Anicom Holdings (8715) Q1 2025 earnings summary

Executive summary

• Recurring revenue rose 11.1% year-over-year to ¥16,519 million, driven by robust demand for pet insurance and operational efficiency improvements.

• Recurring profit before amortization of goodwill increased 34.3% year-over-year to ¥1,682 million; recurring profit was ¥1,620 million, up 34.8%.

• Profit attributable to owners of parent rose 37.0% to ¥1,111 million.

• Number of new policies for Apr–Jun was 57,000, with policies in force totaling 1,213,737 (+7.1% YoY).

• The company is accelerating initiatives in genetic testing, animal health checks, and advanced veterinary medicine to expand its prevention-focused business model.

Financial highlights

• Underwriting revenue grew 7.7% year-over-year to ¥14,351 million; investment revenue surged 134.3% to ¥295 million.

• Other recurring revenue increased 32.3% to ¥1,871 million.

• Net profit for the quarter was ¥1,098 million, up from ¥811 million a year earlier.

• Net claims paid increased 9.5% to ¥8,045 million; operating and general administrative expenses rose 6.8% to ¥4,183 million.

• Basic earnings per share increased to 13.98 yen from 9.99 yen year-over-year.

Outlook and guidance

• Full-year forecast for FY2025 projects recurring revenue of ¥66,000 million (+9.2% YoY), recurring profit of ¥4,800 million (+15.4% YoY), and profit attributable to owners of parent of ¥3,100 million (+13.6% YoY).

• Dividend forecast for FY2025 is 8.00 yen per share, up from 5.50 yen in FY2024.

• FY2024 targets include a dividend payout ratio around 20% and SMR (solvency margin ratio) of 300–320%.

• FY2030 vision includes ROE of 12–15% and transition to DOE (dividend on equity) disclosure.