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Japan's MS&AD reports YOY decline in full-year profit

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Japan's MS&AD reports YOY decline in full-year profit

Japan's MS&AD Insurance Group Holdings Inc. reported a 26.8% year-over-year decline in net income for the fiscal year ended March 31.

The company said its full-year net income attributable to owners dropped to ¥154.06 billion from ¥210.45 billion in the prior-year period. EPS fell to ¥259.98 from ¥350.90.

The S&P Capital IQ consensus GAAP EPS estimate for the full fiscal year came in ¥241.22.

Ordinary profit amounted to ¥211.55 billion, down from ¥352.61 billion, while ordinary income fell to ¥5.218 trillion from ¥5.335 trillion.

The insurer's net premiums written inched up to ¥3.441 trillion from ¥3.407 trillion, while underwriting income slipped to ¥4.648 trillion from ¥4.811 trillion. Investment income increased to ¥550.84 billion from ¥507.28 billion in the prior fiscal year.

Ordinary expenses rose year over year to ¥5.006 trillion from ¥4.983 trillion.

The insurer lowered its final dividend to ¥65 per share from ¥70 per share a year earlier. Together with an interim dividend of ¥65 per share, its total dividend for the year amounted to ¥130 per share, up from ¥120 per share for the prior fiscal year.

Looking forward, the insurer expects net income for the fiscal year ending March 31, 2019, to rise 29.8% to ¥200 billion, or ¥337.60 per share. Ordinary profit is expected to rise to ¥295 billion.

In addition, the insurer plans to buy back a maximum 10 million own shares, or about 1.69% of its issued shares, for up to ¥30 billion. The repurchase period will run from May 21 to Sept. 14.

As of May 17, US$1 was equivalent to ¥110.82.