Sumitomo Life Swings to Profit as Premiums Rise by 29.8%

Int’l Desk: Sumitomo Life Insurance Company swung back into the black in the opening quarter of fiscal 2026 after posting solid gains in premium income at home and abroad. Consolidated ordinary profit came in at $581.9 million, a clear turnaround from the $155.3 million loss recorded in the same stretch a year earlier. Net surplus attributable to the parent also flipped positive, reaching $78.3 million against a previous deficit of $59.3 million.

Overall insurance premium income climbed 29.8 percent to $6.4 billion. Domestic premiums rose 23.2 percent to $4.0 billion, helped by steady demand for single-premium whole life policies. Overseas premiums advanced even faster, jumping 43 percent to $2.4 billion. The weaker yen played a part, as did growth at international units such as Symetra and Singlife.

Group core profit surged 82.3 percent to $848.9 million. On the domestic side, the positive spread widened by $330.1 million to $480.3 million, reflecting stronger interest income from foreign securities. Overseas core profit more than doubled to $278.9 million.

CreditSights noted that the insurer’s capital position remains healthy. The internal Economic Solvency Ratio stood at 197 percent at the end of fiscal 2025, near the upper end of the company’s 170-to-200 percent target band. The next update on that figure is due on 27 August.