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MetLife's Japanese unit sees fiscal Q1 profit decline YOY

MetLife Insurance KK's net profit for the fiscal first quarter ended June 30 declined year over year, amid a fall in investment income.

The company said net profit for the three months fell to ¥3.02 billion from ¥10.10 billion a year earlier.

Net premium income rose year over year to ¥406.88 billion from ¥380.84 billion, while investment income declined to ¥88.14 billion from ¥174.65 billion. Other ordinary income plunged to ¥10.49 billion from ¥257.66 billion a year earlier.

Ordinary income declined to ¥505.51 billion from ¥813.14 billion in the year-ago period, while ordinary expenses fell to ¥499.25 billion from ¥797.03 billion.

The company's solvency margin ratio fell to 854.5% as of June 30 from 957.0% at the end of March.

MetLife Insurance KK is a unit of MetLife Inc.

As of Aug. 9, US$1 was equivalent to ¥110.07.