Sompo almost doubles adjusted profit to $483m
Sompo International Holdings Ltd, the specialty property and casualty re/insurer based in Bermuda, almost doubled its adjusted profit for the fiscal year ended March 31, moving from $248.5 million in the prior year to $483 million.
The performance of Sompo’s commercial P&C business unit was the key to growth, the company said, as underwriting profit increased by $335 million year-over-year.
Investment income on commercial P&C business was up by $102 million.
Underwriting income increased from $58 million to $426 million.
The combined ratio was 93.9 per cent, an improvement of 3.9 percentage points over the prior year.