Reinsurance News

Sompo Intl. reports improved underwriting result despite Q1 net loss

5th August 2022 - Author: Luke Gallin

Sompo International’s net result for the first-quarter of the 2022 fiscal year has fallen by $274 million, leading to a net loss of $239 million for the period. However, the firm’s underwriting income improved by an impressive 89% to $159 million.

Sompo InternationalDuring Q1 2022, Sompo’s other income slipped by a huge $387 million to a negative $523 million – mainly due to unrealised losses on securities – which contributed to the negative income result.

Also impacting the firm’s performance in the quarter was a 22%, or $201 million year-on-year rise in loss and loss adjustment expenses to more than $1.1 billion, which includes $11 million of losses related to Russia’s ongoing invasion of Ukraine.

In terms of premiums, Sompo International has reported gross premiums written growth of 12.2% to $4.8 billion, as net premiums written jumped by more than 41% to over $3.4 billion, and net premiums earned increased by nearly 25% to roughly $1.8 billion.

All in all, Sompo’s underwriting income improved by almost 90%, year-on-year, to $159 million.

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The combined ratio ended the quarter at 91%, comprised of a 64.9% loss ratio and a 26% expense ratio.

On the asset side of the balance sheet, Sompo International has recorded a 15% dip in net investment income to $76 million for the quarter.

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