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Japan's Prudential Life Insurance posts 223.1% YOY surge in 9-month net profit

Japan-based Prudential Life Insurance Co. Ltd. saw a 223.1% increase in its net profit for the nine months ended Dec. 31, 2017, partly thanks to lower extraordinary loss.

The insurer reported Feb. 14 that net profit attributable to owners of the parent surged to ¥20.84 billion from ¥6.45 billion in the prior-year period.

Extraordinary loss fell year over year to ¥986 million from ¥11.46 billion, while net premium income increased to ¥615.33 billion from ¥564.32 billion. Investment income climbed to ¥129.00 billion from ¥86.63 billion.

Operating income increased to ¥746.92 billion from ¥653.88 billion in the year-ago period. Ordinary expenses climbed to ¥717.08 billion from ¥633.17 billion.

The insurer's solvency margin ratio rose to 909.5% as of Dec. 31, 2017, from 872.0% as of March 31, 2017.

Prudential Life Insurance is a unit of U.S.-based Prudential Financial Inc.

As of Feb. 14, US$1 was equivalent to ¥106.98.