Anicom Holdings (8715) Q3 2025 earnings summary

Executive summary

• Recurring revenue rose 10.6% year-over-year to ¥49,706 million, driven by strong growth in new pet insurance policies and operational efficiency improvements.

• Recurring profit before amortization of goodwill increased 16.1% year-over-year to ¥3,979 million; recurring profit up 15.8% to ¥3,793 million.

• Net profit attributable to owners of parent climbed 26.1% year-over-year to ¥2,574 million, reflecting higher revenue and improved cost management.

• Number of new policies for April–December reached 178,000, with policies in force totaling 1,260,176 (+5.6% to 7.4%).

Financial highlights

• Underwriting revenue grew 8.0% year-over-year to ¥43,505 million; investment revenue surged 41.6% to ¥806 million.

• Other recurring revenue increased 31.7% to ¥5,394 million.

• Operating and general administrative expenses rose 10.0% to ¥13,003 million.

• Combined ratio improved to 93.5% from 94.1% year-over-year.

• Basic earnings per share for the period was ¥33.02, up from ¥25.39 year-over-year.

Outlook and guidance

• Transfers from AXA DIRECT commenced in December 2024, expected to add 8,000–10,000 policies in 4Q FY03/25 and 25,000–30,000 in FY03/26.

• Cumulative net premiums written from AXA DIRECT transfer expected to reach ¥15.0 billion over 10 years.

• FY03/25 forecast: policies in force to reach 1,280,000 and new policies 230,000.

• Full-year recurring revenue is forecast at ¥66,000 million (up 9.2% year-over-year), with recurring profit projected at ¥4,800 million (up 15.4%) and profit attributable to owners of parent at ¥3,100 million (up 13.6%).

• Basic earnings per share for the full year is forecast at ¥38.90; annual dividend per share projected at ¥8.00.