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Nippon Life fiscal Q1 net profit falls YOY amid premium, investment income drop

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.