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Meiji Yasuda Life fiscal Q1 net profit falls 29.3% YOY

Meiji Yasuda Life Insurance Co. posted a 29.3% year-over-year decline in net profit for the quarter ended June 30, as premiums and investment income fell.

The insurer's fiscal first-quarter net surplus attributable to the parent fell to ¥30.81 billion from ¥43.55 billion in the prior-year period.

Ordinary income dropped to ¥991.84 billion from ¥1.052 trillion. Insurance premiums and other amounted to ¥733.02 billion, a decrease from ¥778.59 billion in the prior-year quarter. Investment income for the quarter also fell year over year, to ¥223.69 billion from ¥237.97 billion.

Ordinary expenses dropped to ¥949.38 billion from ¥976.59 billion. Ordinary profit fell to ¥42.47 billion from ¥75.68 billion.

The Japanese life insurer booked impairment losses worth ¥1.14 billion for the quarter, up from ¥712 million a year earlier.

The company's consolidated solvency margin ratio stood at 1,063.8% as of June 30, compared to 1,040.1% at the end of March.

As of Aug. 8, US$1 was equivalent to ¥106.13.