Sompo International’s FY’24 GWP expand as CoR improves to 96.3%

Sompo International has reported an adjusted profit of $1.38 billion for the 2024 financial year (FY2024), an increase of $230 million year-over-year, driven by robust top-line growth, reduced adverse prior-year development, and higher net investment income.

Meanwhile, the firm reported gross written premiums (GWP) of $16.53 billion for FY2024, up from $15.62 billion in FY2023.

This growth was driven by all business segments except AgriSompo, which saw a decline due to lower commodity prices in North America.

Breaking down the FY2024 GWP figure, the North America segment contributed $4.997 billion, SompoRe $4.532 billion, Global Markets $2.993 billion, AgriSompo $2.627 billion, and the Consumer segment $1.381 billion.

Sompo International also disclosed a FY2024 underwriting income of $399 million, up from $67 million in FY2023, despite catastrophe losses expanding to $416 million.

With this in mind, the firm’s combined ratio decreased to 96.3% in FY2024, compared to 99.5% in FY2023, reflecting stronger underwriting discipline and favourable loss experience. SompoRe maintained its strong performance with a stable combined ratio of 89.8%.

As previously noted, investment income saw significant growth in FY2024, rising by 39% year-over-year to $1.38 billion.

This increase was primarily driven by higher book yields and an expanded asset base, contributing meaningfully to the firm’s overall profitability.

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