Nippon Life Insurance Co.'s net profit for the fiscal first quarter ended June 30 fell year over year, amid a decline in premium and investment income.
The company said net profit for the three months declined to ¥49.82 billion from ¥63.09 billion a year earlier.
Net premium income fell year over year to ¥1.150 trillion from ¥1.228 trillion, while investment income declined to ¥386.10 billion from ¥393.57 billion. Ordinary income declined to ¥1.569 trillion from ¥1.657 trillion year over year, while ordinary expenses fell to ¥1.474 trillion from ¥1.545 trillion.
Nippon Life's solvency margin ratio rose to 903.8% as of June 30, from 896.0% as of March 31.
As of Aug. 8, US$1 was equivalent to ¥110.77.