Saturday, July 22, 2017

Dai-ichi Life posts sixth straight record profit year

Dai-ichi Life, Japan’s third-largest life insurer by revenue, posted a net profit increase of 29.6% in the fiscal year ended on March 31, marking its sixth straight record year.

The Japanese insurer reported ¥231.2 billion (US$2.03 billion) during the period, blowing past its forecast of a ¥197-billion profit.

The insurer said its overseas units — Protective Life and other foreign insurance operations — help extend its streak of record profits.

The integration of its asset management operations with those of Mizuho Financial Group also helped boost Dai-ichi Life’s net profit.

The insurer, however, sees net profit dropping off about 20% to ¥179 billion in the current year through March 2018.

For the fiscal 2016, Dai-ichi Life’s income slid roughly 20% to ¥4.46 trillion due to ultra-low interest rates.

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