Endurance acquisition boosts Sompo’s results
The acquisition of Bermuda-based Endurance has lifted Sompo Holdings’ overseas profit between April and June 2017, helping to improve the consolidated results.
Japanese insurer Sompo reported consolidated net income up 7 percent year on year at ¥27.0 billion ($250 million) between April and June 2017, the first quarter of its 2017 financial year.
Sompo has acquired Endurance for an aggregate purchasing price of ¥637.5 billion ($6.3 billion) earlier in the year.
Endurance is a specialty insurance group which writes both insurance and reinsurance mainly in the US and Bermuda.
The acquisition boosted both the bottom-line and top-line of Sompo’s overseas insurance operations. Net written premiums in the overseas business jumped to ¥204.4 billion in the first quarter of the 2017 financial year from ¥93.0 billion in the same period a year ago. Overseas adjusted profit grew to ¥11.3 billion from ¥4.4 billion over the period.
A rise in net income in the domestic P&C insurance business was driven by improvements both in underwriting and investment profit, the company said in an August 10 presentation. Underwriting profit in the segment grew to ¥17.6 billion from ¥12.7 billion over the period while net income increased to ¥24.3 billion from ¥20.0 billion. The combined ratio remained unchanged at 92.8 percent over the period.
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