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Sony Life, Sony Financial post YOY decline in fiscal Q1 profit

Sony Life Insurance Co. Ltd. reported a decline in net income for the fiscal first quarter ended June 30 to ¥10.14 billion from ¥16.65 billion, as ordinary expenses increased.

Ordinary revenues increased to ¥327.96 billion from ¥292.05 billion. Ordinary profit fell to ¥15.82 billion from ¥23.37 billion, which the company attributed to a deterioration in net gains on derivative transactions to hedge market risks for available-for-sale securities, as well as lower gains on sale of securities in the general account.

Ordinary expenses climbed to ¥312.14 billion from ¥268.68 billion.

Income from insurance premiums inched up to ¥241.14 billion from ¥241.13 billion. Investment income increased to ¥83.10 billion from ¥46.82 billion due to an improvement of investment performance in the separate account following a recovery in the financial market conditions, the company said.

The insurer's parent company, Sony Financial Holdings Inc., reported a fall in consolidated fiscal first-quarter profit attributable to owners to ¥12.57 billion from ¥17.65 billion, in line with preliminary results posted Aug. 1.

Ordinary revenues climbed to ¥364.98 billion from ¥326.61 billion, while ordinary profit fell to ¥19.00 billion from ¥25.50 billion.

As of Aug. 8, US$1 was equivalent to ¥110.77.