Tokio Marine Holdings, Inc. TSE:8766
Tokio Marine : Financial document (1Q FY2025 Summary Report e)
Source: MarketScreener
Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
August 7, 2025
Company Name: Tokio Marine Holdings, Inc. (the "Company") Stock Exchange Listing: Tokyo Securities Code Number: 8766
(URL: https://www.tokiomarinehd.com/en/) Representative: Masahiro Koike, President
Contact: Toshihiro Yahata, Global Communications Dept. (Tel: +81-3-6704-4268) Scheduled date to commence dividend payments: Not applicable
Supplementary information for financial statements: Available IR Conference Call: None
(Note) All amounts are rounded down and all percentages are rounded.
Consolidated Business Results for the three months ended June 30, 2025 (April 1, 2025 to June 30, 2025)
Consolidated Results of Operations
(Note) Percentages represent changes from the same period in the previous fiscal year.
Ordinary income
Ordinary profit
Net income attributable to owners of the parent
million yen
%
million yen
%
million yen
%
Three months ended June 30, 2025
2,268,529
17.9
565,287
113.3
466,820
136.6
Three months ended June 30, 2024
1,924,073
5.6
265,032
54.7
197,316
54.2
(Note) Comprehensive income:
Three months ended June 30, 2025
44,745
million yen
(78.7) %
Three months ended June 30, 2024
210,347
million yen
(61.2) %
Net income per share - Basic
Net income per share - Diluted
yen
yen
Three months ended June 30, 2025
243.46
-
Three months ended June 30, 2024
100.58
100.57
Consolidated Financial Conditions
Total assets
Net assets
Ratio of equity capital to total assets
million yen
million yen
%
As of June 30, 2025
30,562,938
4,927,060
16.1
As of March 31, 2025
31,237,340
5,103,545
16.3
(Reference) Equity capital:
As of June 30, 2025 4,935,651 million yen
As of March 31, 2025 5,076,843 million yen
Dividends
Cash dividends per share
First quarter
Second quarter
Third quarter
Year-end
Annual total
yen
yen
yen
yen
yen
Fiscal year 2024
-
81.00
-
91.00
172.00
Fiscal year 2025
-
Fiscal year 2025 (Forecast)
105.00
-
105.00
210.00
(Note) Revision to the latest dividend forecast: None
Consolidated Business Forecasts for the fiscal year 2025 (April 1, 2025 to March 31, 2026)
(Note) Percentages represent changes from the previous fiscal year.
Ordinary profit
Net income attributable to owners of the parent
Net income per share - Basic
Fiscal year 2025
million yen
1,270,000
%
(13.0)
million yen
930,000
%
(11.9)
yen
485.91
(Note) Revision to the latest Consolidated Business Forecasts: None
* Notes
Significant changes in the scope of consolidation during the period: None
Adoption of accounting methods that are specific to quarterly consolidated financial reports: None
Changes in accounting policies, changes in accounting estimates, and retrospective restatements
Changes in accounting policies to reflect amendments of accounting standards: None
Changes in accounting policies other than (a): None
Changes in accounting estimates: None
Retrospective restatements: None
Number of shares issued (common stock)
Total number of shares issued including treasury stock
As of June 30, 2025 1,934,000,000 shares
As of March 31, 2025 1,934,000,000 shares
Number of treasury stock held
As of June 30, 2025 21,222,882 shares
As of March 31, 2025 11,150,271 shares
Average number of shares outstanding
During the three months ended June 30, 2025 1,917,407,497 shares During the three months ended June 30, 2024 1,961,784,797 shares
Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit firm: None
Notes concerning the business forecasts and other items
Business forecasts are prepared based on business results for previous years, information available to the Company as of the release date of this document and certain assumptions. Actual results may significantly differ affected by various factors.
Contents of AppendixOverview of Business Results 2
Consolidated Financial Statements and Major Notes 3
Consolidated Balance Sheet 3
Consolidated Statement of Income and Consolidated Statement of Comprehensive Income 4
Notes to Consolidated Financial Statements 7
Notes regarding going concern assumption 7
Notes regarding significant changes in shareholders' equity 7
Notes to Segment Information 7
Notes to Consolidated Statement of Cash Flows 7
Others 8
Summary of Consolidated Business Results 8
Premiums written and claims paid by lines of business 9
Securities 10
Financial results of major consolidated subsidiaries 11
Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated) 11
Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated) 14
E.design Insurance Co., Ltd. (non-consolidated) 17
Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated) 19
Glossary of terminology 21
-
Overview of Business Results
(Overview of Business Results for the first quarter)
During the first quarter, the global market has experienced significant volatility due to U.S. trade policies and other factors. Although the U.S. labor market and personal consumption gradually slowed, the world economy as a whole remained firm. Additionally, there were signs of improvement in the European economy, and the Chinese economy recovered due to policy effects, leading to a general recovery. The Japanese economy continued to show weakness in domestic demand against a backdrop of price inflation and other factors, and its pace of recovery remained moderate.
Under these circumstances, as a result of our efforts to expand our domestic and overseas business, which is centered on non-life insurance and life insurance, our consolidated results of operations for the first quarter of the consolidated cumulative period were as follows:
As of June 30, 2025, consolidated total assets was 30,562.9 billion yen, a decrease of 674.4 billion yen from that as of March 31, 2025.
Ordinary income increased by 344.4 billion yen to 2,268.5 billion yen from the same period of the previous year, the main components of which were Underwriting income of 1,527.7 billion yen and Investment income of 653.7 billion yen. Ordinary expenses increased by 44.2 billion yen to 1,703.2 billion yen from the same period of the previous year, the main components of which were Underwriting expenses of 1,227.8 billion yen, Investment expenses of 78.6 billion yen, and Operating and general administrative expenses of 388.3 billion yen.
Ordinary profit increased by 300.2 billion yen from the same period of the previous year to 565.2 billion yen.
Net income attributable to owners of the parent, composed of Ordinary profit plus Extraordinary gains minus Extraordinary losses and Total income taxes, increased by 269.5 billion yen to 466.8 billion yen from the same period of the previous year.
Results by our reportable segments are as follows:
In the Domestic non-life insurance business, Ordinary income increased by 289.7 billion yen to 1,164.0 billion yen from the same period of the previous year. Ordinary profit increased by 324.2 billion yen to 428.2 billion yen from the same period of the previous year.
In the Domestic life insurance business, Ordinary income increased by 35.6 billion yen to 169.6 billion yen from the same period of the previous year. Ordinary profit increased by 27.1 billion yen to 35.4 billion yen from the same period of the previous year.
In the International insurance business, Ordinary income decreased by 3.0 billion yen to 1,025.7 billion yen from the same period of the previous year. Ordinary profit decreased by 53.4 billion yen to 97.1 billion yen from the same period of the previous year.
-
Consolidated Financial Statements and Major Notes
-
Consolidated Balance Sheet
(Yen in millions)
As of March 31, 2025
As of June 30, 2025
Assets
Cash and bank deposits
Receivables under resale agreements Monetary receivables bought Money trusts
Securities Loans
Tangible fixed assets Intangible fixed assets Other assets
Net defined benefit assets Deferred tax assets
Customers' liabilities under acceptances and guarantees
Allowance for doubtful accounts
1,071,138
299,812
3,051,927
7
19,262,988
3,140,328
562,056
1,158,132
2,578,281
16,967
112,395
1,528
(18,225)
1,028,457
-3,937,715
7
18,235,055
2,983,081
593,049
1,083,329
2,490,851
17,342
209,708
1,528
(17,188)
Total assets
31,237,340
30,562,938
Liabilities
Insurance liabilities Outstanding claims Underwriting reserves
Corporate bonds Other liabilities
Net defined benefit liabilities Provision for employees' bonus Provision for share awards Reserves under special laws
Reserve for price fluctuation Deferred tax liabilities Negative goodwill
Acceptances and guarantees
23,178,787
5,411,597
17,767,189
227,246
2,101,900
223,866
140,268
3,622
150,455
150,455
103,089
3,030
1,528
22,692,410
5,212,831
17,479,579
225,761
2,171,736
219,577
75,263
3,569
152,479
152,479
90,972
2,578
1,528
Total liabilities
26,133,794
25,635,877
Net assets Shareholders' equity
Share capital
Retained earnings Treasury stock
150,000
2,925,599
(53,643)
150,000
3,242,437
(112,962)
Total shareholders' equity
3,021,956
3,279,475
Accumulated other comprehensive income
Unrealized gains (losses) on available-for-sale securities Deferred gains (losses) on hedge transactions
Foreign currency translation adjustments Remeasurements of defined benefit plans
Unrealized gains (losses) on insurance liability of overseas subsidiaries
868,953
(9,826)
1,186,812
8,604
343
711,434
(9,884)
945,941
8,685
(1)
Total accumulated other comprehensive income
2,054,886
1,656,175
Non-controlling interests
26,702
(8,590)
Total net assets
5,103,545
4,927,060
Total liabilities and net assets
31,237,340
30,562,938
-
Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
(Consolidated Statement of Income)
(Yen in millions)
Three months ended June 30, 2024
(April 1, 2024 to
June 30, 2024)
Three months ended June 30, 2025
(April 1, 2025 to
June 30, 2025)
Ordinary income
1,924,073
2,268,529
Underwriting income
1,455,705
1,527,732
Net premiums written
1,298,430
1,346,049
Deposit premiums from policyholders
8,060
16,807
Investment income on deposit premiums
7,467
7,641
Life insurance premiums
78,139
81,661
Reversal of underwriting reserves
59,702
72,079
Investment income
423,225
653,717
Interest and dividends
246,429
250,899
Gains on money trusts
-
0
Gains on trading securities
36,256
2,534
Gains on sales of securities
96,992
379,538
Gains on redemption of securities
901
265
Investment gains on separate accounts
20,431
22,184
Transfer of investment income on deposit premiums
(7,467)
(7,641)
Other ordinary income
45,143
87,080
Amortization of negative goodwill
451
451
Equity in earnings of affiliates
1,438
2,989
Ordinary expenses
1,659,041
1,703,241
Underwriting expenses
1,194,747
1,227,882
Net claims paid
653,641
711,333
Loss adjustment expenses
47,551
47,966
Agency commissions and brokerage
253,208
261,506
Maturity refunds to policyholders
27,768
29,648
Dividends to policyholders
0
0
Life insurance claims
161,372
170,595
Provision for outstanding claims
50,129
5,595
Investment expenses
122,358
78,633
Losses on money trusts
0
-
Losses on sales of securities
37,561
58,383
Impairment losses on securities
1,629
282
Losses on redemption of securities
215
1,084
Losses on derivatives
69,771
9,439
Operating and general administrative expenses
333,940
388,394
Other ordinary expenses
7,995
8,331
Interest expenses
6,245
5,216
Increase in allowance for doubtful accounts
-
82
Losses on bad debts
39
69
Ordinary profit
265,032
565,287
(Yen in millions)
(Consolidated Statement of Comprehensive Income)Three months ended June 30, 2024
(April 1, 2024 to
June 30, 2024)
Three months ended June 30, 2025
(April 1, 2025 to
June 30, 2025)
Extraordinary gains
94
4,493
Gains on disposal of fixed assets
94
4,493
Extraordinary losses
3,842
4,259
Losses on disposal of fixed assets
1,218
1,124
Impairment losses on fixed assets
1,051
850
Provision for reserves under special laws
1,571
2,023
Provision for reserve for price fluctuation
1,571
2,023
Other extraordinary losses
-
261
Income before income taxes and non-controlling interests
261,284
565,522
Income taxes - current
69,934
140,345
Income taxes - deferred
(3,964)
(17,327)
Total income taxes
65,969
123,017
Net income
195,314
442,505
Net income (loss) attributable to non-controlling interests
(2,002)
(24,315)
Net income attributable to owners of the parent
197,316
466,820
(Yen in millions)
Three months ended June 30, 2024
(April 1, 2024 to
June 30, 2024)
Three months ended June 30, 2025
(April 1, 2025 to
June 30, 2025)
Net income
195,314
442,505
Other comprehensive income
Unrealized gains (losses) on available-for-sale securities
(226,188)
(156,213)
Deferred gains (losses) on hedge transactions
(928)
(57)
Foreign currency translation adjustments
237,660
(237,629)
Remeasurements of defined benefit plans
102
78
Unrealized gains (losses) on insurance liability of overseas subsidiaries
(35)
(346)
Share of other comprehensive income of affiliates accounted for by the equity method
4,422
(3,590)
Total other comprehensive income
15,032
(397,759)
Total comprehensive income
210,347
44,745
Comprehensive income attributable to:
Owners of the parent
213,548
68,109
Non-controlling interests
(3,200)
(23,363)
-
Notes to Consolidated Financial Statements
(Notes regarding going concern assumption)
Not applicable.
(Notes regarding significant changes in shareholders' equity)Not applicable.
(Notes to Segment Information)Ordinary income and profit (loss) by reportable segments
Three months ended June 2024 (April 1, 2024 to June 30, 2024)
(Yen in millions)
Reportable segments
Adjustments (Note 1)
Amounts shown on the quarterly consolidated financial
statements (Note 2)
Domestic non-life insurance business
Domestic life insurance business
International insurance business
Solution and other businesses
Total
Ordinary income
874,239
133,993
1,028,830
25,911
2,062,975
(138,901)
1,924,073
Segment profit (loss)
104,023
8,301
150,682
2,023
265,032
-
265,032
Note: 1. "Adjustments" for Ordinary income of (138,901) million yen includes eliminate intersegment transactions (12,405) million yen and the transfer of Provision for underwriting reserves of 124,478 million yen. The transfer is included in Ordinary expenses of International insurance business segment, while it is included in Reversal of underwriting reserves in the quarterly consolidated statement of income.
Segment profit (loss) corresponds to Ordinary profit in the quarterly consolidated statement of income.
Three months ended June 2025 (April 1, 2025 to June 30, 2025)
(Yen in millions)
Reportable segments
Adjustments (Note 1)
Amounts shown on the quarterly consolidated financial
statements (Note 2)
Domestic non-life insurance business
Domestic life insurance business
International insurance business
Solution and other businesses
Total
Ordinary income
1,164,020
169,691
1,025,774
68,319
2,427,806
(159,277)
2,268,529
Segment profit (loss)
428,284
35,471
97,186
4,318
565,259
27
565,287
Note: 1. "Adjustments" are as follows:
"Adjustments" for Ordinary income of (159,277) million yen includes eliminate intersegment transactions (11,486) million yen and the transfer of Provision for underwriting reserves of 115,190 million yen. The transfer is included in Ordinary expenses of Domestic non-life insurance business segment and International insurance business segment, while it is included in Reversal of underwriting reserves in the quarterly consolidated statement of income.
"Adjustments" for Segment profit (loss) of 27 million yen is mainly to eliminate intersegment transactions.
Segment profit (loss) corresponds to Ordinary profit in the quarterly consolidated statement of income.
Effective from the first quarter of the current fiscal year, the name of the reportable segment previously presented as "Financial and other businesses" has been changed to "Solution and other businesses." This change pertains solely to the segment name and does not affect the classification or figures of segment information. For consistency, the segment information for the corresponding period of the previous fiscal year has also been presented using the revised segment name.
The Company has not prepared quarterly consolidated statement of cash flows for the three months ended June 30, 2025.
Depreciation (including amortization related to intangible assets excluding goodwill), Amortization of goodwill and Amortization of negative goodwill for this first quarter are as follows.
(Yen in millions)
Three months ended June 30, 2024
(April 1, 2024 to
June 30, 2024)
Three months ended June 30, 2025
(April 1, 2025 to
June 30, 2025)
Depreciation
35,325
38,101
Amortization of goodwill
21,701
21,210
Amortization of negative goodwill
(451)
(451)
-
Consolidated Balance Sheet
- Others
-
Summary of Consolidated Business Results
(Yen in millions)
Three months ended June 30, 2024
(April 1, 2024 to
June 30, 2024)
Three months ended June 30, 2025
(April 1, 2025 to
June 30, 2025)
Increase (Decrease)
Rate of change
Ordinary income and expenses Underwriting income
Net premiums written
Deposit premiums from policyholders Life insurance premiums
Reversal of underwriting reserves
Underwriting expenses
Net claims paid
Loss adjustment expenses
Agency commissions and brokerage Maturity refunds to policyholders Life insurance claims
Provision for outstanding claims
Investment income
Interest and dividends Gains on trading securities Gains on sales of securities
Gains on redemption of securities Investment gains on separate accounts
Investment expenses
Losses on sales of securities Impairment losses on securities Losses on redemption of securities Losses on derivatives
Operating and general administrative expenses Other ordinary income and expenses
Equity in earnings (losses) of affiliates
1,455,705
1,298,430
8,060
78,139
59,702
1,194,747
653,641
47,551
253,208
27,768
161,372
50,129
423,225
246,429
36,256
96,992
901
20,431
122,358
37,561
1,629
215
69,771
333,940
37,148
1,438
1,527,732
1,346,049
16,807
81,661
72,079
1,227,882
711,333
47,966
261,506
29,648
170,595
5,595
653,717
250,899
2,534
379,538
265
22,184
78,633
58,383
282
1,084
9,439
388,394
78,748
2,989
72,026
47,618
8,746
3,521
12,377
33,134
57,692
414
8,297
1,879
9,223
(44,534)
230,492
4,469
(33,721)
282,546
(635)
1,753
(43,725)
20,822
(1,347)
869
(60,332)
54,454
41,600
1,550
% 4.9
3.7
108.5
4.5
20.7
2.8
8.8
0.9
3.3
6.8
5.7
(88.8)
54.5
1.8
(93.0)
291.3
(70.5)
8.6
(35.7)
55.4
(82.7)
403.7
(86.5)
16.3
112.0
107.8
Ordinary profit
265,032
565,287
300,255
113.3
Extraordinary gains and losses Extraordinary gains
Extraordinary losses
94
3,842
4,493
4,259
4,399
416
4,636.6
10.9
Extraordinary gains (losses)
(3,747)
234
3,982
-
Income before income taxes and non-controlling
interests
261,284
565,522
304,237
116.4
Income taxes - current
Income taxes - deferred
69,934
(3,964)
140,345
(17,327)
70,410
(13,363)
100.7
-
Total income taxes
65,969
123,017
57,047
86.5
Net income
195,314
442,505
247,190
126.6
Net income (loss) attributable to non-controlling
interests
(2,002)
(24,315)
(22,313)
-
Net income attributable to owners of the parent
197,316
466,820
269,503
136.6
-
Premiums written and claims paid by lines of business
Direct premiums written including deposit premiums from policyholders
(Yen in millions)
Three months ended June 30, 2024
(April 1, 2024 to June 30, 2024)
Three months ended June 30, 2025
(April 1, 2025 to June 30, 2025)
Amount
Composition ratio
Rate of change
Amount
Composition ratio
Rate of change
Fire and allied lines Hull and cargo Personal accident Voluntary automobile
Compulsory automobile liability
Others
330,504
65,443
88,208
457,099
50,435
482,957
% 22.4
4.4
6.0
31.0
3.4
32.8
% 22.6
12.7
(5.8)
6.2
(1.6)
12.9
342,775
66,314
98,862
475,276
51,059
476,880
% 22.7
4.4
6.5
31.5
3.4
31.6
% 3.7
1.3
12.1
4.0
1.2
(1.3)
Total
Deposit premiums from policyholders
1,474,647
8,060
100.0
0.5
10.8
(45.3)
1,511,169
16,807
100.0
1.1
2.5
108.5
(Note) Direct premiums written including deposit premiums from policyholders = Gross premiums written - Surrender benefits of direct policies - Other refunds of direct policies (including deposit premiums from policyholders)
Three months ended June 30, 2024
(April 1, 2024 to June 30, 2024)
Three months ended June 30, 2025
(April 1, 2025 to June 30, 2025)
Amount
Composition ratio
Rate of change
Amount
Composition ratio
Rate of change
%
%
%
%
Fire and allied lines
255,615
19.7
22.0
259,167
19.3
1.4
Hull and cargo
65,214
5.0
21.9
68,529
5.1
5.1
Personal accident
78,522
6.0
2.9
79,859
5.9
1.7
Voluntary automobile
453,251
34.9
5.6
470,464
35.0
3.8
Compulsory automobile liability
46,567
3.6
(14.1)
47,532
3.5
2.1
Others
399,258
30.7
12.0
420,496
31.2
5.3
Total
1,298,430
100.0
10.1
1,346,049
100.0
3.7
Net premiums written
Net claims paid
(Yen in millions)
(Yen in millions)
Three months ended June 30, 2024
(April 1, 2024 to June 30, 2024)
Three months ended June 30, 2025
(April 1, 2025 to June 30, 2025)
Amount
Composition ratio
Rate of change
Amount
Composition ratio
Rate of change
%
%
%
%
Fire and allied lines
110,449
16.9
4.1
148,319
20.9
34.3
Hull and cargo
21,072
3.2
1.3
27,315
3.8
29.6
Personal accident
32,139
4.9
8.3
33,082
4.7
2.9
Voluntary automobile
268,226
41.0
12.9
272,157
38.3
1.5
Compulsory automobile liability
39,660
6.1
2.4
38,878
5.5
(2.0)
Others
182,092
27.9
14.8
191,581
26.9
5.2
Total
653,641
100.0
10.5
711,333
100.0
8.8
-
Securities
As of March 31, 2025
As of June 30, 2025
Carrying amount shown on the consolidated balance sheet
Fair value
Unrealized gains (losses)
Carrying amount shown on the consolidated balance sheet
Fair value
Unrealized gains (losses)
Domestic debt securities
Foreign securities
2,950,758
49,606
2,364,075
45,765
(586,683)
(3,841)
2,932,994
48,773
2,292,157
45,260
(640,837)
(3,513)
Total
3,000,365
2,409,840
(590,524)
2,981,768
2,337,417
(644,350)
Bonds held to maturity
As of March 31, 2025
As of June 30, 2025
Carrying amount shown on the consolidated balance sheet
Fair value
Unrealized gains (losses)
Carrying amount shown on the consolidated balance sheet
Fair value
Unrealized gains (losses)
Domestic debt securities
2,030,618
1,313,278
(717,339)
2,019,115
1,290,711
(728,403)
Total
2,030,618
1,313,278
(717,339)
2,019,115
1,290,711
(728,403)
Bonds earmarked for underwriting reserves
Available-for-sale securities
(Yen in millions)
(Yen in millions)
(Yen in millions)
As of March 31, 2025
As of June 30, 2025
Cost
Fair value shown on the consolidated balance sheet
Unrealized gains (losses)
Cost
Fair value shown on the consolidated balance sheet
Unrealized gains (losses)
Domestic debt securities
2,922,561
2,900,962
(21,598)
2,439,765
2,376,182
(63,582)
Domestic equity securities
326,254
2,104,811
1,778,556
278,702
1,745,834
1,467,131
Foreign securities
6,802,327
6,710,657
(91,670)
6,631,852
6,609,483
(22,369)
Others
3,109,839
3,032,330
(77,508)
3,955,399
3,910,846
(44,553)
Total
13,160,983
14,748,762
1,587,778
13,305,719
14,642,346
1,336,627
(Note) 1. Available-for-sale securities without a market price, and investments in partnerships are not included in the table above.
"Others" includes items as follows:
-Negotiable certificates of deposit which are presented as Cash and bank deposits on the consolidated balance sheet As of March 31, 2025: cost 5,486 million yen, fair value 5,486 million yen
As of June 30, 2025: cost 2,504 million yen, fair value 2,504 million yen
-Foreign mortgage securities, etc. which are presented as Monetary receivables bought on the consolidated balance sheet As of March 31, 2025: cost 3,088,520 million yen, fair value 3,010,626 million yen, unrealized losses (77,893) million yen As of June 30, 2025: cost 3,936,651 million yen, fair value 3,891,673 million yen, unrealized losses (44,978) million yen
Impairment losses on Available-for-sale securities with fair value were recognized as follows:
Fiscal year 2024: 4,817 million yen (Domestic equity securities 158 million yen, Foreign securities 618 million yen, Others 4,040 million yen)
Three months ended June 30, 2025: 701 million yen (Domestic equity securities 35 million yen, Foreign securities 246 million yen, Others 419 million yen)
Impairment loss on a security with fair value is, in principle, recognized when the fair value is below its cost by 30% or more.
- Financial results of major consolidated subsidiaries
Balance sheet
(Yen in millions)
As of March 31, 2025 | As of June 30, 2025 | Increase (Decrease) | |||
Amount | Composition ratio | Amount | Composition ratio | ||
Assets | % | % | |||
Cash and bank deposits | 327,279 | 3.35 | 421,933 | 4.35 | 94,653 |
Receivables under resale agreements | 299,812 | 3.06 | - | - | (299,812) |
Monetary receivables bought | 115,659 | 1.18 | 554,757 | 5.72 | 439,098 |
Money trusts | 7 | 0.00 | 7 | 0.00 | 0 |
Securities | 7,461,229 | 76.27 | 7,085,777 | 73.07 | (375,452) |
Loans | 386,053 | 3.95 | 372,960 | 3.85 | (13,092) |
Tangible fixed assets | 209,158 | 2.14 | 226,988 | 2.34 | 17,830 |
Intangible fixed assets | 184,415 | 1.89 | 188,095 | 1.94 | 3,679 |
Other assets | 761,448 | 7.78 | 733,852 | 7.57 | (27,595) |
Prepaid pension costs | 5,760 | 0.06 | 6,227 | 0.06 | 467 |
Deferred tax assets | 33,607 | 0.34 | 109,429 | 1.13 | 75,822 |
Customers' liabilities under acceptances and guarantees | 1,528 | 0.02 | 1,528 | 0.02 | - |
Allowance for doubtful accounts | (3,697) | (0.04) | (3,697) | (0.04) | - |
Total assets | 9,782,260 | 100.00 | 9,697,860 | 100.00 | (84,400) |
Liabilities | |||||
Insurance liabilities | 5,396,396 | 55.17 | 5,394,189 | 55.62 | (2,206) |
Outstanding claims | 1,357,976 | 1,329,763 | (28,212) | ||
Underwriting reserves | 4,038,419 | 4,064,425 | 26,005 | ||
Corporate bonds | 200,000 | 2.04 | 200,000 | 2.06 | - |
Other liabilities | 632,323 | 6.46 | 498,267 | 5.14 | (134,056) |
Income taxes payable | 176,710 | 54,055 | (122,655) | ||
Lease obligations | 1,610 | 1,806 | 196 | ||
Asset retirement obligations | 3,334 | 3,326 | (7) | ||
Other liabilities | 450,667 | 439,078 | (11,589) | ||
Provision for retirement benefits | 202,131 | 2.07 | 200,778 | 2.07 | (1,353) |
Provision for employees' bonus | 20,581 | 0.21 | 10,516 | 0.11 | (10,065) |
Reserves under special laws | 120,462 | 1.23 | 122,036 | 1.26 | 1,574 |
Reserve for price fluctuation | 120,462 | 122,036 | 1,574 | ||
Acceptances and guarantees | 1,528 | 0.02 | 1,528 | 0.02 | - |
Total liabilities | 6,573,423 | 67.20 | 6,427,315 | 66.28 | (146,107) |
Net assets | |||||
Share capital | 101,994 | 1.04 | 101,994 | 1.05 | - |
Capital surplus | 135,434 | 1.38 | 135,434 | 1.40 | - |
Additional paid-in capital | 123,521 | 123,521 | - | ||
Other capital surplus | 11,913 | 11,913 | - | ||
Retained earnings | 1,711,544 | 17.50 | 1,988,387 | 20.50 | 276,843 |
Surplus reserve | 81,099 | 81,099 | - | ||
Other retained earnings | 1,630,444 | 1,907,288 | 276,843 | ||
Reserve for advanced depreciation of fixed assets | 21,237 | 21,237 | - | ||
Special reserves | 235,426 | 235,426 | - | ||
Retained earnings carried forward | 1,373,780 | 1,650,624 | 276,843 | ||
Total shareholders' equity | 1,948,973 | 19.92 | 2,225,816 | 22.95 | 276,843 |
Unrealized gains (losses) on available-for-sale securities | 1,298,987 | 13.28 | 1,079,964 | 11.14 | (219,022) |
Deferred gains (losses) on hedge transactions | (39,123) | (0.40) | (35,236) | (0.36) | 3,886 |
Total valuation and translation adjustments | 1,259,864 | 12.88 | 1,044,728 | 10.77 | (215,136) |
Total net assets | 3,208,837 | 32.80 | 3,270,544 | 33.72 | 61,707 |
Total liabilities and net assets | 9,782,260 | 100.00 | 9,697,860 | 100.00 | (84,400) |
Statement of income
(Yen in millions)
Three months ended June 30, 2024 ( April 1, 2024 to June 30, 2024 ) | Three months ended June 30, 2025 ( April 1, 2025 to June 30, 2025 ) | Increase (Decrease) | |
Ordinary income | 907,852 | 1,217,495 | 309,642 |
Underwriting income | 654,328 | 717,041 | 62,712 |
Net premiums written | 634,255 | 665,006 | 30,750 |
Deposit premiums from policyholders | 7,795 | 16,588 | 8,792 |
Investment income on deposit premiums | 7,075 | 7,231 | 155 |
Reversal of outstanding claims | - | 28,212 | 28,212 |
Reversal of underwriting reserves | 2,725 | - | (2,725) |
Investment income | 250,585 | 497,343 | 246,758 |
Interest and dividends | 141,515 | 157,484 | 15,968 |
Gains on money trusts | - | 0 | 0 |
Gains on sales of securities | 88,313 | 346,986 | 258,672 |
Transfer of investment income on deposit premiums | (7,075) | (7,231) | (155) |
Other ordinary income | 2,938 | 3,110 | 171 |
Ordinary expenses | 723,136 | 684,558 | (38,577) |
Underwriting expenses | 576,990 | 576,463 | (527) |
Net claims paid | 359,336 | 358,576 | (759) |
Loss adjustment expenses | 34,328 | 35,032 | 704 |
Agency commissions and brokerage | 124,637 | 126,464 | 1,826 |
Maturity refunds to policyholders | 27,121 | 29,017 | 1,896 |
Provision for outstanding claims | 31,343 | - | (31,343) |
Provision for underwriting reserves | - | 26,005 | 26,005 |
Investment expenses | 52,859 | 9,933 | (42,926) |
Losses on money trusts | 0 | - | (0) |
Losses on sales of securities | 2,256 | 427 | (1,828) |
Impairment losses on securities | 758 | - | (758) |
Operating and general administrative expenses | 92,443 | 97,362 | 4,918 |
Other ordinary expenses | 842 | 799 | (42) |
Interest expenses | 628 | 729 | 101 |
Ordinary profit (loss) | 184,716 | 532,936 | 348,219 |
Extraordinary gains | 36 | 26 | (10) |
Gains on disposal of fixed assets | 36 | 26 | (10) |
Extraordinary losses | 2,835 | 2,313 | (522) |
Losses on disposal of fixed assets | 1,105 | 738 | (366) |
Impairment losses on fixed assets | 188 | - | (188) |
Provision for reserves under special laws | 1,541 | 1,574 | 32 |
Provision for reserve for price fluctuation | 1,541 | 1,574 | 32 |
Income (loss) before income taxes | 181,917 | 530,649 | 348,732 |
Income taxes - current | 31,052 | 89,888 | 58,836 |
Income taxes - deferred | (13,318) | 10,064 | 23,383 |
Total income taxes | 17,733 | 99,952 | 82,219 |
Net income (loss) | 164,183 | 430,696 | 266,512 |
Underwriting profit (loss) | (826) | 58,062 | 58,888 |
% | % | % | |
Loss ratio (private sector, E/I basis) | 67.9 | 55.2 | (12.7) |
Expense ratio (private sector) | 31.7 | 31.0 | (0.7) |
Combined ratio (private sector) | 99.5 | 86.2 | (13.3) |
Underwriting
Three months ended June 30, 2024 ( April 1, 2024 to June 30, 2024 ) | Three months ended June 30, 2025 ( April 1, 2025 to June 30, 2025 ) | |||||
Amount | Composition ratio | Rate of change | Amount | Composition ratio | Rate of change | |
Fire and allied lines Hull and cargo Personal accident Voluntary automobile Compulsory automobile liability Others | 119,974 24,666 66,310 293,600 47,653 138,365 | % 17.4 3.6 9.6 42.5 6.9 20.0 | % 10.8 (1.4) 1.4 2.8 (1.5) 1.4 | 123,345 24,572 67,075 304,905 48,245 138,046 | % 17.5 3.5 9.5 43.2 6.8 19.5 | % 2.8 (0.4) 1.2 3.9 1.2 (0.2) |
Total Deposit premiums from policyholders | 690,571 7,795 | 100.0 - | 3.2 (46.1) | 706,191 16,588 | 100.0 - | 2.3 112.8 |
Direct premiums written excluding deposit premiums from policyholders
Three months ended June 30, 2024 ( April 1, 2024 to June 30, 2024 ) | Three months ended June 30, 2025 ( April 1, 2025 to June 30, 2025 ) | |||||
Amount | Composition ratio | Rate of change | Amount | Composition ratio | Rate of change | |
% | % | % | % | |||
Fire and allied lines | 103,923 | 16.4 | 9.0 | 112,595 | 16.9 | 8.3 |
Hull and cargo | 25,177 | 4.0 | 6.8 | 24,988 | 3.8 | (0.8) |
Personal accident | 65,177 | 10.3 | 1.9 | 65,956 | 9.9 | 1.2 |
Voluntary automobile | 292,143 | 46.1 | 2.4 | 303,802 | 45.7 | 4.0 |
Compulsory automobile liability | 44,138 | 7.0 | (14.0) | 45,129 | 6.8 | 2.2 |
Others | 103,695 | 16.3 | 0.4 | 112,532 | 16.9 | 8.5 |
Total | 634,255 | 100.0 | 1.8 | 665,006 | 100.0 | 4.8 |
Net premiums written
Three months ended June 30, 2024 ( April 1, 2024 to June 30, 2024 ) | Three months ended June 30, 2025 ( April 1, 2025 to June 30, 2025 ) | |||||
Amount | Rate of change | Loss ratio | Amount | Rate of change | Loss ratio | |
% | % | % | % | |||
Fire and allied lines | 54,673 | 10.1 | 55.4 | 50,983 | (6.8) | 47.8 |
Hull and cargo | 10,411 | (4.0) | 43.8 | 14,114 | 35.6 | 58.8 |
Personal accident | 26,418 | 9.6 | 45.3 | 26,577 | 0.6 | 45.2 |
Voluntary automobile | 174,965 | 9.0 | 66.7 | 177,591 | 1.5 | 65.3 |
Compulsory automobile liability | 37,554 | 2.6 | 95.0 | 36,904 | (1.7) | 91.2 |
Others | 55,312 | 13.3 | 56.5 | 52,405 | (5.3) | 49.6 |
Total | 359,336 | 8.7 | 62.1 | 358,576 | (0.2) | 59.2 |
Net claims paid
(Note) Loss ratio is calculated on W/P basis.
(Yen in millions)
(Yen in millions)
(Yen in millions)
Reference : Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated)Balance sheet
(Yen in millions)
As of March 31, 2025 | As of June 30, 2025 | Increase (Decrease) | |||
Amount | Composition ratio | Amount | Composition ratio | ||
Assets | % | % | |||
Cash and bank deposits | 48,742 | 14.02 | 39,387 | 11.49 | (9,355) |
Monetary receivables bought | 6,038 | 1.74 | 7,264 | 2.12 | 1,226 |
Securities | 198,955 | 57.23 | 196,307 | 57.28 | (2,647) |
Loans | 39 | 0.01 | 34 | 0.01 | (5) |
Tangible fixed assets | 24,015 | 6.91 | 23,834 | 6.95 | (180) |
Intangible fixed assets | 6,923 | 1.99 | 7,015 | 2.05 | 92 |
Other assets | 35,707 | 10.27 | 41,621 | 12.15 | 5,914 |
Prepaid pension costs | 2,631 | 0.76 | 2,678 | 0.78 | 46 |
Deferred tax assets | 24,809 | 7.14 | 24,732 | 7.22 | (76) |
Allowance for doubtful accounts | (191) | (0.06) | (179) | (0.05) | 12 |
Total assets | 347,671 | 100.00 | 342,697 | 100.00 | (4,974) |
Liabilities | |||||
Insurance liabilities | 281,150 | 80.87 | 281,666 | 82.19 | 515 |
Outstanding claims | 56,418 | 55,371 | (1,047) | ||
Underwriting reserves | 224,731 | 226,295 | 1,563 | ||
Other liabilities | 15,994 | 4.60 | 15,985 | 4.66 | (8) |
Income taxes payable | 479 | 873 | 394 | ||
Asset retirement obligations | 30 | 31 | 1 | ||
Other liabilities | 15,484 | 15,080 | (404) | ||
Provision for retirement benefits | 4,466 | 1.28 | 4,535 | 1.32 | 69 |
Provision for employees' bonus | 527 | 0.15 | - | - | (527) |
Reserves under special laws | 5,839 | 1.68 | 5,352 | 1.56 | (486) |
Reserve for price fluctuation | 5,839 | 5,352 | (486) | ||
Total liabilities | 307,978 | 88.58 | 307,540 | 89.74 | (438) |
Net assets | |||||
Share capital | 10,194 | 2.93 | 10,194 | 2.97 | - |
Capital surplus | 6,310 | 1.81 | 6,310 | 1.84 | - |
Additional paid-in capital | 6,310 | 6,310 | - | ||
Retained earnings | 22,549 | 6.49 | 18,079 | 5.28 | (4,469) |
Surplus reserve | 3,884 | 3,884 | - | ||
Other retained earnings | 18,664 | 14,194 | (4,469) | ||
Reserve for advanced depreciation of fixed assets | 1,567 | 1,567 | - | ||
Retained earnings carried forward | 17,097 | 12,627 | (4,469) | ||
Total shareholders' equity | 39,054 | 11.23 | 34,584 | 10.09 | (4,469) |
Unrealized gains (losses) on available-for-sale securities | 681 | 0.20 | 706 | 0.21 | 25 |
Deferred gains (losses) on hedge transactions | (42) | (0.01) | (134) | (0.04) | (91) |
Total valuation and translation adjustments | 639 | 0.18 | 572 | 0.17 | (66) |
Total net assets | 39,693 | 11.42 | 35,156 | 10.26 | (4,536) |
Total liabilities and net assets | 347,671 | 100.00 | 342,697 | 100.00 | (4,974) |
Statement of income
(Yen in millions)
Three months ended June 30, 2024 ( April 1, 2024 to June 30, 2024 ) | Three months ended June 30, 2025 ( April 1, 2025 to June 30, 2025 ) | Increase (Decrease) | |
Ordinary income | 40,888 | 43,511 | 2,622 |
Underwriting income | 40,336 | 42,017 | 1,680 |
Net premiums written | 38,602 | 40,346 | 1,743 |
Deposit premiums from policyholders | 264 | 219 | (45) |
Investment income on deposit premiums | 385 | 403 | 17 |
Reversal of outstanding claims | 1,083 | 1,047 | (35) |
Investment income | 502 | 1,434 | 931 |
Interest and dividends | 630 | 1,601 | 971 |
Gains on sales of securities | 246 | 235 | (10) |
Transfer of investment income on deposit premiums | (385) | (403) | (17) |
Other ordinary income | 48 | 59 | 10 |
Ordinary expenses | 40,043 | 42,712 | 2,668 |
Underwriting expenses | 32,044 | 34,995 | 2,950 |
Net claims paid | 20,640 | 22,044 | 1,403 |
Loss adjustment expenses | 2,911 | 2,861 | (49) |
Agency commissions and brokerage | 7,453 | 7,842 | 389 |
Maturity refunds to policyholders | 646 | 630 | (16) |
Provision for underwriting reserves | 341 | 1,563 | 1,221 |
Investment expenses | 1,214 | 901 | (313) |
Losses on sales of securities | 5 | 5 | (0) |
Impairment losses on securities | - | 14 | 14 |
Losses on derivatives | 1,207 | 867 | (340) |
Operating and general administrative expenses | 6,742 | 6,781 | 38 |
Other ordinary expenses | 41 | 34 | (6) |
Ordinary profit (loss) | 844 | 798 | (45) |
Extraordinary gains | 760 | 494 | (266) |
Gains on disposal of fixed assets | 7 | 7 | 0 |
Reversal of reserves under special laws | 753 | 486 | (266) |
Reversal of reserve for price fluctuation | 753 | 486 | (266) |
Extraordinary losses | 1,421 | 28 | (1,392) |
Losses on disposal of fixed assets | 0 | 1 | 0 |
Impairment losses on fixed assets | 1,420 | 27 | (1,393) |
Income (loss) before income taxes | 184 | 1,264 | 1,080 |
Income taxes - current | 146 | 229 | 82 |
Income taxes - deferred | 250 | 104 | (145) |
Total income taxes | 396 | 334 | (62) |
Net income (loss) | (212) | 930 | 1,143 |
Underwriting profit (loss) | 1,494 | 193 | (1,300) |
% | % | % | |
Loss ratio (private sector, E/I basis) | 59.3 | 60.0 | 0.7 |
Expense ratio (private sector) | 36.5 | 35.9 | (0.5) |
Combined ratio (private sector) | 95.8 | 95.9 | 0.1 |
Underwriting
Three months ended June 30, 2024 ( April 1, 2024 to June 30, 2024 ) | Three months ended June 30, 2025 ( April 1, 2025 to June 30, 2025 ) | |||||
Amount | Composition ratio | Rate of change | Amount | Composition ratio | Rate of change | |
Fire and allied lines Hull and cargo Personal accident Voluntary automobile Compulsory automobile liability Others | 10,557 -1,821 22,416 2,782 6,288 | % 24.1 - 4.2 51.1 6.3 14.3 | % 18.7 -(1.1) 1.2 (2.5) 9.5 | 10,527 -1,737 23,785 2,814 6,785 | % 23.1 - 3.8 52.1 6.2 14.9 | % (0.3) -(4.6) 6.1 1.1 7.9 |
Total Deposit premiums from policyholders | 43,866 264 | 100.0 - | 5.7 (6.7) | 45,649 219 | 100.0 - | 4.1 (17.3) |
Direct premiums written excluding deposit premiums from policyholders
Three months ended June 30, 2024 ( April 1, 2024 to June 30, 2024 ) | Three months ended June 30, 2025 ( April 1, 2025 to June 30, 2025 ) | |||||
Amount | Composition ratio | Rate of change | Amount | Composition ratio | Rate of change | |
% | % | % | % | |||
Fire and allied lines | 6,161 | 16.0 | 24.9 | 6,180 | 15.3 | 0.3 |
Hull and cargo | - | - | - | - | - | - |
Personal accident | 1,806 | 4.7 | (1.1) | 1,723 | 4.3 | (4.6) |
Voluntary automobile | 22,293 | 57.8 | 1.3 | 23,650 | 58.6 | 6.1 |
Compulsory automobile liability | 2,389 | 6.2 | (15.8) | 2,367 | 5.9 | (0.9) |
Others | 5,950 | 15.4 | 9.2 | 6,425 | 15.9 | 8.0 |
Total | 38,602 | 100.0 | 4.1 | 40,346 | 100.0 | 4.5 |
Net premiums written
Three months ended June 30, 2024 ( April 1, 2024 to June 30, 2024 ) | Three months ended June 30, 2025 ( April 1, 2025 to June 30, 2025 ) | |||||
Amount | Rate of change | Loss ratio | Amount | Rate of change | Loss ratio | |
% | % | % | % | |||
Fire and allied lines | 4,613 | 10.2 | 78.5 | 4,715 | 2.2 | 80.4 |
Hull and cargo | 0 | 67.8 | - | - | (100.0) | - |
Personal accident | 648 | 2.8 | 41.1 | 684 | 5.5 | 44.8 |
Voluntary automobile | 10,705 | 2.6 | 57.1 | 12,117 | 13.2 | 59.7 |
Compulsory automobile liability | 2,034 | (1.4) | 93.9 | 1,908 | (6.2) | 89.1 |
Others | 2,638 | 13.7 | 50.3 | 2,618 | (0.8) | 45.7 |
Total | 20,640 | 5.1 | 61.0 | 22,044 | 6.8 | 61.7 |
Net claims paid
(Note) Loss ratio is calculated on W/P basis.
(Yen in millions)
(Yen in millions)
(Yen in millions)
Reference : E.design Insurance Co., Ltd. (non-consolidated)Balance sheet
(Yen in millions)
As of March 31, 2025 | As of June 30, 2025 | Increase (Decrease) | |||
Amount | Composition ratio | Amount | Composition ratio | ||
Assets | % | % | |||
Cash and bank deposits | 30,833 | 71.10 | 29,543 | 67.66 | (1,290) |
Tangible fixed assets | 119 | 0.28 | 115 | 0.26 | (4) |
Intangible fixed assets | 4,362 | 10.06 | 4,414 | 10.11 | 51 |
Other assets | 8,059 | 18.59 | 7,853 | 17.99 | (205) |
Suspense payments | 4,648 | 4,922 | 274 | ||
Other assets | 3,411 | 2,931 | (479) | ||
Deferred tax assets | - | - | 1,801 | 4.13 | 1,801 |
Allowance for doubtful accounts | (10) | (0.02) | (67) | (0.15) | (57) |
Total assets | 43,364 | 100.00 | 43,660 | 100.00 | 296 |
Liabilities | |||||
Insurance liabilities | 29,730 | 68.56 | 29,189 | 66.85 | (541) |
Outstanding claims | 14,053 | 13,438 | (615) | ||
Underwriting reserves | 15,676 | 15,751 | 74 | ||
Other liabilities | 4,164 | 9.60 | 3,437 | 7.87 | (726) |
Income taxes payable | 12 | 3 | (9) | ||
Lease obligations | 1 | 2 | 0 | ||
Asset retirement obligations | 78 | 78 | 0 | ||
Other liabilities | 4,071 | 3,353 | (718) | ||
Provision for retirement benefits | 524 | 1.21 | 528 | 1.21 | 3 |
Provision for employees' bonus | 192 | 0.44 | 77 | 0.18 | (115) |
Deferred tax liabilities | 1 | 0.00 | - | - | (1) |
Total liabilities | 34,612 | 79.82 | 33,232 | 76.12 | (1,380) |
Net assets | |||||
Share capital | 35,303 | 81.41 | 35,303 | 80.86 | - |
Capital surplus | 35,303 | 81.41 | 35,303 | 80.86 | - |
Additional paid-in capital | 35,303 | 35,303 | - | ||
Retained earnings | (61,855) | (142.64) | (60,179) | (137.83) | 1,676 |
Other retained earnings | (61,855) | (60,179) | 1,676 | ||
Retained earnings carried forward | (61,855) | (60,179) | 1,676 | ||
Total shareholders' equity | 8,751 | 20.18 | 10,428 | 23.88 | 1,676 |
Total net assets | 8,751 | 20.18 | 10,428 | 23.88 | 1,676 |
Total liabilities and net assets | 43,364 | 100.00 | 43,660 | 100.00 | 296 |
Statement of income
(Yen in millions)
Three months ended June 30, 2024 ( April 1, 2024 to June 30, 2024 ) | Three months ended June 30, 2025 ( April 1, 2025 to June 30, 2025 ) | Increase (Decrease) | |
Ordinary income | 8,188 | 9,113 | 925 |
Underwriting income | 8,193 | 9,039 | 846 |
Net premiums written | 7,322 | 8,416 | 1,094 |
Investment income on deposit premiums | 6 | 7 | 0 |
Reversal of outstanding claims | 520 | 615 | 94 |
Reversal of underwriting reserves | 342 | - | (342) |
Investment income | (6) | 11 | 18 |
Interest and dividends | 0 | 19 | 18 |
Transfer of investment income on deposit premiums | (6) | (7) | (0) |
Other ordinary income | 1 | 62 | 61 |
Ordinary expenses | 8,589 | 9,230 | 640 |
Underwriting expenses | 5,770 | 6,549 | 778 |
Net claims paid | 4,712 | 5,351 | 638 |
Loss adjustment expenses | 936 | 973 | 36 |
Agency commissions and brokerage | 120 | 150 | 29 |
Provision for underwriting reserves | - | 74 | 74 |
Operating and general administrative expenses | 2,814 | 2,622 | (192) |
Other ordinary expenses | 3 | 57 | 53 |
Interest expenses | 0 | 0 | (0) |
Ordinary profit (loss) | (401) | (116) | 285 |
Extraordinary losses | 0 | 6 | 6 |
Losses on disposal of fixed assets | 0 | 6 | 6 |
Income (loss) before income taxes | (401) | (123) | 278 |
Income taxes - current | 3 | 3 | - |
Income taxes - deferred | - | (1,802) | (1,802) |
Total income taxes | 3 | (1,799) | (1,802) |
Net income (loss) | (404) | 1,676 | 2,081 |
Underwriting profit (loss) | (392) | (132) | 259 |
% | % | % | |
Loss ratio (private sector, E/I basis) | 72.6 | 74.1 | 1.5 |
Expense ratio (private sector) | 40.3 | 33.1 | (7.2) |
Combined ratio (private sector) | 112.9 | 107.2 | (5.8) |
Balance sheet
(Yen in millions)
As of March 31, 2025 | As of June 30, 2025 | Increase (Decrease) | |||
Amount | Composition ratio | Amount | Composition ratio | ||
Assets | % | % | |||
Cash and bank deposits | 233,608 | 2.98 | 108,942 | 1.42 | (124,665) |
Monetary receivables bought | 5,331 | 0.07 | 449,093 | 5.83 | 443,762 |
Securities | 7,264,554 | 92.68 | 6,767,618 | 87.93 | (496,936) |
Domestic government bonds | 5,838,082 | 5,319,457 | (518,624) | ||
Domestic municipal bonds | 5,609 | 5,609 | (0) | ||
Domestic corporate bonds | 526,098 | 524,479 | (1,618) | ||
Domestic equity securities | 130 | 126 | (3) | ||
Foreign securities | 556,332 | 546,885 | (9,447) | ||
Others | 338,300 | 371,059 | 32,758 | ||
Loans | 99,123 | 1.26 | 98,915 | 1.29 | (207) |
Policy loans | 99,123 | 98,915 | (207) | ||
Tangible fixed assets | 1,333 | 0.02 | 1,420 | 0.02 | 86 |
Intangible fixed assets | 25,285 | 0.32 | 26,446 | 0.34 | 1,160 |
Agency accounts receivable | 212 | 0.00 | 210 | 0.00 | (2) |
Reinsurance accounts receivable | 41,321 | 0.53 | 55,229 | 0.72 | 13,907 |
Other assets | 118,774 | 1.52 | 119,455 | 1.55 | 681 |
Deferred tax assets | 50,045 | 0.64 | 70,716 | 0.92 | 20,671 |
Allowance for doubtful accounts | (1,202) | (0.02) | (1,337) | (0.02) | (135) |
Total assets | 7,838,388 | 100.00 | 7,696,711 | 100.00 | (141,676) |
Liabilities | |||||
Insurance liabilities | 7,604,382 | 97.01 | 7,418,373 | 96.38 | (186,008) |
Outstanding claims | 104,135 | 106,331 | 2,196 | ||
Underwriting reserves | 7,492,653 | 7,270,078 | (222,574) | ||
Reserve for dividends to policyholders | 7,594 | 41,963 | 34,369 | ||
Agency accounts payable | 5,375 | 0.07 | 4,158 | 0.05 | (1,217) |
Reinsurance accounts payable | 2,460 | 0.03 | 7,644 | 0.10 | 5,184 |
Other liabilities | 40,008 | 0.51 | 81,477 | 1.06 | 41,469 |
Income taxes payable | 38 | 19,136 | 19,098 | ||
Lease obligations | 0 | 0 | (0) | ||
Other liabilities | 39,968 | 62,340 | 22,371 | ||
Provision for retirement benefits | 9,451 | 0.12 | 9,555 | 0.12 | 103 |
Reserves under special laws | 24,153 | 0.31 | 25,089 | 0.33 | 936 |
Reserve for price fluctuation | 24,153 | 25,089 | 936 | ||
Total liabilities | 7,685,831 | 98.05 | 7,546,299 | 98.05 | (139,532) |
Net assets | |||||
Share capital | 55,000 | 0.70 | 55,000 | 0.71 | - |
Capital surplus | 41,860 | 0.53 | 41,860 | 0.54 | - |
Additional paid-in capital | 41,860 | 41,860 | - | ||
Retained earnings | 91,906 | 1.17 | 114,782 | 1.49 | 22,875 |
Surplus reserve | 13,140 | 13,140 | - | ||
Other retained earnings | 78,766 | 101,642 | 22,875 | ||
Retained earnings carried forward | 78,766 | 101,642 | 22,875 | ||
Total shareholders' equity | 188,766 | 2.41 | 211,642 | 2.75 | 22,875 |
Unrealized gains (losses) on available-for-sale securities | (3,354) | (0.04) | (32,168) | (0.42) | (28,814) |
Deferred gains (losses) on hedge transactions | (32,856) | (0.42) | (29,062) | (0.38) | 3,794 |
Total valuation and translation adjustments | (36,210) | (0.46) | (61,230) | (0.80) | (25,020) |
Total net assets | 152,556 | 1.95 | 150,412 | 1.95 | (2,144) |
Total liabilities and net assets | 7,838,388 | 100.00 | 7,696,711 | 100.00 | (141,676) |
Statement of income
(Yen in millions)
Three months ended June 30, 2024 ( April 1, 2024 to June 30, 2024 ) | Three months ended June 30, 2025 ( April 1, 2025 to June 30, 2025 ) | Increase (Decrease) | |
Ordinary income | 421,016 | 495,313 | 74,297 |
Insurance premiums and other | 185,754 | 185,946 | 191 |
Insurance premiums | 180,751 | 172,490 | (8,261) |
Investment income | 51,762 | 85,142 | 33,380 |
Interest and dividends | 21,792 | 20,745 | (1,046) |
Gains on sales of securities | 7,024 | 40,753 | 33,728 |
Foreign exchange gains | 2,502 | 1,447 | (1,054) |
Investment gains on separate accounts | 20,431 | 22,184 | 1,753 |
Other ordinary income | 183,498 | 224,224 | 40,725 |
Reversal of underwriting reserves | 181,806 | 222,574 | 40,767 |
Ordinary expenses | 415,190 | 426,309 | 11,119 |
Insurance claims and other | 330,437 | 333,575 | 3,137 |
Insurance claims | 15,833 | 16,427 | 594 |
Annuity payments | 10,326 | 10,713 | 387 |
Benefits | 15,652 | 16,853 | 1,200 |
Surrender benefits | 90,008 | 93,634 | 3,625 |
Other refunds | 2,131 | 1,975 | (155) |
Reinsurance premiums | 196,485 | 193,971 | (2,514) |
Provision for underwriting reserves and other | 5,243 | 2,197 | (3,046) |
Provision for outstanding claims | 5,243 | 2,196 | (3,046) |
Interest on reserve for dividends to policyholders | 0 | 0 | (0) |
Investment expenses | 46,036 | 57,184 | 11,147 |
Interest expenses | 115 | 13 | (102) |
Losses on sales of securities | 33,050 | 56,435 | 23,384 |
Losses on derivatives | 12,731 | 601 | (12,130) |
Operating expenses | 29,441 | 27,487 | (1,953) |
Other ordinary expenses | 4,031 | 5,864 | 1,833 |
Ordinary profit (loss) | 5,825 | 69,003 | 63,177 |
Extraordinary losses | 789 | 937 | 147 |
Provision for reserve for dividends to policyholders | 398 | 35,304 | 34,905 |
Income (loss) before income taxes | 4,637 | 32,761 | 28,124 |
Income taxes - current | 1,058 | 19,750 | 18,691 |
Income taxes - deferred | 242 | (9,864) | (10,107) |
Total income taxes | 1,301 | 9,885 | 8,584 |
Net income (loss) | 3,335 | 22,875 | 19,540 |
Underwriting profit (loss)
Underwriting profit (loss) = Underwriting income - (Underwriting expenses + Operating and general administrative expenses on underwriting) ± other miscellaneous income and expenses (*)
* Mainly consist of income taxes related to compulsory automobile liability insurance.
Loss ratio (private sector (*1), E/I basis)
Loss ratio (private sector, E/I basis) = (Net claims paid + Outstanding claims as of the end of current period -Outstanding claims as of the end of previous fiscal year + Loss adjustment expenses) / Earned premiums (*2)
*1 Excluding earthquake insurance under the Law concerning Earthquake Insurance and compulsory automobile liability insurance.
*2 Earned premiums = Net premiums written - Unearned premiums as of the end of current period (*3) + Unearned premiums as of the end of previous fiscal year (*3)
*3 Unearned premiums are premiums corresponding to the remaining duration of insurance policies at the end of the period.
Expense ratio (private sector)
Expense ratio (private sector) = (Agency commissions and brokerage + Operating and general administrative expenses on underwriting) / Net premiums written
Combined ratio (private sector)
Combined ratio (private sector) = Loss ratio (private sector, E/I basis) + Expense ratio (private sector)
Loss ratio (W/P basis)
Loss ratio (W/P basis) = (Net claims paid + Loss adjustment expenses) / Net premiums written