Sompo Holdings net income expands in Q1 2024

Net income per share stood at $0.83.

Sompo Holdings’ net income for the three months to June (Q1 2024) jumped a fifth more (19.6%) from last year to $0.82b (¥120.70b), despite a period of mixed economic pressures and moderate recovery. 

The company’s ordinary income rose by $0.50b (¥73.0b) to $10.37b (¥1,522.5b). This increase was driven by underwriting income of $9.11b (¥1,339.6b), investment income of $0.85b (¥124.8b), and other ordinary income of $0.39b (¥58.0b). 

Ordinary expenses also grew by $0.39b (¥58.0b) to $9.43b (¥1,378.7b), with underwriting expenses at $7.71b (¥1,132.0b), investment expenses at $0.13b (¥19.8b), and operating, general, and administrative expenses totalling $1.24b (¥182.5b). 

Consequently, the company reported an ordinary profit of $0.98b (¥143.7b), up $0.10b (¥14.9b) from the previous year.

Net income attributable to shareholders of the parent was $0.82b (¥120.0b), marking a $0.15b (¥19.9b) increase from the same period last year. Meanwhile, net income per share stood at $0.83 (¥121.53).

($1.00 = ¥0.0068)