MS&AD Insurance Group (8725) Q2 2025 earnings summary

Executive summary

• Net premiums written rose 11.9% year-over-year to ¥2,539.5 billion, driven by strong growth in overseas subsidiaries and domestic non-life insurance.

• Net income attributable to owners of the parent surged by 424.5% year-over-year to ¥458,987 million for the six months ended September 30, 2024.

• Ordinary profit increased to ¥630,802 million, a 380% rise compared to the same period last year.

• Strategic equity holdings sales profit reached ¥366.8 billion, supporting profit growth and risk reduction.

• A stock split at a 3-for-1 ratio was implemented effective April 1, 2024.

Financial highlights

• Net premiums written increased to ¥2,539,595 million from ¥2,270,021 million year-over-year.

• Domestic non-life insurance net income increased by ¥287.3 billion, mainly from higher investment profit and reduced catastrophe losses.

• Overseas subsidiaries' net income rose by ¥57.3 billion, led by Lloyd's, reinsurance, and improved profitability in Asia, Europe, and the Americas.

• Investment income decreased to ¥670,129 million from ¥791,849 million year-over-year.

• EPS (basic) was ¥290.11, up from ¥54.76 year-over-year, reflecting the stock split.

Outlook and guidance

• Full-year consolidated net income forecast revised upward by ¥20.0 billion to ¥630.0 billion; group adjusted profit forecast raised by ¥40.0 billion to ¥670.0 billion.

• Full-year net income attributable to owners of the parent is forecast at ¥630,000 million, up 70.6% year-over-year.

• Ordinary profit for the year ending March 31, 2025 is projected at ¥893,000 million, up 114.4% year-over-year.

• Annual dividend per share for FY2024/FY2025 planned at ¥145 (including special dividend); interim dividend at ¥72.5.

• Share buyback program up to ¥60.0 billion.