TOKYO (dpa-AFX) - MS&AD Insurance Group Holdings, Inc. (MSADY), on Friday reported higher first-quarter profit, supported by stronger insurance service results and a significant increase in investment gains.
Net income attributable to owners of the parent increased to 328.618 billion yen or 226.82 yen per share from 246.369 billion yen or 162.96 yen per share a year ago.
Insurance revenue increased to 1.686 trillion yen from 1.478 trillion yen, while insurance service expenses rose to 1.327 trillion yen from 1.222 trillion yen. As a result, the insurance service result improved to 209.224 billion yen from 163.434 billion yen.
Investment gains increased sharply to 474.760 billion yen from 137.589 billion yen, driven mainly by higher other investment gains.
For the full year, the company expects attributable profit to decline 16.8% to 425 billion yen, with basic earnings per share of 295.75 yen.
In Tokyo, MS&AD Insurance shares closed down 0.19% at 4,836 yen on Friday.
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