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Sompo Holdings full-year net income drops 16% YOY

Sompo Holdings Inc. posted a 16% year-over-year decline in net profit for the fiscal year ended March 31, which the company attributed to impact from hurricanes in North America and large losses.

The company said net profit attributable to shareholders of the parent fell to ¥139.82 billion from ¥166.40 billion in the previous fiscal year. EPS dropped to ¥361.09 from ¥418.71 over the same period.

The S&P Capital IQ consensus mean estimate for GAAP EPS was ¥400.51.

Ordinary profit declined to ¥141.89 billion from ¥241.71 billion, while ordinary income rose to ¥3.770 trillion from ¥3.420 trillion.

Underwriting income increased to ¥3.370 trillion from ¥3.051 trillion in the prior year, while investment income went up to ¥254.40 billion from ¥232.85 billion.

Ordinary expenses rose to ¥3.628 trillion from ¥3.178 trillion in the prior-year period. The insurer reported extraordinary losses of ¥58.25 billion, compared to ¥19.11 billion in the previous year, while it also reported extraordinary gains of ¥30.69 billion, up from ¥9.38 billion in the prior year.

Unit Sompo Japan Nipponkoa Insurance Inc. reported a year-over-year increase in net income for the fiscal year to ¥170.03 billion from ¥164.40 billion.

The unit's direct premiums written increased to ¥2.337 trillion from ¥2.317 trillion. Net premiums written rose to ¥2.168 trillion from ¥2.166 trillion. Meanwhile, net claims paid climbed to ¥1.272 trillion from ¥1.243 trillion in the prior fiscal year.

Further, Sompo Holdings declared a final dividend of ¥55 per share for the fiscal year, up from ¥50 per share for the prior year. Including an interim dividend of ¥55 per share, the group's total dividend for the year amounted to ¥110 per share, up from ¥90 per share for the prior year.

For the fiscal year ending March 31, 2019, the group expects net income to jump 50.2% to ¥210 billion, or ¥551.78 per share. The group expects to pay a total dividend of ¥130 per share for the year ending March 31, 2019.

As of May 17, US$1 was equivalent to ¥110.82.