MS&AD Insurance Group (8725) Q1 2026 earnings summary

Executive summary

• Net premiums written rose by 160.7 billion yen (+12.4% year-on-year) to 1,457.0 billion yen, driven by strong growth in overseas subsidiaries and domestic non-life insurance.

• Consolidated net income increased by 18.5 billion yen (9.1% year-on-year) to 222.7 billion yen, achieving 38.5% of the annual forecast.

• Ordinary income rose 4.3% year-on-year to 2,020.3 billion yen, driven by higher underwriting and investment income.

• Group adjusted profit reached 234.6 billion yen, up 37.3 billion yen year-on-year, with a 35.0% progress rate against the annual forecast.

• Total assets grew to 26,333.6 billion yen, and net assets increased to 4,129.9 billion yen as of June 30, 2025.

Financial highlights

• Domestic non-life insurance group adjusted profit rose by 42.7 billion yen to 145.6 billion yen, mainly due to higher underwriting profit and lower catastrophe losses.

• Domestic life insurance group adjusted profit fell by 14.3 billion yen to 11.8 billion yen, impacted by reversal effects and lower interest/dividend income.

• International business group adjusted profit increased by 9.8 billion yen to 78.2 billion yen, with profit growth in Europe and Americas offsetting declines in Asia.

• Net premiums written for overseas subsidiaries grew by 128.1 billion yen (+24.0% year-on-year) to 662.3 billion yen.

• Domestic life insurance gross premiums income remained stable at 376.3 billion yen.

Outlook and guidance

• Group adjusted profit progress rate at 35.0% of the annual forecast of 671.0 billion yen; domestic non-life at 38.9%, domestic life at 22.9%, and international at 32.1%.

• Consolidated net income progress rate at 38.5% of the annual forecast of 579.0 billion yen.

• FY2026 forecast: ordinary profit 806.0 billion yen (down 13.2%), net income attributable to owners 579.0 billion yen (down 16.3%), EPS 385.28 yen.

• Annual dividend forecast raised to 155.00 yen per share, with a higher ordinary dividend and lower special dividend.

• Earnings forecasts are subject to high uncertainty due to natural disasters and market conditions.