{"id":151370,"date":"2024-05-20T14:00:32","date_gmt":"2024-05-20T13:00:32","guid":{"rendered":"https:\/\/www.reinsurancene.ws\/?p=151370"},"modified":"2024-05-20T13:22:37","modified_gmt":"2024-05-20T12:22:37","slug":"sompo-intl-reports-stronger-pc-combined-ratio-in-fy23-results","status":"publish","type":"post","link":"https:\/\/www.reinsurancene.ws\/sompo-intl-reports-stronger-pc-combined-ratio-in-fy23-results\/","title":{"rendered":"Sompo Intl. reports stronger P&C combined ratio in FY’23 results"},"content":{"rendered":"

Bermuda-based specialty re\/insurer Sompo International Holdings has reported that the financial year 2023 combined ratio for commercial property & casualty (P&C) improved to 91.8% from 92.5%, driven by improved accident year loss ratios and lower catastrophe losses.<\/p>\n

\"sompo-international-logo\"The stronger combined ratio is reflected in a rise in underwriting income from $667.3 million in 2022 to $750.2 million in 2023, as growth in Reinsurance and North America more than offset declines in both Global Markets and AgriSompo.<\/p>\n

In North America, the firm highlights improved accident year margins and lower catastrophe losses, while the Reinsurance business also benefited from lower nat cat losses.<\/p>\n

In fact, across the company, natural disaster losses fell from $553 million in 2022 to $324 million in 2023, driven by U.S. tornados, Cyclone Gabrielle, Hawaii wildfires, European hailstorms, the Turkey earthquake, Hurricane Idalia, and other events.<\/p>\n

In terms of top line growth, Sompo International Commercial P&C generated gross written premiums of more than $14.3 billion, which is down slightly on 2022’s $14.5 billion, as growth in Reinsurance, North America, and Global Markets was offset by a decline in AgriSompo.<\/p>

\"Artemis<\/a><\/div><\/div>\n

Net premiums earned rose by $70 million to almost $9 billion, with growth in Reinsurance, North America, and Global Markets more than offsetting a $258 million dip in the AgriSompo business.<\/p>\n

Adjusted profit for Sompo’s overseas insurance and reinsurance business hit $1.2 billion, up from $703 million in 2022, which the firm attributes to higher net investment income, improved consumer results, and recording a deferred tax asset that more than offset reserve strengthening.<\/p>\n

The firm\u2019s 2023 investment income hit $993 million, nearly double the previous year\u2019s balance due to higher book yields and larger asset balances.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bermuda-based specialty re\/insurer Sompo International Holdings has reported that the financial year 2023 combined ratio for commercial property & casualty (P&C) improved to 91.8% from 92.5%, driven by improved accident year loss ratios and lower catastrophe losses. The stronger combined ratio is reflected in a rise in underwriting income from $667.3 million in 2022 to 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