Sompo expects to double profit in 2018

Sompo Holdings expects consolidated ordinary profit to double in the full year 2018 (ending March 31, 2019) based on the impact of hurricanes in North America and large losses.

In the financial year 2017, consolidated ordinary profit decreased by ¥99.8 billion to ¥141.8 billion ($1.28 billion), mainly due to the impact of hurricanes in North America and large losses.

Consolidated net income for the financial year 2017 fell ¥26.5 billion to ¥139.8 billion, mainly due to a decrease in tax expenses in connection with the reorganization of Sompo International (SI), the company said.

Sompo plans to bring all international businesses outside Japan under the ownership of Bermuda-based Sompo International by 2020. The company has 45 licensed entities spanning 32 countries throughout Europe, North and South America, Asia and Oceania, the Middle East and Africa.

Sompo has acquired Endurance for an aggregate purchasing price of ¥637.5 billion ($6.3 billion) in 2017.

Overseas insurance saw net income decrease by ¥57.3 billion, mainly due to hurricanes in North America.

Overall, Sompo expects the group’s consolidated net income to increase by ¥70.1 billion to a record-high ¥210.0 billion in the 2018 financial year.

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