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Sony Financial preliminary fiscal Q3 net profit falls 55.3% YOY

Sony Financial Holdings Inc. said its preliminary net profit for the fiscal third quarter ended Dec. 31, 2016, declined 55.3% year over year.

The company said Feb. 2 that its preliminary consolidated fiscal third-quarter profit attributable to owners fell to ¥8.5 billion from ¥19.0 billion in the prior-year quarter.

Ordinary revenues for the quarter increased to ¥409.3 billion from ¥373.8 billion, while ordinary profit fell to ¥13.1 billion from ¥28.6 billion.

For the nine-month period ended Dec. 31, 2016, preliminary consolidated profit attributable to owners fell 11.8% year over year to ¥33.7 billion from ¥38.2 billion. EPS for the period declined to ¥77.51 from ¥87.87.

Ordinary revenues for the period climbed to ¥1.041 trillion from ¥1.036 trillion, while ordinary profit declined to ¥50.3 billion from ¥57.4 billion.

The company said that ordinary revenues from its life insurance business were essentially flat year over year as a rise in investment income was offset by a decrease in insurance premium revenues, led by a decline in sales of single premium products. It added that ordinary profit from the business declined due mainly to lower gains on sale of securities in the general account.

In regard to its nonlife insurance business, the company said ordinary revenues rose year over year, mainly due to an increase in net premiums written primarily for mainstay automobile insurance. The rise in ordinary profit from the business was due to the increase in ordinary revenues, including gains on sale of securities, and a lower expense ratio, the company added.

As of Feb. 1, US$1 was equivalent to ¥113.46.