Parent-attributable earnings rebounded to $106.5m during the quarter.
Meiji Yasuda Life Insurance reported a 33.7% year-on-year increase in group net operating profit to $934.3m (JPY148.3b) in the first quarter of fiscal 2026, despite a decline in premiums.
Net income attributable to the parent company rebounded to $106.5m (JPY16.9b) from a $63,000 (JPY10m) loss in the same quarter a year earlier.
Consolidated group premiums fell 12.2% year on year to $7.0b (JPY1.11tn), partly reflecting a high base in the previous year.
Standalone premiums dropped 28.1% to $5.0b (JPY793.7b), with group pensions falling 60.9% to $1.1b (JPY167.1b) and individual life and annuities declining 8.5% to $3.4b (JPY542.1b).
The decline was partly offset by growth in overseas and other businesses, where premiums more than doubled to $2.0b (JPY312.8b).
Credit rating agency CreditSights said the insurer’s ordinary result weakened to a $1.2b (JPY197.2b) loss from a $382.4m (JPY60.7b) loss a year earlier.
Increased sales of Japanese government bonds contributed to standalone securities sales losses of $1.4b (JPY221.1b), whilst derivative costs reached $793.2m (JPY125.9b).
The research firm said Meiji Yasuda’s capitalisation remained strong.
Consolidated net assets increased to $46.5b (JPY7.38tn) from $42.5b (JPY6.74tn) at the end of fiscal 2025, as unrealised securities gains rose by $6.9b (JPY1.09tn) to $42.1b (JPY6.69tn).
The group’s economic solvency ratio stood at 209%, up about one percentage point and within its target range of 200% to 220%. It was also above the 165% threshold.
($1.00 = JPY159.56)