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.