Sumitomo Life net income climbs to $148m in Q1 2024

Gross premiums also surged 31.7% YoY.

Sumitomo Life’s first quarter fiscal year 2024 (Q1 2024) net income rose to $148m (¥21.5b), up from $99m (¥14.4b) in the same period last year, resulting in an annualised return on equity of 4.8%.

The company’s gross premiums also rose 29.4% quarter-on-quarter (QoQ) and 31.7% year-on-year (YoY) to $5.6b (¥814b), mainly driven by its overseas business and Medicare Life.

The standalone business saw a modest year-on-year increase of 4.4%, whilst overseas premiums surged by 208.0% to $1.6b (¥238.4b), largely due to the acquisition of Singlife in December 2023.

The domestic Sumitomo Life continues to be the main contributor to the existing in-force book, accounting for 66.5% of annualised premiums. However, the overseas business is now the primary driver of new business, contributing approximately 78.5% of new business premiums.

($1.00 = ¥145.47)