Sunshine Insurance Group reported higher profits and premiums for the first half of the year. The company showed growth across its major business segments.
The company’s gross written premiums (GWP) reached $88.3 billion. This figure marks a 5.7% increase compared to the same period last year.
Net profit also saw a significant rise. Profit attributable to shareholders grew by 7.8% year-on-year to $3.7 billion. The company’s embedded value, a key measure of worth, climbed 11% to $140 billion.
The life insurance division led the growth. Premiums from this segment hit $60.6 billion. This represents a 7.1% increase from the previous year.
The property and casualty business became more profitable. A strategic shift was a major reason for this improvement. Non-automobile insurance now makes up 50.6% of the segment’s premiums. This is a 4.5% increase from last year.
Household auto premiums also grew by 3%. The segment’s underwriting performance improved sharply. Its combined ratio, a measure of profitability, was 98.8%. More importantly, underwriting profit itself surged by 42.4%.
The asset management division performed well. It delivered a total investment income of $11.7 billion. This resulted in an annualized total investment yield of 4.0%.
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