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Asahi Mutual Life Insurance posts YOY decline in full-year profit

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Asahi Mutual Life Insurance posts YOY decline in full-year profit

Japan-based Asahi Mutual Life Insurance Co. reported a year-over-year decrease in net income for the fiscal year ended March 31.

The insurer said May 25 that net income for the year fell to ¥25.99 billion from ¥29.26 billion for the year-ago period.

Ordinary income slipped to ¥652.23 billion from ¥680.00 billion, even as premium income edged up to ¥384.95 billion from ¥383.78 billion and investment income climbed to ¥166.60 billion from ¥161.26 billion.

Meanwhile, ordinary expenses fell to ¥614.68 billion from ¥641.01 billion, as insurance payments fell to ¥438.97 billion from ¥463.81 billion.

The insurer's solvency margin ratio was 808.5% as of March 31, up from 742.7% as of March. 31, 2017.

As of May 25, US$1 was equivalent to ¥109.37.