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Sumitomo Life's fiscal full-year income drops YOY

Japan-based Sumitomo Life Insurance Co. reported a net surplus attributable to the parent company for the fiscal year ended March 31 of ¥48.27 billion, down from ¥69.84 billion a year ago.

Ordinary income dropped year over year to ¥3.639 trillion from ¥3.747 trillion. Insurance premiums and other fell year over year to ¥2.606 trillion from ¥2.689 trillion, while investment income dipped to ¥899.78 billion from ¥908.40 billion in the prior fiscal year.

Ordinary expenses dropped to ¥3.489 trillion from ¥3.529 trillion. The insurer's ordinary profit shrank to ¥150.84 billion from ¥217.87 billion.

As of March 31, the insurer's consolidated solvency margin ratio was 915.6%, compared to 881.7% at the end of March 2018.

As of May 23, US$1 was equivalent to ¥109.67.