Sompo International’s GPW reach $12.47bn in 3Q FY’24

Sompo International’s commercial P&C business has reported that gross premiums written reached $12.47 billion in the first nine months of the 2024 fiscal year (3Q FY2024), up $542 million from the same period of 2023, driven by growth in Global Markets and Reinsurance.

Of the total gross premiums written figure for 3Q FY2024, the North American segment contributed $3.78 billion, Global Markets contributed $2.22 billion, Reinsurance accounted for $4.2 billion, and AgriSompo contributed $2.27 billion.

Except for AgriSompo, all segments experienced improvements compared to Q3 FY2023. The firm also noted an additional $400 million contribution to Q3 FY2024 gross written premiums from strategic initiatives.

Meanwhile, Sompo International’s 3Q FY2024 combined ratio increased +1.3pt to 93.7% primarily driven by increased operating expenses to support growth partially offset by lower adverse prior year development relative to 3Q FY2023.

With this in mind, Sompo International’s underwriting income was also down in 3Q FY2024, falling to $438 million from $518 million in 3Q FY2023.

Still, the firm’s adjusted profit for Q3 FY2024 was $1.059 billion, an increase of $198 million from Q3 FY2023.

Net investment income was reportedly a key contributor to this growth. However, the adjusted profit was partially offset by higher expenses to support business growth and the ongoing impacts of inflation.

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