MS&AD Insurance Group (8725) Q3 2025 earnings summary

Executive summary

• Net premiums written rose 10.5% year-over-year to ¥3,571.2bn, driven by strong growth in overseas subsidiaries and domestic non-life insurance.

• Net income attributable to owners of the parent surged 122.3% year-over-year to ¥626.1bn, achieving 99.4% of the revised annual forecast.

• Ordinary profit more than doubled to ¥824.9bn, up 113.4% year-over-year, due to increased investment gains and reduced expenses.

• Group adjusted profit increased by ¥366.5bn to ¥633.9bn, with a 94.6% progress rate on the annual target.

• Total assets decreased by ¥450.3bn to ¥26,509.9bn, mainly from lower cash and securities balances.

Financial highlights

• Domestic non-life net income rose by ¥321.3bn, supported by higher investment profits and lower catastrophe losses.

• Overseas subsidiaries' net income increased by 45.8% to ¥127.9bn, with notable gains in Lloyd's, reinsurance, and Americas segments.

• Investment income jumped 30.3% year-over-year to ¥1,159.5bn, with gains on sales of securities up 233.4%.

• Life insurance premiums dropped 47% year-over-year to ¥380.3bn, reflecting a shift in product mix.

• EPS (basic) for the period was ¥400.16, more than double the prior year, adjusted for a 3-for-1 stock split.

Outlook and guidance

• FY2024 consolidated net income forecast revised upward by ¥20bn to ¥630.0bn, up 70.6% from the previous year.

• Group adjusted profit forecast raised by ¥40bn to ¥670.0bn, reflecting favorable trends across all segments.

• Ordinary profit for the year ending March 31, 2025, is projected at ¥893.0bn, up 114.4% year-over-year.

• Dividend forecast for FY2025 is ¥145.00 per share, including special dividends.

• Non-life net premiums written forecast raised to ¥4,630.0bn; overseas to ¥1,500.0bn.