trending Market Intelligence /marketintelligence/en/news-insights/trending/stlqsgxqncmtblhakd2sta2 content esgSubNav
In This List

Sony Life, Sony Financial post higher fiscal-year profit

Blog

Financial Institutions Factor Transition Risk into Climate-Related Stress Testing

Blog

Q&A: Data That Delivers - Automating the Credit Risk Workflow

Blog

Investment Research Brokers Ramp up Cryptocurrency Coverage

Blog

COVID-19 Impact & Recovery: Financial Industry Outlook for H2 2021


Sony Life, Sony Financial post higher fiscal-year profit

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.