# Agent IG Holdings Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第1期(2025/07/01－2025/12/31) (S100XU0T)
> Page: https://vizora.meequs.com/en/company/agent-ig-holdings
> Retrieved: 2026-09-30T19:51:34.107Z

## Company

Agent IG Holdings, founded in 2025, is a company in Non-life Insurance listed on Nagoya. It has 296 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Agent IG Holdings, Inc. |
| Ticker | 377A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/377A.T) |
| Listing | Nagoya |
| Head office | 東京都新宿区市谷本村町3番29号 |
| Representative (per filing) | 代表取締役社長 一戸 敏 |
| Founded | Feb 2025 |
| Share capital | ¥397.8M |
| Employees (consolidated) | 296 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | December |
| Website | a-gent.co.jp (https://a-gent.co.jp/) |
| Corporate number | 3011101112366 |
| EDINET | E40512 |
| Industries (Vizora) | Non-life Insurance |

> Profile source: annual securities report (S100XU0T, filed 2026-03-25). As of filing

## Key points (generated from figures)

- About 97% of Agent IG Holdings's sales come from Domestic business, with Global business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.

## Company structure

- Segment revenue mix: Domestic business 97.5%、Global business 2.5%
- Revenue → net income: ¥13066374000 → ¥9754000
- Net income → operating cash flow: ¥9754000 → ¥258553000（difference ¥248799000）
- Main uses of operating cash flow: CapEx ¥134338000 / dividends — / buybacks —
- Change in cash: ¥729936000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥13.1B |  |
| Operating income | ¥145.2M | Margin 1.1% |
| Net income | ¥9.8M | Margin 0.1% |
| Free cash flow | ¥124.2M |  |
| Largest business | Domestic business | of segment revenue 97.5% |
| Employees (consolidated) | 296 |  |
| EPS | ¥4.12 |  |
| Book value per share | ¥561.24 |  |
| Equity ratio | 31.6% |  |
| Shares outstanding | 2,879,848 |  |
| Shareholders | 485 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 43.7% | Cash ÷ revenue 21.0% |
| Vs. industry median margin | -8.2 pp | Non-life Insurance |
| ROE | 0.5% | Derived from disclosed figures |
| ROA | 0.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 26.5× net income
- FY2025, cash is 44% of total assets

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,066 | 100.0% | S100XU0T |
| Operating income | 145 | 1.1% | S100XU0T |
| Ordinary income | 142 | 1.1% | S100XU0T |
| Pretax income | 138 | 1.1% | S100XU0T |
| Income tax | 128 | 1.0% | S100XU0T |
| Net income | 10 | 0.1% | S100XU0T |
| Net income attributable to owners | 10 | 0.1% | S100XU0T |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Operating expenses | 99 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Operating margin 1.1% → Net margin 0.1%
Derived from reported figures (DERIVED).

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.1M |
| Operating income per employee (consolidated) | ¥490.7K |
| Net income per employee (consolidated) | ¥33K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2025 |
| --- | ---: |
| Employees (consolidated) | 296 |
| Average salary (parent company) | ¥6.6M |
| Average age (parent company) | 51.2 years |
| Average tenure (parent company) | 1.5 years |

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic business | 12,736 | 97.5% | 131 | 1.0% |
| Global business | 331 | 2.5% | 10 | 3.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Domestic business | 97.5% |
| Global business | 2.5% |

Segment → industry: Global business → Non-life Insurance / Domestic business → Non-life Insurance

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 259 | 2.0% | S100XU0T |
| Capital expenditure | 134 | 1.0% | S100XU0T |
| Free cash flow | 124 | 1.0% | 算出 |
| Investing cash flow | -257 | -2.0% | S100XU0T |
| Financing cash flow | 730 | 5.6% | S100XU0T |
| Change in cash | 730 | 5.6% | S100XU0T |
| Cash and equivalents | 2,746 | 21.0% | S100XU0T |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2025 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 2,746 | S100XU0T |
| Total assets | 6,290 | S100XU0T |
| Net assets | 2,048 | S100XU0T |
| Share capital | 398 | S100XU0T |
| Property, plant and equipment | 118 | S100XU0T |
| Intangible assets excluding goodwill | 1,287 | S100XU0T |
| Goodwill | 883 | S100XU0T |
| Investment securities | 0 | S100XU0T |
| Current assets | 4,448 | S100XU0T |
| Current liabilities | 3,267 | S100XU0T |
| Long-term borrowings | 973 | S100XU0T |
| Total liabilities | 4,241 | S100XU0T |
| Equity attributable to owners of parent | 1,944 | S100XU0T |
| Retained earnings | 289 | S100XU0T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100XU0T |
| Property, plant and equipment | 2% | S100XU0T |
| Intangibles and goodwill | 34% | S100XU0T |
| Investment securities | 0% | S100XU0T |
| Other assets | 20% | S100XU0T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100XU0T |
| Equity | 33% | S100XU0T |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 0.9% | S100XU0T |
| Fixed assets ÷ total assets | 1.9% | S100XU0T |
| Goodwill ÷ parent equity | 45.4% | S100XU0T |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 43.7% |
| Cash ÷ revenue | 21.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 178.0% |
| Cash vs. profit gap | 249 JPY mn (of net income 2550.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 99.3% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 0.1% | 2.08× | 0.2% | 3.24× | 0.5% | S100XU0T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松井証券株式会社 | Major shareholder | 27.4% | 2025-12-31 |
| 住友生命保険相互会社 | Major shareholder | 20.9% | 2025-12-31 |
| 株式会社ザ・ファーストドア | Major shareholder | 19.5% | 2025-12-31 |
| 伊藤 真吾 | Major shareholder | 4.2% | 2025-12-31 |
| 宮脇 邦人 | Major shareholder | 3.0% | 2025-12-31 |
| 川野 潤子 | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社ＭＦＴｒｕｓｔＬｅａｄ | Major shareholder | 2.0% | 2025-12-31 |
| 一戸 敏 | Major shareholder | 1.8% | 2025-12-31 |
| 髙橋 真喜子 | Major shareholder | 1.2% | 2025-12-31 |
| 篠原 裕幸 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第1期(2025/07/01－2025/12/31) | S100XU0T | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU0T,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).