MS&AD Insurance Group (8725) Q4 2025 earnings summary

Executive summary

• Net income attributable to owners reached ¥691.6–691.7bn, up 87.3% year-over-year, with record highs in net premiums written and group adjusted profit.

• Strong performance was driven by improved profitability in domestic and international insurance, business reforms, and digital transformation.

• Addressed compliance issues, including information leakage and price fixing, with strengthened governance and business reforms.

Financial highlights

• Net premiums written rose 9.7% to ¥4,674.3bn, mainly from overseas subsidiaries (+¥293.5bn) and domestic non-life (+¥118.9bn); domestic life premiums fell ¥187.0bn.

• Ordinary income was ¥6,660.8bn (+1.3%); ordinary profit ¥928.9bn (+123.1%).

• ROE improved to 16.3% from 9.8% year-over-year; group adjusted ROE rose to 15.7% from 9.0%.

• Net assets were ¥4,052.8bn, down ¥460.7bn; total assets ¥26,241.2bn, down ¥718.9bn.

• Basic EPS was ¥445.52 (stock split adjusted).

Outlook and guidance

• FY2025 net premiums written forecast to rise 5.2% to ¥4,916.0bn; consolidated net income expected to decrease by ¥112.6bn to ¥579.0bn.

• Group adjusted profit projected to fall by ¥60.7bn to ¥671.0bn, mainly due to lower investment profit and reduced gains from strategic equity sales.

• Dividend forecast for FY2025/FY2026: annual ¥155 per share, including special dividends.

• Preparing for voluntary IFRS adoption from FY2025 year-end.