Japanese insurance holdings company Sompo Holdings’ net income slumped in the nine-month period ending December 31 - but the company has improved the profitability of its overseas insurance subsidiary Sompo International.
The Bermuda-headquartered Sompo International provides property and casualty re/insurance and has staff in Belgium, France, Germany, Italy, Luxembourg, Mexico, Singapore, Spain, Switzerland, the UK and the US.
The combined ratio of Sompo International was 93.2 percent for the nine-month period ending December 31, 2018 - an improvement of 25.7 percentage points year-on-year.
Sompo's overseas insurance business - which includes Sompo International - posted a consolidated net income of ¥8.2 billion ($73.8 million) in the nine-month period, a substantial increase from a net loss of ¥31.1 billion for the same period in 2017. The 2017 loss, however, was mainly caused by the severe hurricanes that hit North America that year.
However, parent Sompo Holdings' net income attributable to shareholders was ¥118.4 billion, down 13.7 percent for the same nine-month period compared with 2017.
Gross premiums written by Sompo International were ¥5.28 billion, up ¥576 million from the same period in 2017.
The reinsurance segment of Sompo International accounted for ¥1.04 billion of net premiums earned for the nine-month period - up 4 percent year-on-year.
The insurance segment increased by 15 percent year-on-year to ¥1.16 billion net premiums earned.
Sompo International said it expects to achieve net premiums of ¥3.01 billion for the full year ending March 31st, 2019.
Sompo Holdings' net premiums written for the nine-month period was ¥2.06 trillion, down 5.2 percent year-on-year.
Sompo Holdings, Sompo International, Reinsurance, Results, Japan, Bermuda