Sompo Intl. P&C reports dip in underwriting income for Q1 as CoR hits 94.1%

Sompo International’s commercial P&C business has reported an underwriting income of $127.4 million for Q1 of the 2024 financial year, down from $155.3 million in the same period of 2023, while its combined ratio increased 1.7 points to 94.1%.

Broken down, Sompo International’s commercial P&C North America segment contributed $19.3 million to the total underwriting income in Q1 2024, down from $91.7 million in Q1 2023.

Meanwhile, the Global Markets segment contributed $24.9 million to the total underwriting income in Q1 2024, up from $12.8 million, and the Reinsurance segment contributed $107.6 million, up from $82.2 million.

Only the AgriSompo segment reported an underwriting loss in Q1 2024 at -$27.1 million, similar to 2023’s Q1 loss of -$27.9 million.

According to the firm, its commercial P&C combined ratio increase and underwriting income decrease were mainly down to higher total operating expenses to support its growth strategy, which was partially offset by the absence of adverse prior-year development relative to Q1 2023.

Sompo International’s total overseas expenses reached $762 million in Q1 2024, an increase of $73 million compared to Q1 2023, with its commercial P&C business accounting for $651 million of the total.

Sompo International also disclosed that its commercial P&C business’ gross premiums written (GWP) in Q1 2024 were $5.52 billion, up from $5.26 billion in Q1 2023.

Of this total GWP figure, the North America segment contributed $1.068 billion, the Reinsurance segment $2.280 billion, the AgriSompo segment $1.481 billion, and the Global Markets segment $691 million.

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