MS&AD Insurance Group Holdings Inc. reported an 8.5% year-over-year decline in net income for the quarter ended June 30.

The company said net income attributable to owners for the fiscal first quarter fell to ¥83.86 billion from ¥91.67 billion in the year-ago quarter. EPS dropped to ¥141.69 from ¥154.80.

Ordinary profit increased to ¥125.40 billion from ¥124.56 billion, while ordinary income fell to ¥1.462 trillion from ¥1.481 trillion.

Underwriting income grew to ¥1.312 trillion from ¥1.247 trillion, as net premiums written increased to ¥ 968.92 billion from ¥954.39 billion. Investment income for the quarter plunged to ¥145.09 billion from ¥229.47 billion in the prior-year period.

The company's ordinary expenses slipped to ¥1.336 trillion from ¥1.356 trillion in the year-ago period. Extraordinary losses surged to ¥12.50 billion from ¥3.44 billion in the prior-year quarter.

MS&AD Insurance unit Mitsui Sumitomo Insurance Co. Ltd. reported a year-over-year decline in fiscal first-quarter net income to ¥55.19 billion from ¥66.69 billion.

The unit reported net premiums written of ¥374.77 billion, down from ¥376.11 billion. Underwriting income dropped to ¥402.58 billion from ¥406.95 billion. Investment income fell to ¥51.56 billion from ¥59.39 billion.

The insurer's combined ratio was 89.9% as of June 30, compared to 87.7% as of June 30, 2017.

Meanwhile, the group expects total incurred losses on a direct basis of ¥66 billion from the heavy rains in Japan in July. It said the losses will affect its results in or after the six months ended Sept. 30.

As of Aug. 7, US$1 was equivalent to ¥111.19.