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Sompo Japan Nipponkoa drives parent Sompo Holdings' fiscal Q1 results higher

Sompo Holdings Inc.'s net profit attributable to shareholders for the quarter ended June 30 more than doubled year over year to ¥55.51 billion from ¥27.07 billion.

EPS rose to ¥146.78 from ¥68.74.

Ordinary profit for the fiscal first quarter increased year over year to ¥72.77 billion from ¥36.94 billion, while ordinary income fell to ¥993.99 billion from ¥1.015 trillion. The company attributed the higher year-over-year results to earnings growth at unit Sompo Japan Nipponkoa Insurance Inc., which saw ordinary profit rise 16.4% and net income go up by 14.8% year over year. Himawari Life and SOMPO Care saw low-single-digit increases in ordinary profits.

Underwriting income declined to ¥886.10 billion from ¥926.06 billion, with net premiums written amounted to ¥747.32 billion, compared to ¥777.79 billion in the prior-year period. Investment income jumped to ¥71.90 billion from ¥54.57 billion.

The amount of net losses incurred due to domestic natural disasters, which occurred up to the end of July, is currently expected to be about ¥38.0 billion, the company said.

For the full fiscal year 2018, Sompo Holdings still expects consolidated ordinary profit of ¥290.0 billion and consolidated net income of ¥210.0 billion. It expects property and casualty net premiums written to be ¥2.780 trillion, while life insurance premiums are expected to be ¥360.0 billion.

As of Aug. 9, US$1 was equivalent to ¥110.94.