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Dai-ichi Life records 24.9% YOY increase in fiscal Q1 net income

Japan-based Dai-ichi Life Holdings Inc.'s net income attributable to shareholders of the parent company in the quarter ended June 30 rose 24.9% to ¥51.77 billion from ¥41.44 billion a year ago.

EPS increased year over year to ¥45.23 from ¥35.54.

Ordinary revenues rose 8.5% to ¥1.830 trillion from ¥1.688 trillion. Ordinary profit jumped 29.1% to ¥105.09 billion from ¥81.40 billion.

Premium and other income were flat year over year at ¥1.246 trillion, while investment income surged to ¥529.93 billion from ¥377.75 billion.

For the fiscal year ending March 31, 2020, the company expects to report net income attributable to shareholders of the parent company of ¥226 billion and ordinary revenues of ¥6.931 trillion. Ordinary profit for the fiscal year is anticipated to come in at ¥417 billion.

Also, due to new accounting standards adopted by certain overseas subsidiaries, retained earnings decreased by ¥5.64 billion at the beginning of the fiscal quarter ended June 30. There was no significant impact on the figures in the quarterly consolidated statement of earnings for the period, the company added.

As of Aug. 8, US$1 was equivalent to ¥106.13.