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Sompo Holdings posts 4.9% higher full-year income, announces share buyback

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Sompo Holdings posts 4.9% higher full-year income, announces share buyback

Sompo Holdings Inc. logged net income attributable to shareholders of the parent of ¥146.63 billion for the fiscal year ended March 31, up 4.9% from ¥139.82 billion a year ago.

EPS increased year over year to ¥391.96 from ¥361.09. Ordinary income fell 3.4% to ¥3.643 trillion, while ordinary profit was up 40.2% to ¥198.96 billion from ¥141.89 billion.

Underwriting income slid to ¥3.220 trillion from ¥3.370 trillion, while investment income climbed to ¥273.25 billion from ¥254.40 billion. Net premiums written totaled ¥2.718 trillion, down from the ¥2.855 trillion recorded in the prior year.

Sompo Japan Nipponkoa Insurance Inc. generated net income attributable to shareholders of the parent of ¥175.71 billion, up 3.3% from ¥170.03 billion a year ago. The unit's combined ratio weakened to 101.9% from 96.7%, as the net incurred loss due to natural disasters in Japan more than tripled year over year to ¥177.83 billion from ¥57.15 billion.

Sompo Holdings also released its forecasts for the fiscal year ending March 31, 2020, predicting net income attributable to shareholders of the parent of ¥168.0 billion and ordinary profit of ¥250.0 billion.

Additionally, the company announced a share repurchase program with an upper limit of 12 million common shares, or 3.22% of issued and outstanding shares net of treasury stock, for a total price of up to ¥33.50 billion. The repurchase period is from May 29 to Nov. 18.

As of May 17, US$1 was equivalent to ¥109.94.