Link: https://links.sgx.com/1.0.0/corporate-announcements/IEISDPRJK4Y1K889/d843bbf79cd329431994a89fa70d025dbf89c797036e8eb861330bea28fb992e

Summary:

• Revenue/ordinary income: ¥2,020.3 billion (up 4.3% YoY), driven by higher underwriting income (¥1,724.6b) and stable investment income (¥278.5b).

• Profit: Ordinary profit ¥284.8 billion (down 4.6%); net income attributable to owners ¥222.8 billion (up 9.1%); basic EPS ¥128.82.

• Financial position: Total assets ¥26.33 trillion; net assets ¥4.13 trillion; ratio of net assets less non-controlling interests to total assets 15.5%.

• Dividends: FY2026 (year ending Mar-2026) forecast total DPS ¥155.00 (¥77.50 interim, ¥77.50 year-end), comprising ¥60.00 ordinary and ¥17.50 special each half; no change to forecast.

• Segment – Domestic non-life (MSI): Ordinary income ¥583.1b; ordinary profit ¥150.7b (down ¥5.8b YoY); net income ¥113.0b (down ¥5.5b).

• Segment – Domestic non-life (ADI): Ordinary income ¥450.0b; ordinary profit ¥73.7b (up ¥40.4b); net income ¥52.7b (up ¥28.1b).

• Segment – Domestic life (MS Aioi Life): Ordinary income ¥141.5b; ordinary profit ¥10.1b (slightly lower); net income ¥6.1b (slightly lower).

• Segment – Domestic life (MS Primary Life): Ordinary income ¥352.8b; ordinary loss ¥7.8b (YoY down by ¥64.0b); net income ¥5.9b (down ¥13.9b).

• Segment – Overseas: Net premiums written ¥662.3b (+¥128.1b); ordinary profit ¥55.6b (down ¥7.4b); segment net income ¥45.3b (down ¥7.6b).

• Combined ratio (simple sum of MSI + ADI): 96.5% (improved by 5.4ppt); net loss ratio 64.0% (improved by 3.5ppt); net expense ratio 32.5% (improved by 1.9ppt).

• Subsequent events: Issued ¥200b domestic unsecured bonds across 3–10 year tenors on 25 Jul 2025; expects ¥123b gain on sales of strategic equities in 2Q FY2025; sold entire stake (15.2%) in Challenger Limited for ¥80b on 1 Aug 2025.