Sompo International has reported an underwriting income of $340.6 million in H1 of its 2023 financial year, down $104.6 million from the same period last year due to “increased losses due to natural disasters.”
The firm’s commercial P&C combined ratio also adversely rose by 3.1pt YoY to 92.1%, which was again driven by losses from natural disasters, in addition to an increase in operating costs due to inflation.
In particular, the combined ratio of Sompo International’s Global Markets segment climbed 7.5pt to 96.1%, the AgriSompo segment went up 11.5pt to 101.8%, and the Reinsurance segment increased 1.9pt to 90.3%.
Only the North American segment improved, dropping 1.2pt to 88.6%. Sompo International cited better pricing leading to better margins for this segment.
Meanwhile, Sompo International’s gross premiums written in H1 increased by $88 million YoY to just over $9 billion.
The firm explained that this was mainly due to strong growth in the North America (+8.4%) and Global Markets (+12.9%) segments.
Sompo International’s Reinsurance segment saw a decrease in gross premiums written of 2.7% to $3.3 billion, again referencing increased losses from natural disasters.
Elsewhere, in the Consumer line of business, net premiums written expanded by $33 million YoY to $531 million, mainly due to inflation in Turkey and Asia.
