Japan's Sony Life Insurance Co. Ltd. posted a year-over-year increase in unconsolidated net income for the fiscal year ended March 31.
The insurer said net income increased to ¥45.13 billion from ¥35.19 billion in the prior-year period.
Income from insurance premiums climbed to ¥1.059 trillion from ¥956.73 billion, while investment income slipped to ¥243.29 billion from ¥245.34 billion. Other ordinary income rose to ¥48.51 billion from ¥41.67 billion in the fiscal year. As a result, ordinary revenues increased to ¥1.351 trillion from ¥1.244 trillion.
Insurance claims and other payments jumped to ¥436.54 billion from ¥372.41 billion, while provision for policy reserves and others increased to ¥638.34 billion from ¥596.74 billion. As a result, the insurer's ordinary expenses grew year over year to ¥1.295 trillion from ¥1.184 trillion.
Separately, the company's parent, Sony Financial Holdings Inc., posted a 24.7% year-over-year increase in net profit, in line with preliminary results reported April 27.
Profit attributable to owners of the parent increased to ¥51.90 billion from ¥41.62 billion. EPS for the period increased to ¥119.29 from ¥95.68.
Ordinary profit inched up to ¥66.84 billion from ¥66.33 billion, while ordinary revenues climbed to ¥1.504 trillion from ¥1.382 trillion.
Meanwhile, Sony Financial raised its year-end dividend to ¥60 from ¥55 for the prior fiscal year.
As of May 11, US$1 was equivalent to ¥109.40.