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Sompo Holdings posts YOY drop in fiscal 9-month net income

Sompo Holdings Inc. reported net income attributable to shareholders of the parent of ¥108.74 billion for the fiscal nine months ended Dec. 31, 2019, down from ¥118.43 billion a year earlier.

Net income per share decreased year over year to ¥295.68 from ¥316.22.

Ordinary profit for the fiscal period fell 5.8% on a yearly basis to ¥153.92 billion from ¥163.40 billion, while ordinary income rose to ¥2.828 trillion from ¥2.725 trillion.

The insurer reported underwriting income of ¥2.527 trillion, down from ¥2.436 trillion in the year-ago fiscal period, with net premiums written amounting to ¥2.147 trillion, up from ¥2.066 trillion. Investment income grew year over year to ¥184.64 billion from ¥180.35 billion.

The company reported impairment losses on securities of ¥2.39 billion, down from ¥7.34 billion in the nine months ended Dec. 31, 2018.

Sompo Japan Nipponkoa Insurance Inc.'s net income for the fiscal period came in at ¥82.27 billion, down from ¥108.48 billion a year earlier. The unit booked a core underwriting profit of ¥2.7 billion for the fiscal nine months, compared to a loss of ¥40.2 billion in the year-ago period.

Sompo Japan released ¥24.0 billion in catastrophic loss reserves, compared to ¥104.0 billion in the prior-year period. Underwriting profit decreased by ¥37.0 billion partly due to lower amount of reversal for catastrophic loss reserve in light of favorable written-paid loss ratio, reinsurance cost hike and the impact of consumption tax hike, partly offset by a decrease in the amount of net incurred losses from domestic natural disasters.

For the fiscal full year ending March 31, Sompo Holdings expects an attributable net income of ¥118 billion, a net income per share of 324.06 and ordinary profit of ¥185 billion.

As of Feb. 13, US$1 was equivalent to ¥109.84.