Sumitomo Life reports $5b premium income in Q1 2025

New business annualised premiums rose 18.4%.

Sumitomo Life’s consolidated insurance premium income fell 4.5% year-on-year to $5.29b (¥777.6b) in the first quarter of fiscal 2025, mainly due to a 12.6% decline in foreign currency-denominated single premium products.

This was partly offset by Medicare Life and overseas contributions. Profitability weakened, with group core profit down 12.8% to $539.2m (¥79.3b).

New business annualised premiums rose 18.4% to $849.3m (¥124.9b), accounting for 82% of the group total. Overseas units remained the key growth driver, led by Symetra with a 20.8% increase.

On a standalone basis, Sumitomo Life posted a 20.4% decline to $410.0m (¥60.3b), reflecting lower insurance-related profit, partly offset by stronger overseas earnings. Net loss was at $14.3m (¥2.1b), mainly due to foreign exchange losses.

($1.00 = ¥147.54)