MS&AD Insurance Group (8725) Q3 2025 earnings summary

Executive summary

• Net premiums written rose by 340.8 billion yen year-over-year (+10.5%) to 3,571.2 billion yen, driven by strong growth in overseas subsidiaries and domestic non-life insurance.

• Net income attributable to owners of the parent surged 122.3% year-over-year to 626.1 billion yen, reflecting strong profit growth across core segments.

• Ordinary profit more than doubled to 824.9 billion yen, up 113.4% year-over-year, due to increased investment gains and reduced ordinary expenses.

• Significant profit growth was seen across domestic non-life, domestic life, and international business segments.

• Total assets decreased by 450.3 billion yen from March 31, 2024, to 26,509.9 billion yen, mainly from lower cash and securities balances.

Financial highlights

• Net premiums written (non-life) increased 10.5% year-over-year to 3,571.3 billion yen; overseas insurance subsidiaries saw 25% growth.

• Investment income jumped 30.3% year-over-year to 1,159.5 billion yen, with gains on sales of securities up 233.4%.

• Domestic non-life insurance net income increased by 321.3 billion yen, supported by higher investment profits and reduced natural catastrophe losses.

• Overseas subsidiaries' net income rose by 40.2 billion yen, with notable gains in Lloyd's, Reinsurance, Americas, and international life insurance.

• Group adjusted profit reached 633.9 billion yen (94.6% of annual forecast), with domestic non-life at 432.8 billion yen, domestic life at 44.3 billion yen, and international business at 156.3 billion yen.

Outlook and guidance

• Full-year forecast for net income attributable to owners of the parent is 630.0 billion yen, up 70.6% from the previous year.

• Group adjusted profit forecast at 670.0 billion yen (+40.0 billion yen from initial), with domestic non-life and overseas subsidiaries' forecasts raised, while life insurance forecast was revised downward.

• Ordinary profit for the year ending March 31, 2025, is projected at 893.0 billion yen, up 114.4% year-over-year.

• Dividend forecast for FY2025 is 145.00 yen per share, including special dividends.

• ROE expected to improve to 14.7% (up 0.9pp from initial forecast).