ClearView partner Sony Life has reported a small increase in ordinary revenue but a slight decline in profit for the year to March 31.

The Japanese life insurer says revenue grew 1.1% to ¥1243 billion ($15 billion), which was attributed to an increase in investment income, offset by a decline in premium revenue.

Inforce premium grew 5.1% to ¥45,334 billion ($548 billion).

New policy sales were down 3.8% to ¥4957 billion ($60 billion), attributed to lower sales of variable life policies and single-premium whole life products.

The lapse rate at Sony Life fell 0.45 points to 4.27% in the year.

Ordinary profit was down 1% to ¥60.1 billion ($726 million), with difficult investment markets partly to blame.

Sony Life forecasts 2.6% growth in ordinary revenue for the current financial year to ¥1276 billion ($15.46 billion), generated by increased premium revenue.

Ordinary profit is expected to remain flat at ¥67 billion ($812 million).

The life insurer faces changes to policy reserves that will affect the bottom line, despite increased inforce policy revenue.