trending Market Intelligence /marketintelligence/en/news-insights/trending/gfusxwuybrsffwj_hzujsw2 content esgSubNav
In This List

Sumitomo Life fiscal-year profit rises YOY on lower provisions

Blog

The Big Picture 2022 Insurance Industry Outlook

Podcast

Next in Tech | Episode 37: Insurance impacts on technology and vice versa

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


Sumitomo Life fiscal-year profit rises YOY on lower provisions

Japan-based Sumitomo Life Insurance Co. reported an increase in net profit for the fiscal year ended March 31, thanks in part to lower provisions for policy reserves.

Consolidated fiscal full-year net surplus attributable to the parent company rose to ¥69.84 billion from ¥56.07 billion in the prior-year period.

Insurance premiums and other declined to ¥2.689 trillion from ¥3.459 trillion, while investment income increased to ¥908.40 billion from ¥861.24 billion in the prior fiscal year. As a result, ordinary income fell to ¥3.747 trillion from ¥4.434 trillion.

Ordinary expenses fell to ¥3.529 trillion from ¥4.244 trillion in the prior fiscal year, primarily due to a decline in provisions for policy reserves to ¥723.69 billion from ¥1.412 trillion.

The insurer's ordinary profit rose to ¥217.87 billion from ¥189.76 billion in the year-ago period.

As at March 31, the insurer's consolidated solvency margin ratio was 881.7%, compared to 813.2% at the end of March 2017.

As of May 24, US$1 was equivalent to ¥109.21.