Dai-ichi Life seen netting 80 billion yen profit in fiscal 2013
TOKYO -- Dai-ichi Life Insurance Co. is expected to post a group net profit just shy of 80 billion yen ($775 million) for the year ended March 31, beating the 57 billion yen forecast.
Thanks to rising stock prices and a softer yen, returns on the Japanese insurer's investments surpassed yields promised to policyholders, giving profit a significant boost.
The company raked in more than 4 trillion yen in premiums in fiscal 2013, a record sum, as sales increased for foreign-currency-denominated policies and variable annuities through subsidiary Dai-ichi Frontier Life Insurance Co.
Overseas businesses in markets like Australia also continued to perform well.
Despite having put just over 60 billion yen into internal reserves, twice the usual amount, Dai-ichi Life will log its highest net profit since listing.
An announcement of the upgrade is expected as early as Friday.