MS&AD Insurance Group (8725) Q3 2026 earnings summary

Executive summary

• Net premiums written rose by 269.2 billion yen (+7.5% year-over-year) to 3,840.4 billion yen, with strong growth in both domestic and overseas segments.

• Consolidated net income increased by 31.0 billion yen year-over-year to 657.1 billion yen, surpassing the revised forecast.

• Ordinary income rose 12.9% year-over-year to 5,905.3 billion yen, driven by increases in both underwriting and investment income.

• Comprehensive income surged to 953.4 billion yen from 139.2 billion yen a year earlier, reflecting significant gains in other comprehensive income.

• Group adjusted profit climbed by 121.8 billion yen year-over-year to 755.7 billion yen, nearly meeting the annual forecast.

Financial highlights

• Underwriting income grew 12.7% year-over-year to 4,534.1 billion yen, and investment income increased 13.3% to 1,313.5 billion yen.

• Domestic non-life insurance group adjusted profit increased by 24.7 billion yen year-over-year to 457.6 billion yen, driven by higher earned premiums, improved fire insurance profitability, and reduced natural catastrophe losses.

• International business group adjusted profit surged by 114.8 billion yen year-over-year to 271.1 billion yen, supported by premium growth and gains from asset sales.

• Net premiums written for overseas subsidiaries grew by 186.1 billion yen (+15.3% year-over-year) to 1,406.3 billion yen, with notable expansion in Lloyd's & Reinsurance and the Americas.

• Net assets increased by 615.1 billion yen from March 31, 2025, reaching 4,668.0 billion yen as of December 31, 2025.

Outlook and guidance

• Group adjusted profit forecast for FY2025 was revised upward by 89 billion yen to 760 billion yen, reflecting strong domestic non-life and international business performance.

• Net income forecast for FY2025 was revised upward to 590.0 billion yen, with ROE expected at 14.3%.

• Annual dividend forecast is 155.00 yen per share, up from 145.00 yen in the prior year.

• Domestic non-life insurance net premiums written forecast was slightly revised downward, while overseas and life insurance forecasts were revised upward due to strong sales and favorable foreign exchange.

• Ordinary profit for the year ending March 31, 2026, is projected at 834.0 billion yen, down 10.2% year-over-year.