MS&AD Insurance Group (8725) Q2 2026 earnings summary

Executive summary

• Net premiums written rose by ¥170.5 billion (+6.7% YoY) to ¥2,710.1 billion, driven by strong growth in overseas subsidiaries and domestic non-life insurance, especially in automobile and fire insurance.

• Ordinary income rose 19.3% year-over-year to ¥4,111,516 million for the six months ended September 30, 2025.

• Consolidated net income increased by ¥32.6 billion YoY to ¥491.6 billion, achieving 84.9% of the initial annual forecast.

• Comprehensive income surged 422.9% year-over-year to ¥524,374 million.

• Group adjusted profit grew by ¥36.7 billion YoY to ¥537.1 billion, with notable contributions from international business and reduced catastrophe losses.

Financial highlights

• Domestic non-life insurance net premiums written increased by ¥36.9 billion YoY to ¥1,661.3 billion, with underwriting profit up by ¥28.8 billion.

• Overseas subsidiaries' net premiums written rose by ¥133.5 billion YoY to ¥1,048.7 billion, with significant growth in Lloyd's, Reinsurance, Asia, Europe, and Americas.

• Ordinary profit was ¥653,351 million, up 3.6% year-over-year.

• Basic EPS for the period was ¥326.93, compared to ¥290.11 in the prior year.

• Total assets increased to ¥27,283,536 million from ¥26,241,298 million as of March 31, 2025.

• Net assets rose to ¥4,390,641 million, with a net asset ratio of 15.9%.

• Domestic life insurance gross premiums income increased by ¥4 billion YoY to ¥862.6 billion, but group adjusted profit declined due to reversal effects from prior year policy targets.

• Group adjusted profit: Domestic non-life +¥21.3 billion YoY, international +¥45.9 billion YoY, domestic life -¥30.4 billion YoY.

Outlook and guidance

• FY2025 net premiums written forecast raised by ¥70 billion to ¥4,986 billion (+¥311.6 billion YoY).

• Consolidated net income forecast increased by ¥11 billion to ¥590 billion (still -¥101.6 billion YoY).

• Group adjusted profit forecast raised by ¥89 billion to ¥760 billion (+¥28.2 billion YoY), with upward revisions for non-life and international, and downward for life insurance.

• Full-year ordinary profit forecast is ¥834,000 million, up 10.2% year-over-year.

• EPS for the full year is projected at ¥394.74.

• Annual dividend forecast maintained at ¥155 per share; interim dividend of ¥77.5 and share buyback limit increased to ¥135 billion.

• The company revised its earnings forecast during the period.