Aashi Life’s net profit jumps over threefold YoY in Q1 2024

This was equivalent to $20m in earnings.

Asahi Life’s net income jumped from $0.02b (¥3.5b) in the first quarter of 2023 (Q1 2023) to $0.09b (¥12.5b) in Q1 2024, leading to an annualised return on equity of 8.6%.

Asahi Life's Q1 2024 performance indicates a mix of growth and financial prudence, supported by a strong solvency ratio and improved earnings, CreditSights said. However, it remains cautious about Nanairo Life, which is growing but continues to be loss-making.

Likewise, core profit saw a substantial improvement, rising 23.5% over the previous quarter to $0.09b (¥13.0b), more than doubling from the first quarter 2023 result.

Consolidated core profit growth was bolstered by a 91.7% year-on-year (YoY) increase in standalone core profit, reaching $0.11b (¥16.1b).

Its new business increased by 5.9% to $0.06b (¥9.1b), driven by growth in both standalone Asahi Life and its subsidiary Nanairo Life.

Interest and dividend income rose by 16.8%, reflecting higher interest rates and yen depreciation.

Investments in foreign securities grew by 6.7%, with foreign bonds up 7.2% and foreign equity investments increasing by 5.8%.

The solvency margin ratio slightly declined from 1,036.2% to 1,021.1%, but it remains well above the 200% minimum requirement and is comparable to larger peers such as Nippon Life and Meiji Yasuda.

($1.00 = ¥145.55)