Sompo Holdings shares quarterly results

While down, numbers are said to have remained on track

Sompo Holdings shares quarterly results

Insurance News

By Terry Gangcuangco

Sompo Holdings, whose ordinary profit grew 46.7% in the fiscal year ended March 31, has now reported its financial results for the April to June quarter.

According to Sompo, its ordinary income in the three months ended June 30 – the group’s first quarter or Q1 in a fiscal year – totalled ¥1.3 billion. The figure represents a 19% increase from the corresponding sum in the previous year.

Ordinary profit in Q1, meanwhile, fell 29.5% to ¥55.3 billion. Net income attributable to shareholders of the parent also declined in the period, by 28.4% to ¥41.8 billion.

Sompo noted: “The decrease in underwriting profit due to the domestic natural disasters and partial absence of COVID-19 impact was partly offset by the increase in investment profit in Sompo Japan and top-line growth and related earnings within SI (Sompo International) commercial P&C (property and casualty.”

The insurance group added that its adjusted consolidated profit amounted to nearly ¥64 billion. Additionally, it was highlighted that consolidated ordinary profit and consolidated net income are both on track.

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