Sompo’s 9M 2024 net income jumps 17.7% YoY

Thanks to higher underwriting income.

Sompo Holdings’ nine months to December 2024 (9M 2024) net income grew 17.7% year-on-year (YoY) to $2.53b (¥383.4b).

Ordinary income rose by $1.99b (¥302.4b) year-on-year to $27.39b (¥4,151.0b), driven by underwriting income of $21.85b (¥3,311.1b), investment income of $4.45b (¥674.0b), and other income of $1.09b (¥165.8b)

As a result, ordinary profit or gross profit increased by $0.50b (¥76.5b) to $3.36b (¥508.9b).

In the domestic property and casualty insurance business, net premiums written grew by $0.24b (¥36.5b) to $11.48b (¥1,739.5b), whilst net income increased by $0.03b (¥4.3b) to $1.01b (¥153.3b). 

The overseas insurance segment reported net premiums written of $8.34b (¥1,264.2b), a $0.07b (¥10.3b) increase, with net income rising by $0.41b (¥62.4b) to $1.13b (¥170.7b). 

The domestic life insurance business recorded life insurance premiums of $1.54b (¥232.9b), up $0.03b (¥4.1b), and net income of $0.10b (¥14.7b), an increase of $0.02b (¥3.1b). The nursing care business saw ordinary income rise by $0.03b (¥4.8b) to $0.90b (¥136.3b) but continued to report a net loss of $0.005b (¥0.7b).

($1.00 = ¥151.83)