# JAPAN POST INSURANCE Co. ,  Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/04/01－2026/03/31) (S100YD29)
> Page: https://vizora.meequs.com/en/company/japan-post-insurance
> Retrieved: 2026-09-30T22:22:04.886Z

## Company

Japan Post Insurance, founded in 2006, is a company in Life Insurance listed on TSE Prime. It has 18,487 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JAPAN POST INSURANCE Co., Ltd. |
| Ticker | 7181 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7181.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町二丁目3番1号 |
| Representative (per filing) | 取締役兼代表執行役社長 谷垣 邦夫 |
| Founded | Sep 2006 |
| Employees (consolidated) | 18,487 |
| Fiscal year end | March |
| Website | www.jp-life.japanpost.jp (https://www.jp-life.japanpost.jp/) |
| Corporate number | 6010001112696 |
| EDINET | E31755 |
| Industries (Vizora) | Life Insurance |

> Profile source: annual securities report (S100YD29, filed 2026-06-18). As of filing

## Key points (generated from figures)

- Japan Post Insurance brought in ¥5.63T in ordinary revenue.
- Out of every ¥100 of ordinary revenue, about ¥5 is left as ordinary profit.
- Ordinary revenue changed -8.8% from the prior year, ordinary profit +59.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥5.63T |  |
| Ordinary income | ¥271.9B | Margin 4.8% |
| Net income | ¥168.8B | Margin 3.0% |
| Employees (consolidated) | 18,487 |  |
| EPS | ¥153.81 |  |
| Book value per share | ¥3823.75 |  |
| Equity ratio | 7.1% |  |
| Shares outstanding | 371,822,000 |  |
| Treasury shares | 10,228,000 |  |
| Shareholders | 121,682 |  |

## Notable figures

- FY2026, buybacks were 1.9× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6786226000000 | ¥5625758000000 | -17.1% |
| Employees | 8,252 people | 18,487 people | +124.0% |
| Cash and equivalents | ¥1335014000000 | ¥1752984000000 | +31.3% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 5,625,758 | 100.0% | S100YD29 |
| Ordinary expenses | 5,353,811 | 95.2% | S100YD29 |
| Ordinary income | 271,946 | 4.8% | S100YD29 |
| Extraordinary income | 110,707 | 2.0% | S100YD29 |
| Extraordinary loss | 2,880 | 0.1% | S100YD29 |
| Pretax income | 236,194 | 4.2% | S100YD29 |
| Income tax | 67,396 | 1.2% | S100YD29 |
| Net income | 168,798 | 3.0% | S100YD29 |
| Net income attributable to owners | 168,798 | 3.0% | S100YD29 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 95 |
| Ordinary income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Ordinary margin 4.8% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -8.8%; Core profit growth: +59.7%
Operating leverage (core profit growth ÷ revenue growth): -6.82×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,165,335 | 5,625,758 | -539,577 | -8.8% |
| Net income attributable to owners | 123,472 | 168,798 | 45,326 | +36.7% |
| Operating cash flow | -1,627,842 | -1,884,930 | -257,088 | — |
| Free cash flow | -1,685,589 | -1,928,702 | -243,113 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,211,405 | — | — | 150,687 | -2,590,214 | -2,636,872 | S100LKJ8 |
| FY ending Mar 2021 | 6,786,226 | — | — | 166,103 | -2,806,302 | -2,838,627 | S100OA1O |
| FY ending Mar 2022 | 6,454,208 | — | — | 158,062 | -2,755,684 | -2,785,340 | S100QYAP |
| FY ending Mar 2023 | 6,379,561 | — | — | 97,614 | -2,978,098 | -3,010,339 | S100TOB2 |
| FY ending Mar 2024 | 6,744,134 | — | — | 87,056 | -3,063,168 | -3,149,697 | S100WF2P |
| FY ending Mar 2025 | 6,165,335 | — | — | 123,472 | -1,627,842 | -1,685,589 | S100YD29 |
| FY ending Mar 2026 | 5,625,758 | — | — | 168,798 | -1,884,930 | -1,928,702 | S100YD29 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥304.3M |
| Net income per employee (consolidated) | ¥9.1M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 8,144 | 19,776 | 19,092 | 18,656 | 18,487 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) -8.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,884,930 | -33.5% | S100YD29 |
| Capital expenditure | 43,772 | 0.8% | S100YD29 |
| Free cash flow | -1,928,702 | -34.3% | 算出 |
| Investing cash flow | 1,786,069 | 31.7% | S100YD29 |
| Financing cash flow | -124,238 | -2.2% | S100YD29 |
| Dividends paid | 42,963 | 0.8% | S100YD29 |
| Share buyback | 79,999 | 1.4% | S100YD29 |
| Change in cash | -223,099 | -4.0% | S100YD29 |
| Cash and equivalents | 1,752,984 | 31.2% | S100YD29 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本郵政株式会社 | Major shareholder | 49.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.9% | 2026-03-31 |
| NOMURA CUSTODY NOMINEES LIMITED OMNIBUS-FULLY PAID (CASHPB）(常任代理人 野村證券株式会社) | Major shareholder | 1.4% | 2026-03-31 |
| かんぽ生命保険社員持株会 | Major shareholder | 0.9% | 2026-03-31 |
| THE BANK OF NEW YORK, TREATY JASDEC ACCOUNT(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.6% | 2026-03-31 |
| BNYM AS AGT/CLTS 10 PERCENT(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.6% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥5.63T, down -8.8% from ¥6.17T a year earlier.
- Profit moved the other way: net income attributable to owners rose +36.7%, from ¥123.5B to ¥168.8B.
- Operating cash flow was -¥1.88T, a larger outflow than the -¥1.63T of the prior year.

### Drivers

- Sales of single-premium whole life policies dropped, which pulled premium income and revenue down.
- Fewer new policies also meant a lighter first-year reserve charge, a cost insurers book when they sign new contracts, which lifted profit.
- Higher interest rates and gains from domestic stocks and alternative assets widened the spread between investment returns and the rates promised to policyholders.

### Risks

- The number of policies in force keeps shrinking; if sales efforts fail to turn this around, results could suffer.
- If interest rates rise faster than expected, more customers may cancel and move to higher-yielding products.
- The company lists cyber attacks among its most important risks.

Cited: Annual Securities Report (20th fiscal period) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (20th fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YD29 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD29,, |
| 訂正有価証券報告書－第19期(2024/04/01－2025/03/31) | S100WF2P | 2025-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WF2P,, |
| 有価証券報告書－第18期(2023/04/01－2024/03/31) | S100TOB2 | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOB2,, |
| 有価証券報告書－第17期(2022/04/01－2023/03/31) | S100QYAP | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYAP,, |
| 有価証券報告書－第16期(令和3年4月1日－令和4年3月31日) | S100OA1O | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA1O,, |
| 有価証券報告書－第15期(令和2年4月1日－令和3年3月31日) | S100LKJ8 | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKJ8,, |

## 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).