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Nippon Life's 9-month net profit falls YOY as premium income declines

Nippon Life Insurance Co.'s net profit for the nine months ended Dec. 31, 2017, slipped year over year as premium income dropped.

The company said Feb. 15 that its net profit for the nine-month period fell to ¥170.01 billion from ¥178.41 billion in the year-ago period.

Net premium income fell year over year to ¥3.380 trillion from ¥3.469 trillion, while investment income declined to ¥1.231 trillion from ¥1.248 trillion. Ordinary income slipped to ¥4.696 trillion from ¥4.808 trillion in the prior-year period.

Ordinary expenses fell to ¥4.378 trillion from ¥4.450 trillion.

Nippon Life's solvency margin ratio stood at 919.9% as of Dec. 31, 2017, compared to 896.0% as of March 31, 2017.

As of Feb. 15, US$1 was equivalent to ¥106.33.