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Lower extraordinary loss helps boost Prudential Life Insurance full-year profit

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Lower extraordinary loss helps boost Prudential Life Insurance full-year profit

Japan's Prudential Life Insurance Co. Ltd. reported a year-over-year increase in net profit for the fiscal year ended March 31, helped by lower extraordinary loss.

The insurer said May 25 that net profit for the year rose to ¥26.99 billion from ¥8.14 billion in the prior-year period.

Extraordinary loss fell to ¥85 million from ¥16.35 billion in the year-ago period.

Net premium income increased to ¥859.10 billion from ¥800.27 billion, while investment income climbed to ¥157.49 billion from ¥106.87 billion. Operating income increased to ¥1.021 trillion from ¥910.56 billion.

Ordinary expenses climbed to ¥983.45 billion from ¥893.05 billion.

The insurer's solvency margin ratio fell to 817.4% as of March 31, from 872.0% as of March 31, 2017.

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

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