Sompo Holdings' net profit soars by 99% to $1.7b in H1 2024

Ordinary income rose by 11.4% to $19.23b.

Sompo Holdings reported a 99% surge in net income attributable to shareholders, reaching $1.7b (JPY262.23b) for the first half of 2024, according to its financial report.

Ordinary income rose by 11.4% to $19.22b (JPY2.96t), driven primarily by underwriting income of $15.98b (JPY2.46t). Investment income and other ordinary income contributed $2.5b (JPY386.76b) and $729.62m (JPY111.83b), respectively.

Underwriting expenses increased by 5% to $13.68b (JPY2.1t), compared to last year’s $13b (JPY2t). Meanwhile, investment expenses decreased by 29%, dropping from $363.41m (JPY56b) to $256m (JPY 39.46b).

The company achieved an ordinary profit of $2.24b (JPY346b), marking a 91.4% increase from the $1.17b (JPY 181b) reported in the previous year.

$1 = JPY154