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Sompo Holdings fiscal Q1 net income drops 44.9% YOY

Sompo Holdings Inc.'s net income for the fiscal first quarter ended June 30 decline 44.9% year over year on higher impairment losses.

The insurer's consolidated net income attributable to shareholders fell to ¥30.56 billion from ¥55.51 billion in the year-ago period. EPS slipped to ¥82.15 from ¥146.89, according to an Aug. 9 earnings report.

Ordinary profit for the quarter fell to ¥42.90 billion from ¥72.77 billion, while ordinary income rose to ¥1.017 trillion from ¥993.99 billion.

Underwriting income grew to ¥913.93 billion from ¥886.10 billion, with net premiums written rising to ¥794.40 billion from ¥747.32 billion. Investment income fell to ¥63.43 billion from ¥71.90 billion.

The insurer reported impairment losses on securities worth ¥2.28 billion, up from ¥591 million a year earlier.

Over at the Sompo Japan Nipponkoa Insurance Inc., consolidated fiscal first-quarter net income dropped 17.8% year over year to ¥21.2 billion from ¥39.1 billion a year earlier.

As of Aug. 8, US$1 was equivalent to ¥106.13.