Sompo International has reported an adjusted profit of $128 million in the first quarter of 2021’s financial year, up from the $49 million hit in the prior year period.
Meanwhile, gross premium written increased to $2.7 billion from $2.5 billion in the prior year period.
This increase was primarily due to rate improvement and growth in crop insurance from the acquisition of Diversified, as well as an overall increase in crop commodity prices.
The loss ratio of its reinsurance business increased from 61% to 62%, mainly due to the Texas winter storm.
The company’s combined ratio decreased by 1.2 percentage points to 94.2% during the quarter.
For the full year Sompo International expects to reach 91.7%.
Net income for the first quarter of FY21 jumped by $181 million to $35 million.
Underwriting income, meanwhile, increased by $73 million to $84 million, a year-on-year spike of 675.5%
Overall, Sompo International’s parent company Sompo Holdings hit a net income per share of $1.4 billion.