Anicom Holdings (8715) Q4 2026 earnings summary

Executive summary

• Recurring revenue rose 9.1% year-over-year to JPY 73,846 million, driven by strong new policy acquisition, robust pet insurance demand, and policy transfers from other insurers.

• Recurring profit declined 28.3% year-over-year to JPY 3,543 million, mainly due to policy transfer costs and investments in new business initiatives, but exceeded internal plan by 7.4%.

• Net profit attributable to owners of parent decreased 32.1% year-over-year to JPY 2,204 million, primarily due to higher underwriting and administrative expenses.

• Number of policies in force increased by 8.1% to 1,392,772, reflecting strong sales and marketing efforts.

• Combined ratio rose to 95.0% (up 2.1 points), reflecting higher medical expenses and policy transfer costs.

Financial highlights

• Underwriting revenue increased 8.9% year-over-year to JPY 64,103 million; investment revenue grew 3.4% to JPY 1,640 million, exceeding plan.

• Other recurring revenue rose 12.0% to JPY 8,103 million.

• Recurring expenses increased 12.1% to JPY 70,303 million, with underwriting expenses up 11.2%.

• Operating and general administrative expenses rose 16.0% to JPY 20,706 million.

• Basic earnings per share was 29.77 yen (down from 41.98 yen); equity ratio was 37.9%.

Outlook and guidance

• FY03/27 recurring revenue is forecast at JPY 81,000 million, up 9.7% year-over-year; recurring profit is projected to rise 41.1% to JPY 5,000 million; net profit forecast at JPY 3,250 million (+47.4%).

• Mid-term plan targets recurring revenue of JPY 80-85 billion and recurring profit of JPY 6.8-7.3 billion by FY03/28.

• Dividend per share forecast for next year is 13.50 yen, targeting a 30% payout ratio, with continuous dividend increases and flexible share buybacks.

• Focus on diversifying sales channels, reducing policy acquisition costs, and expanding non-insurance businesses.