Sompo Holdings’ Net Profit Soars by 99% to $1.7b in H1 2024

Sompo Holdings has unveiled its remarkable financial performance for the first half of 2024. The net income attributable to shareholders witnessed a staggering 99% surge, amounting to $1.7b (JPY262.23b). This significant growth is a testament to the company’s robust operations and strategic decisions.

A key driver of this success was the 11.4% increase in ordinary income, which reached $19.22b (JPY2.96t). The underwriting income, totaling $15.98b (JPY2.46t), played a major role in this upward trend. Additionally, investment income and other ordinary income contributed $2.5b (JPY386.76b) and $729.62m (JPY111.83b) respectively. However, it’s not all about growth in revenues. Underwriting expenses did increase by 5% to $13.68b (JPY2.1t), yet this was accompanied by a welcome 29% decrease in investment expenses, dropping from $363.41m (JPY56b) to $256m (JPY 39.46b).

The company’s ordinary profit soared by 91.4%, rising from $1.17b (JPY 181b) in the previous year to $2.24b (JPY346b). These figures paint a picture of a company that is not only expanding its top line but also effectively managing its costs, positioning Sompo Holdings for continued success and potentially greater market influence in the insurance and financial services sector.

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