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Japan's Asahi Mutual Life 9-month profit rises YOY

Asahi Mutual Life Insurance Co. reported a year-over-year rise in unconsolidated net income for the nine months to Dec. 31, 2016.

The Japan-based insurer said Feb. 14 that net income for the period increased to ¥21 billion from ¥13.28 billion for the year-ago period.

Premiums and other income declined to ¥288.50 billion from ¥298.38 billion. Investment income jumped to ¥116.89 billion from ¥95.69 billion. As a result, ordinary income climbed to ¥504.72 billion from ¥487.48 billion a year ago.

Ordinary expenses for the period increased to ¥475.43 billion from ¥469.28 billion.

The insurer's solvency margin ratio was 677.0% as of Dec. 31, 2016, compared to 691.5% as of March 31, 2016.

As of Feb. 14, US$1 was equivalent to ¥114.11.