income rose to ¥52.74 billion from ¥43.97 billion. The insurer reported a rise in gains on sales of securities to ¥24.43 billion from ¥16.55 billion.

Ordinary income rose to ¥174.89 billion from ¥169.81 billion, while ordinary expenses fell to ¥150.26 billion from ¥154.94 billion. Ordinary profit increased to ¥24.63 billion from ¥14.87 billion.

The insurer's solvency margin ratio increased to 748.3% as of June 30, from 748% as of March 31.

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