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Sumitomo Life swings to fiscal Q1 net loss

Japan's Sumitomo Life Insurance Co. logged a net loss attributable to the parent company for the fiscal quarter ended June 30 of ¥3.41 billion, versus a surplus of ¥9.17 billion a year ago.

Ordinary income dropped year over year to ¥880.07 billion from ¥884.14 billion. Insurance premiums and other grew to ¥625.91 billion from ¥623.50 billion, while investment income declined to ¥213.49 billion from ¥223.67 billion in the prior fiscal year.

The insurer's ordinary expenses increased to ¥875.73 billion from ¥843.66 billion. Ordinary profit slid to ¥4.34 billion from ¥40.48 billion. Extraordinary losses for the fiscal quarter dropped year over year to ¥12.14 billion from ¥30.72 billion.

As of June 30, the insurer's consolidated solvency margin ratio was 952.0%, compared to 915.6% as of March 31.

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