Tibrewala (pictured), who joined Sompo Asia Pacific in 2016 as chief actuary, has held various senior roles, most recently serving as chief consumer officer.
Tibrewala, a fellow of the Institute & Faculty of Actuaries, UK, brings over 20 years of experience in the non-life insurance sector.
In his new role, he will continue to report to Kenneth Reilly, CEO of Sompo’s Asia Pacific (APAC) insurance operations.
Reilly expressed confidence in Tibrewala’s leadership, noting that his expertise in technical areas would be crucial for advancing the company’s growth in the Thai market, where it has operated for 27 years.
“[Tibrewala] will be instrumental in continuing our work to serve our Thai policyholders with innovative products and solutions while collaborating closely with our APAC region and sharing best practices,” he said.
The leadership change coincides with Sompo Holdings’ strong financial performance in the second quarter of 2024 (Q2 2024).
The company reported a 20% increase in net attributable income for the quarter ending June 30, reaching ¥120.04 billion (approximately US$818.2 million).
Sompo saw growth in net premiums written across both its P&C and life insurance segments. P&C premiums increased to ¥1.22 trillion, up from ¥1.14 trillion in the same period last year, while life insurance premiums saw a slight rise from ¥75.47 billion to ¥75.99 billion.
The company noted that global economic recovery faced challenges, including high interest rates in the US and Europe, which have impacted consumer spending and capital investments. It also cited concerns over economic growth in China as a potential risk.
Despite these challenges, Japan’s economy continued to recover, supported by improvements in corporate earnings, the labour market, and income levels. Sompo Japan, the company’s domestic unit, reported a 3.9% increase in net income to ¥45.99 billion, aided by positive developments in insurance claims. However, net premiums written by Sompo Japan declined by 1.1% to ¥567.59 billion, and its combined ratio worsened to 97.9.
Looking ahead, Sompo Holdings has outlined a strategy through fiscal 2026, focusing on international expansion, mergers and acquisitions, and addressing the challenges posed by an aging population in Japan. The company’s underwriting entities maintain an A+ (superior) financial strength rating from AM Best.
