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Nippon Life reports YOY decrease in fiscal-year net profit

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Nippon Life reports YOY decrease in fiscal-year net profit

Nippon Life Insurance Co. reported a year-over-year decrease in net profit for the fiscal year ended March 31.

The company said May 25 that net profit for the year fell to ¥242.34 billion from ¥268.60 billion in the year-ago period.

Net premium income fell year over year to ¥4.488 trillion from ¥4.647 trillion, while investment income declined to ¥1.653 trillion from ¥1.662 trillion. Ordinary income slipped to ¥6.339 trillion from ¥6.453 trillion in the prior-year period.

Ordinary expenses fell to ¥5.928 trillion from ¥5.994 trillion.

Nippon Life's solvency margin ratio stood at 917.9% as of March 31, compared to 896.0% as of March 31, 2017.

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