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Sumitomo Life Insurance's fiscal Q1 profit falls amid lower insurance premiums

Sumitomo Life Insurance Co. reported a year-over-year decline in profit for the three months ended June 30 amid a decline in income from insurance premiums.

The company said net surplus attributable to the parent for the fiscal first quarter dropped to ¥14.52 billion from ¥15.12 billion in the prior-year quarter.

The insurer's income from insurance premiums and other fell to ¥629.33 billion from ¥789.17 billion. Gains on sales of securities also dropped to ¥9.90 billion from ¥23.59 billion, while investment income increased to ¥214.78 billion from ¥202.05 billion.

Ordinary income for the quarter fell to ¥889.18 billion from ¥1.017 trillion in the prior-year period.

Meanwhile, extraordinary losses declined to ¥11.18 billion from ¥47.32 billion in the prior-year quarter. Ordinary expenses fell to ¥863.27 billion from ¥954.02 billion.

Sumitomo Life's solvency margin ratio stood at 831.8% at June 30, compared to 813.2% at March 31.

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