UNOFFICIAL TRANSLATION
This document is an unofficial English translation of the Japanese original.
Summary of
Consolidated Financial Results
for the fiscal year ended March 31, 2022
Supplementary Information
May 20, 2022
Sompo Holdings, Inc.
( Securities Code : 8630 )
Sompo Holdings, Inc.
1. Overview of Consolidated Financial Results for the fiscal year ended March 31, 2022
(1)Sompo Holdings, Inc.
Overview of Consolidated Financial Results for the fiscal year ended March 31, 2022
(Yen in hundred millions) | ||||||
Fiscal year ended | Fiscal year ended | Increase | Rate of change | |||
March 31, 2021 | March 31, 2022 | (Decrease) | ||||
% | ||||||
Ordinary income: | (1) | 38,463 | 41,674 | 3,211 | 8.4 | |
Net premiums written: | (2) | 29,235 | 32,157 | 2,921 | 10.0 | |
Sompo Japan Insurance, Inc. | (3) | 21,414 | 21,587 | 173 | 0.8 | |
Overseas consolidated subsidiaries | (4) | 7,269 | 9,985 | 2,715 | 37.4 | |
Life insurance premiums written | (5) | 3,461 | 3,251 | (209) | (6.1) | |
Ordinary profit: | (6) | 2,150 | 3,155 | 1,004 | 46.7 | |
Sompo Japan Insurance, Inc. | (7) | 1,974 | 2,108 | 133 | 6.8 | |
Net income attributable to shareholders of the | (8) | 1,424 | 2,248 | 823 | 57.8 | |
parent: | ||||||
Sompo Japan Insurance Inc. | (9) | 1,469 | 1,662 | 192 | 13.1 | |
Overseas consolidated subsidiaries(Note 2) | (10) | 358 | 388 | 30 | 8.4 | |
Sompo Himawari Life Insurance, Inc. | (11) | 200 | 159 | (41) | (20.6) | |
Nursing Care & Seniors consolidated | (12) | 56 | 59 | 2 | 5.2 | |
subsidiaries(Note 3) | ||||||
Others and consolidation adjustment, etc.(Note 1, 2) | (13) | (660) | (20) | 639 | ||
Notes)
- "Others and consolidation adjustment, etc." in the above table includes profits and losses of consolidated companies other than the above and adjustments due to consolidation adjustments, etc.
-
Sompo International Holdings Ltd., among overseas consolidated subsidiaries, has adopted International Financial Reporting Standards and due to differences in accounting standards, 14.7 billion yen is included in the result for the fiscal year ended March 31, 2021 and (25.5) billion yen is included in the result for the fiscal year ended March 31, 2022 as the amount to be revised in accordance with PITF No.18 "Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries, etc. for
Consolidated Financial Statements". The same amount is excluded in "Consolidation adjustment, etc.". - "Nursing care and healthcare consolidated subsidiaries" has changed its name to "Nursing Care & Seniors consolidated subsidiaries" from the beginning of the fiscal year 2021.
Financial results of "Nursing Care & Seniors consolidated subsidiaries" in Fiscal year ended March 31, 2021 are figures of "Nursing care and healthcare consolidated subsidiaries".
'SOMPO HOLDINGS' numerical management targets
(Yen in hundred millions) | |||||
Fiscal year ended | Fiscal year ended | Increase | Rate of change | ||
March 31, 2021 | March 31, 2022 | (Decrease) | |||
% | |||||
Adjusted consolidated profit | 2,021 | 2,613 | 591 | 29.3 | |
1
Sompo Holdings, Inc.
(2)Sompo Japan Insurance Inc.
Summary of Results of Operations
(Yen in hundred millions)
Fiscal year ended | Fiscal year ended | |||||||||
March 31, 2021 | March 31, 2022 | Increase | Rate of | |||||||
(April 1, 2020 to | (April 1, 2021 to | (Decrease) | change | |||||||
March 31, 2021) | March 31, 2022) | |||||||||
% | ||||||||||
Ordinary income and expenses: | ||||||||||
Underwriting income and expenses:(Note) | ||||||||||
Direct premiums written | (1) | 24,096 | 24,211 | 114 | 0.5 | |||||
(+) | Net premiums written | (2) | 21,414 | 21,587 | 173 | 0.8 | ||||
(-) | Net claims paid | (3) | 11,898 | 11,750 | (148) | (1.2) | ||||
(-) | Loss adjustment expenses | (4) | 1,128 | 1,154 | 26 | 2.3 | ||||
(-) | Net operating expenses: | (5) | 7,205 | 7,285 | 79 | 1.1 | ||||
Net commissions and brokerage fees | (6) | 4,148 | 4,230 | 81 | 2.0 | |||||
Operating, general and administrative expenses related to underwriting | (7) | 3,057 | 3,055 | (2) | (0.1) | |||||
Underwriting result | (8) | 1,181 | 1,397 | 215 | 18.3 | |||||
(-) | Change in reserve for outstanding losses and claims | (9) | 133 | 276 | 143 | 107.5 | ||||
(-) | Change in Ordinary Underwriting Reserves | (10) | 127 | 48 | (79) | (62.1) | ||||
(-) | Change in Catastrophic Loss Reserve | (11) | 361 | 571 | 210 | 58.4 | ||||
(+) | Other underwriting income and expenses | (12) | 103 | 129 | 25 | 24.9 | ||||
Underwriting profit | (13) | 663 | 630 | (33) | (5.0) | |||||
Investment income and expenses: | ||||||||||
(+) | Interest and dividend income | (14) | 1,261 | 1,479 | 218 | 17.3 | ||||
(+) | Transfer of interest and dividend income on deposits of premiums, etc. | (15) | (319) | (308) | 10 | - | ||||
Net Interest and dividend income | (16) | 941 | 1,170 | 228 | 24.3 | |||||
(+) | Gains and losses on sales of securities | (17) | 648 | 381 | (266) | (41.1) | ||||
(-) | Impairment losses on securities | (18) | 32 | 18 | (14) | (45.2) | ||||
(+) | Gains and losses on derivatives | (19) | (130) | (24) | 106 | - | ||||
(+) | Other investment income and expenses | (20) | 37 | 123 | 85 | 227.4 | ||||
Gross investment margin | (21) | 1,464 | 1,633 | 168 | 11.5 | |||||
(+) | Other ordinary income and expenses etc. | (22) | (153) | (155) | (1) | - | ||||
Ordinary profit | (23) | 1,974 | 2,108 | 133 | 6.8 | |||||
Extraordinary gains and losses: | ||||||||||
(+) | Extraordinary gains | (24) | 96 | 163 | 67 | 70.0 | ||||
(-) | Extraordinary losses | (25) | 144 | 149 | 4 | 3.1 | ||||
Extraordinary gains and losses | (26) | (48) | 14 | 62 | - | |||||
Net income before income taxes | (27) | 1,925 | 2,122 | 196 | 10.2 | |||||
(-) | Total income taxes | (28) | 455 | 460 | 4 | 1.0 | ||||
Net income | (29) | 1,469 | 1,662 | 192 | 13.1 | |||||
Ratios: | % | % | % | |||||||
Net loss ratio | (30) | 60.8 | 59.8 | (1.1) | ||||||
Net operating expenses ratio | (31) | 33.6 | 33.7 | 0.1 | ||||||
Combined ratio | (32) | 94.5 | 93.5 | (1.0) | ||||||
Return on investments (income base) | (33) | 2.35 | 2.75 | 0.40 | ||||||
Return on investments (realized base) | (34) | 3.30 | 3.60 | 0.30 |
Note) Profit or losses by maturity refunds, etc. of savings-type insurance are not included in underwriting income and expenses.
Reference) Total return based on the fair value: | Fiscal year ended March 31, 2021 | 8.11 | % |
Fiscal year ended March 31, 2022 | 2.50 | % |
(3)Overseas consolidated subsidiaries
Summary of Results of Major items
(Yen in hundred millions)
Fiscal year ended | Fiscal year ended | ||||
March 31, 2021 | March 31, 2022 | Increase | Rate of | ||
(April 1, 2020 to | (April 1, 2021 to | (Decrease) | change | ||
March 31, 2021) | March 31, 2022) | ||||
% | |||||
Net premiums written | (1) | 7,269 | 9,985 | 2,715 | 37.4 |
Net income attributable to shareholders of the parent | (2) | 358 | 388 | 30 | 8.4 |
The amount to be revised due to differences in accounting standards, which is excluded | (3) | (147) | 255 | 402 | - |
on consolidation(Note) | |||||
Reference: Adjusted net income attributable to shareholders of the parent (2)+(3) | (4) | 210 | 643 | 432 | 205.1 |
Note) "The amount to be revised due to differences in accounting standards, which is excluded on consolidation" is the amount stated on page 2 (Note 2).
(4)Sompo Himawari Life Insurance, Inc.
Summary of Results of Major items
(Yen in hundred millions)
Fiscal year ended | Fiscal year ended | ||||
March 31, 2021 | March 31, 2022 | Increase | Rate of | ||
(April 1, 2020 to | (April 1, 2021 to | (Decrease) | change | ||
March 31, 2021) | March 31, 2022) | ||||
% | |||||
Insurance premiums and other | (1) | 4,415 | 4,368 | (46) | (1.1) |
Net premiums written | (2) | 3,402 | 3,185 | (217) | (6.4) |
Ordinary profit | (3) | 321 | 264 | (56) | (17.7) |
Net income | (4) | 200 | 159 | (41) | (20.6) |
2
Sompo Holdings, Inc.
(5)Sompo Japan Insurance Inc.
Summary of Results of Major items
(a) Direct premiums written (excluding deposits of premiums by policyholders)
(Yen in hundred millions) | ||||||||
Fiscal year ended March 31, 2021 | Fiscal year ended March 31, 2022 | |||||||
(April 1, 2020 to March 31, 2021) | (April 1, 2021 to March 31, 2022) | |||||||
Business line | Amount | Rate of change | Amount | Increase | Rate of change | |||
(Decrease) | ||||||||
% | % | |||||||
Fire and allied insurance | 4,813 | 8.7 | 4,955 | 141 | 2.9 | |||
Marine insurance | 444 | (4.3) | 490 | 46 | 10.5 | |||
Personal accident insurance | 1,581 | (7.8) | 1,571 | (10) | (0.7) | |||
Voluntary automobile insurance | 10,956 | 0.5 | 10,927 | (29) | (0.3) | |||
Compulsory automobile liability insurance | 2,388 | (17.8) | 2,206 | (182) | (7.6) | |||
Others | 3,912 | (0.6) | 4,059 | 147 | 3.8 | |||
Total | 24,096 | (1.1) | 24,211 | 114 | 0.5 | |||
Deposits of premiums by policyholders | 934 | (17.8) | 810 | (124) | (13.4) |
(b) Net premiums written
(Yen in hundred millions) | ||||||||
Fiscal year ended March 31, 2021 | Fiscal year ended March 31, 2022 | |||||||
(April 1, 2020 to March 31, 2021) | (April 1, 2021 to March 31, 2022) | |||||||
Business line | Amount | Rate of change | Amount | Increase | Rate of change | |||
(Decrease) | ||||||||
% | % | |||||||
Fire and allied insurance | 3,063 | 7.4 | 3,276 | 212 | 6.9 | |||
Marine insurance | 405 | (13.5) | 468 | 62 | 15.4 | |||
Personal accident insurance | 1,521 | (8.9) | 1,516 | (4) | (0.3) | |||
Voluntary automobile insurance | 10,898 | 0.5 | 10,877 | (20) | (0.2) | |||
Compulsory automobile liability insurance | 2,376 | (15.3) | 2,168 | (208) | (8.8) | |||
Others | 3,148 | (1.8) | 3,280 | 131 | 4.2 | |||
Total | 21,414 | (2.0) | 21,587 | 173 | 0.8 | |||
Excluding earthquake insurance and | 19,034 | (0.0) | 19,417 | 382 | 2.0 | |||
compulsory automobile liability insurance | ||||||||
(c) Net claims paid
(Yen in hundred millions)
Fiscal year ended March 31, 2021 | Fiscal year ended March 31, 2022 | ||||||
(April 1, 2020 to March 31, 2021) | (April 1, 2021 to March 31, 2022) | ||||||
Amount | Net loss ratio | Amount | Increase | Net loss ratio | |||
Business line | (Decrease) | Increase | |||||
(Decrease) | |||||||
% | % | % | |||||
Fire and allied insurance | 2,143 | 72.1 | 2,161 | 17 | 68.6 | (3.6) | |
Marine insurance | 249 | 64.4 | 230 | (19) | 51.7 | (12.7) | |
Personal accident insurance | 710 | 50.8 | 696 | (14) | 50.1 | (0.7) | |
Voluntary automobile insurance | 5,321 | 55.5 | 5,363 | 41 | 56.0 | 0.5 | |
Compulsory automobile liability insurance | 1,752 | 80.4 | 1,587 | (165) | 80.2 | (0.2) | |
Others | 1,720 | 57.9 | 1,712 | (8) | 55.5 | (2.4) | |
Total | 11,898 | 60.8 | 11,750 | (148) | 59.8 | (1.1) | |
Excluding earthquake insurance and | 10,145 | 58.4 | 10,141 | (4) | 57.4 | (1.0) | |
compulsory automobile liability insurance | |||||||
(d) Net Incurred Loss during the period due to Natural Disasters in Japan
(Yen in hundred millions) | |||||||||
Fiscal year ended March 31, 2021 | Fiscal year ended March 31, 2022 | ||||||||
(April 1, 2020 to March 31, 2021) | (April 1, 2021 to March 31, 2022) | ||||||||
Reserve for | Reserve for | ||||||||
Net claims paid | outstanding | Net incurred loss | Net claims paid | outstanding | Net incurred loss | ||||
Business line | losses and | losses and | |||||||
claims | claims | ||||||||
Fire and allied insurance | 488 | 436 | 925 | 225 | 475 | 700 | |||
Voluntary automobile insurance | 31 | (0) | 30 | 17 | 1 | 18 | |||
Other than the above | 18 | 18 | 36 | 12 | 12 | 25 | |||
Total excluding earthquake insurance and | 538 | 454 | 993 | 255 | 489 | 744 | |||
compulsory automobile liability insurance | |||||||||
Note) Net incurred loss = Net claims paid + Reserve for outstanding losses and claims |
Reserve for outstanding losses and claims represents amounts deducting reinsurance recoverable on unpaid loss from reserve for outstanding losses and claims of direct insurance and assumed reinsurance.
3
Sompo Holdings, Inc.
(e) Breakdown of Operating, General and Administrative Expenses and Loss Adjustment Expenses
(Yen in hundred millions)
Fiscal year ended March 31, 2021 | Fiscal year ended March 31, 2022 | |||||
Amount | Increase | Rate of | Amount | Increase | Rate of | |
Business line | (Decrease) | change | (Decrease) | change | ||
% | % | |||||
Personnel expenses | 2,169 | (106) | (4.7) | 2,090 | (79) | (3.7) |
Non-personnel expenses | 1,983 | 112 | 6.0 | 2,103 | 120 | 6.1 |
Others (taxes and contributions) | 189 | 8 | 4.6 | 200 | 10 | 5.7 |
Total | 4,342 | 14 | 0.3 | 4,394 | 51 | 1.2 |
(f) Reserve for Outstanding Losses and Claims
(Yen in hundred millions) | |||||||
Fiscal year ended March 31, 2021 | Fiscal year ended March 31, 2022 | ||||||
Business line | Balance | Change | Balance | Change | |||
Fire and allied insurance | 1,424 | 337 | 1,548 | 124 | |||
Marine insurance | 214 | (10) | 231 | 16 | |||
Personal accident insurance | 448 | (90) | 470 | 21 | |||
Voluntary automobile insurance | 3,711 | (70) | 3,692 | (18) | |||
Compulsory automobile liability insurance | 626 | (62) | 622 | (3) | |||
Others | 2,299 | 29 | 2,435 | 136 | |||
Total | 8,724 | 133 | 9,001 | 276 |
(g) Ordinary Underwriting Reserves
(Yen in hundred millions) | |||||||
Fiscal year ended March 31, 2021 | Fiscal year ended March 31, 2022 | ||||||
Business line | Balance | Change | Balance | Change | |||
Fire and allied insurance | 7,752 | 149 | 7,840 | 88 | |||
Marine insurance | 199 | (15) | 222 | 22 | |||
Personal accident insurance | 1,273 | (0) | 1,281 | 7 | |||
Voluntary automobile insurance | 3,203 | 9 | 3,173 | (30) | |||
Compulsory automobile liability insurance | 4,620 | (9) | 4,595 | (25) | |||
Others | 3,460 | (6) | 3,446 | (14) | |||
Total | 20,511 | 127 | 20,559 | 48 | |||
Note) This table excludes reserve for maturity refunds and reserve for dividends to policyholders of savings-type insurance and includes underwriting reserves of earthquake | |||||||
insurance and compulsory automobile liability insurance. |
(h) Catastrophic Loss Reserve
(Yen in hundred millions) | |||||||||
Fiscal year ended March 31, 2021 | Fiscal year ended March 31, 2022 | ||||||||
Reversal | Provision | Balance | Balance | Reversal | Provision | Balance | Balance | ||
Business line | ratio | ratio | |||||||
% | % | ||||||||
Fire and allied insurance | 585 | 552 | 1,036 | 33.9 | 475 | 585 | 1,146 | 35.0 | |
Marine insurance | 12 | 12 | 440 | 108.6 | - | 14 | 455 | 97.2 | |
Personal accident insurance | - | 48 | 763 | 50.2 | - | 48 | 812 | 53.6 | |
Voluntary automobile insurance | - | 353 | 710 | 6.5 | - | 352 | 1,063 | 9.8 | |
Others | 112 | 103 | 1,987 | 63.1 | 61 | 107 | 2,034 | 62.0 | |
Total | 709 | 1,071 | 4,940 | 26.0 | 537 | 1,109 | 5,512 | 28.4 |
Note) Balance ratio = Balance of catastrophic loss reserve / Net premiums written (excluding earthquake insurance and compulsory automobile liability insurance) × 100
4
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Sompo Holdings Inc. published this content on 20 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 May 2022 06:14:03 UTC.