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Sompo Holdings, Inc. has posted results for its overseas insurance/reinsurance business for the first quarter of the 2025 financial year, reporting a global reinsurance combined ratio of 85.8%, down 10.9 points from 96.7% a year earlier, due to better-than-expected CAT loss experience.
Commercial insurance CoR increased 5.2 points to 93.9% from 88.7%, mainly due to EMEA and UK Insurance, which experienced several large losses, including marine & energy, property, and a large Brazil fire loss.
Consumer insurance CoR decreased by 21.2 points to 99.3% from 120.5%, driven by the loss component release on Turkey’s motor book as portfolio performance improved quarter over quarter.
Total undiscounted CoR for Q1 FY’25 was 94.0%, down 3 points from 96.9% in Q1 FY’24, driven by lower loss and expense ratios of 65.2% and 28.8%, compared to 66.3% and 30.6%, respectively.
Global reinsurance revenue grew 3.2% year over year to $810 million from $785 million, driven by strong growth in casualty and property, partially offset by professional lines.
Commercial insurance revenue rose 8.3% to $2.8 billion from $2.6 billion, with strong growth across casualty and agriculture.
Consumer insurance grew by 37% to $321 million from $235 million, primarily driven by strong growth in motor.
In total, insurance revenue increased 9% to $3.9 billion from $3.6 billion, reflecting sustained momentum across all segments.
Insurance service result improved 30% to $386 million from $296 million, as premium growth outpaced the increase in technical expenses due to strong underwriting performance.
Sompo reported continued growth in net investment income to $360 million from $318 million, due to higher assets under management and resilient yields globally.
Assets under management increased $3.7 billion year over year to $24.8 billion from $21.1 billion.
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