AXA Life Insurance Co. Ltd. returned to profit in the nine months ended Dec. 31, 2017, from a loss in the prior-year period.
The life insurer on Feb. 14 reported a net profit of ¥9.19 billion, compared to a net loss of ¥2.17 billion in the year-ago period, partly thanks to lower expenses.
Net premium income fell to ¥442.97 billion from ¥466.84 billion, while investment income climbed to ¥167.13 billion from ¥146.41 billion. Operating income fell to ¥613.48 billion from ¥616.18 billion.
Insurance claims and other payments fell to ¥342.56 billion from ¥343.24 billion, while investment expenses dropped to ¥15.83 billion from ¥41.47 billion. Ordinary expenses fell to ¥586.92 billion from ¥605.00 billion.
The company's solvency margin ratio was 802.6% as of Dec. 31, 2017, up from 745.6% as of March 31, 2017.
AXA Life Insurance is the Japanese unit of Paris-based AXA.
As of Feb. 14, US$1 was equivalent to ¥106.98.