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Japan Post Insurance fiscal Q1 net income rises YOY

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Japan Post Insurance fiscal Q1 net income rises YOY

Japan Post Insurance Co. Ltd. reported a 41.1% year-over-year increase in its net profit for the quarter ended June 30.

The insurer said fiscal first-quarter net income attributable to the company rose to ¥34.09 billion from ¥24.16 billion in the year-ago period. Basic EPS was ¥56.83 versus ¥40.28.

The insurer's ordinary profit dropped to ¥75.25 billion from ¥83.22 billion. Ordinary income fell to ¥1.979 trillion from ¥2.114 trillion.

Insurance premiums and others slipped to ¥1.015 trillion from ¥1.124 trillion, and investment income dropped to ¥307.61 billion from ¥321.39 billion.

Meanwhile, the insurer's extraordinary losses plunged to ¥330 million from ¥16.08 billion in the year-ago quarter.

As of Aug. 9, US$1 was equivalent to ¥110.94.