Sompo underwriting income shrinks in Q1 (April-June)
Japan-based Sompo Holdings has recorded lower underwriting income for its first quarter of the 2018 financial year (April-June).
Underwriting income shrank 4.3 percent year on year to ¥ 886.10 billion ($7.99 billion) in the first quarter of its 2018 financial year.
Investment income grew to ¥71.90 billion from ¥54.57 billion over the period. The group’s net income increased to ¥55.63 billion from ¥28.31 billion.
Net premiums written in Sompo’s overseas insurance unit dropped 34.9 percent year on year to ¥179.4 billion in the first quarter. At the same time, Sompo International’s (SI’s) net premiums written grew 16.6 percent to ¥136.4 billion over the period.
In April, 2018 Sompo announced its plan to bring all international businesses outside Japan under the ownership of SI by 2020. The company has 45 licensed entities spanning 32 countries throughout Europe, North and South America, Asia and Oceania, the Middle East and Africa. Sompo International has completed the integration of the business operations and staff of Sompo America and was integrating Sompo Japan Nipponkoa Insurance Company of Europe (SJNKE).
Adjusted profit in the Sompo International unit declined 0.7 percent to ¥7.4 billion in the first quarter.
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