Latest news with #Sompo
Japan Times
21-05-2025
- Automotive
- Japan Times
All three major Japanese nonlife insurers log record net profits
All three major Japanese nonlife insurance companies posted record consolidated net profits for the second straight year in fiscal 2024, which ended in March, driven by gains from the sale of cross-held shares, according to their earnings reports. Net profit went up some 1.5 times to ¥1,055.2 billion at Tokio Marine Holdings, about 1.9 times to ¥691.6 billion at MS&AD Insurance Group Holdings and 1.7% to ¥422.9 billion at Sompo Holdings. The companies plan to sell all of their cross-shareholdings, which are said to have become a hotbed of improper business practices, after fraudulent advance adjustments of premium rates for corporations were found. For fiscal 2024, gains from the sale of cross-shareholdings reached ¥822.1 billion at Tokio Marine, ¥530.6 billion at MS&AD and ¥298.6 billion at Sompo Holdings. Net premium income increased at all the companies, reflecting hikes of car and fire insurance premium rates. The yen's weakening also helped their overseas operations. Still, automobile insurance products are facing headwinds due to an increase in repair costs amid inflation. "We will consider reviewing premium rates before January, the month they are revised annually," Tokio Marine Group Chief Financial Officer Kenji Okada said during a news conference Tuesday. For fiscal 2025, net premium income is forecast to rise at the three firms, while net profit is predicted to shrink, due to decreases in their gains from the sale of cross-shareholdings.
Al Bawaba
20-05-2025
- Business
- Al Bawaba
Turkish Airlines Announces First Use of Sompo AXIS Aviation Finance Insurance (SAAFI) Product for New Aircraft Deliveries
Turkish Airlines, a leading global airline, has mandated the first financing structure to use the Sompo AXIS Aviation Finance Insurance (SAAFI), Aviation Non-Payment Insurance (ANPI) product. This transaction, sealed at a signing ceremony in Tokyo, Japan, marks a significant milestone in aviation financing insurance as it is the first time SAAFI has been mandated following its launch earlier this year. Under the terms of the mandate, JP Lease will arrange equity and Sumitomo Mitsui Banking Corporation (SMBC) will provide the debt to Turkish Airlines for the delivery of one A350-900 and one A321-271NX aircraft (both expected in 2026). SMBC's loan is supported 100% with an ANPI policy provided by the SAAFI insurers, Sompo and AXIS. This use of the SAAFI ANPI product in connection with a Japanese Operating Lease with Call Option (JOLCO) structure has allowed Turkish Airlines to significantly lower its all-in cost of financing. The policy was brokered by Willis, a WTW business (NASDAQ: WTW). "We are pleased to be the launching customer of 'SAAFI' with the support of our valued insurers Sompo and AXIS, Insurance broker Willis, our long-term business partners SMBC and JP Lease. As Turkish Airlines, we are committed to participate in the development of innovative solutions that support our growth and fleet renewal strategies. With financing models like SAAFI, we not only enhance our financial flexibility and resilience but also reinforce our leadership in the industry,' said Assoc. Prof. Murat Şeker, Turkish Airlines Chief Financial Officer and Member of the Board and the Executive Committee. Tim Gaul, Financial and Political Risks Underwriter at Sompo said: 'Sompo is honoured to have been mandated by our long-term partner Turkish Airlines to launch the SAAFI product on its inaugural financing of two Airbus aircraft. Sompo has extensive experience in the Aviation Non-Payment Insurance market having been involved in the financing of more than 120 aircraft globally over the past eight years. We believe our partnership with AXIS through SAAFI will be a welcome addition to our current suite of aviation financing products available to our customers, with Turkish Airlines the first of many who will benefit from our additional capacity.' Richard Jelf, Senior Underwriter at AXIS said: 'AXIS is proud to be bringing the SAAFI product to the aircraft finance market alongside Sompo and thrilled to have Turkish Airlines as our first customer. Building on our extensive experience in the aviation sector, SAAFI is an important addition to our product offerings in the Aircraft Non-Payment Insurance space. Through this initiative, AXIS can partner with new and existing customers, playing an important role in both their growth as well as that of the airline industry.' Stuart Ashworth, Managing Director of Financial Solutions, Willis, a WTW business, added: "We are delighted to be able to assist Turkish Airlines and SMBC with this financing. This is also our first SAAFI mandate from Turkish Airlines; an innovative financing solution supporting an innovative, dynamic and forward-thinking airline."
Yahoo
27-03-2025
- Business
- Yahoo
Sompo expands operations in Continental Europe with authorisation to write primary insurance locally in Belgium and the Netherlands
Ralph Brand, President, Continental Europe Insurance, Sompo LUXEMBOURG, March 27, 2025 (GLOBE NEWSWIRE) -- Sompo, a leading global provider of commercial and consumer property and casualty (re)insurance, today announced that it has been granted licences by the regulatory authorities to write primary insurance locally in Belgium and the Netherlands. The development extends further Sompo's commercial P&C insurance capabilities and product offerings in Continental Europe, where the insurer also operates in Germany, France, Spain, Italy and Switzerland. Ralph Brand, President, Continental Europe Insurance said: 'Sompo has grown its presence significantly across Continental Europe in recent years and the authorisations to write primary insurance locally in Belgium and the Netherlands provide yet another milestone for our business. We know clients are increasingly looking for partners with local presence aligned with global expertise who can support them through all aspects of the many and often complex risks they face. We empower our local teams to work with our clients and brokers to offer a flexible, solutions-driven approach that creates the framework for long-term partnerships and success. I very much look forward to watching us develop opportunities in both these exciting markets.' For broker and business inquiries relating to Sompo in Belgium and/or the Netherlands, please contact: Herndon Stokes, Head of Distribution & Client Relationship Management, Insurance, Continental Europe, hstokes@ About Sompo We are Sompo, a global provider of commercial and consumer property, casualty, and specialty insurance and reinsurance. Building on the 130 years of innovation of our parent company, Sompo Holdings, Inc., Sompo employs approximately 9,500 people around the world who use their in-depth knowledge and expertise to help simplify and resolve your complex challenges. Because when you choose Sompo, you choose . 'Sompo' refers to the brand under which Sompo International Holdings Ltd., a Bermuda-based holding company, together with its consolidated subsidiaries, operates its global property and casualty (re)insurance businesses. Sompo International Holdings Ltd. is an indirect wholly-owned subsidiary of Sompo Holdings, Inc., one of the leading property and casualty groups in the world with excellent financial strength as evidenced by ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard & Poor's. Shares of Sompo Holdings, Inc. are listed on the Tokyo Stock Exchange. To learn more please follow us on LinkedIn or visit *Sompo UK's insurance and reinsurance business is underwritten by Endurance Worldwide Insurance Limited and any risks located in the European Economic Area are underwritten by SI Insurance (Europe), SA. Both companies are wholly owned subsidiaries of Sompo International Holdings Ltd. Please visit to view the full status disclosure. Sompo Contact Mike Jones Global Head of Media RelationsM: +44 7765 901899 E: mijones@ Alexandra BrändliVP, Marketing & Communications, Insurance, Continental EuropeM: +41 79 606 04 49E: abraendli@ A photo accompanying this announcement is available at
