# MS&AD Insurance Group Holdings, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2025/04/01－2026/03/31) (S100YNCJ)
> Page: https://vizora.meequs.com/en/company/ms-and-ad-insurance-group-holdings
> Retrieved: 2026-09-30T17:55:16.467Z

## Company

MS&AD Insurance Group Holdings, founded in 2007, is a company in Non-life Insurance listed on TSE Prime. It has 46,856 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MS&AD Insurance Group Holdings, Inc. |
| Ticker | 8725 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8725.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区新川二丁目27番2号 |
| Representative (per filing) | 取締役社長 CEO 舩曵 真一郎 |
| Founded | Aug 2007 |
| Share capital | ¥101.4B |
| Employees (consolidated) | 46,856 |
| Average salary (parent only) | ¥12.4M |
| Fiscal year end | March |
| Website | www.ms-ad-hd.com (https://www.ms-ad-hd.com/) |
| Corporate number | 4010001116542 |
| EDINET | E03854 |
| Industries (Vizora) | Non-life Insurance |

> Profile source: annual securities report (S100YNCJ, filed 2026-06-30). As of filing

## Key points (generated from figures)

- About 40% of MS&AD Insurance Group Holdings's sales come from Overseas subsidiaries and affiliates, with Mitsui Sumitomo Insurance Co., Ltd. and Aioi Nissay Dowa Insurance Co., Ltd. making up much of the rest.
- Revenue changed +8.2% from the prior year.

## Company structure

- Segment revenue mix: Overseas subsidiaries and affiliates 40.0%、Mitsui Sumitomo Insurance Co., Ltd. 30.7%、Aioi Nissay Dowa Insurance Co., Ltd. 22.5%、Mitsui Sumitomo Aioi Life Insurance Co., Ltd. 4.2%、Mitsui Sumitomo Primary Life Insurance Co., Ltd. 1.7%
- Revenue → net income: ¥6436026000000 → ¥516131000000
- Net income → operating cash flow: ¥516131000000 → ¥954001000000（difference ¥437870000000）
- Main uses of operating cash flow: CapEx ¥93135000000 / dividends ¥224862000000 / buybacks ¥221499000000
- Change in cash: ¥179439000000
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 | ¥6.44T |  |
| Operating income | — | Margin — |
| Net income | ¥510.6B | Margin 7.9% |
| Free cash flow | ¥860.9B |  |
| Largest business | Overseas subsidiaries and affiliates | of segment revenue 40.0% |
| Employees (consolidated) | 46,856 |  |
| EPS | ¥342.98 |  |
| Diluted EPS | ¥342.94 |  |
| Book value per share | ¥967.14 |  |
| Equity ratio | 21.7% | Derived from disclosed figures |
| Shares outstanding | 1,492,551,000 |  |
| Treasury shares | 38,131,100 |  |
| Shareholders | 187,499 |  |
| Average salary (parent only) | ¥12.4M | Filing company only |
| Cash ratio | 8.5% | Cash ÷ revenue 39.1% |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## What changed in 5 years

Accounting standard changed in FY2024; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3298674000000 | ¥6436026000000 | — |
| Employees | 41,501 people | 46,856 people | — |
| Cash and equivalents | ¥1994434000000 | ¥2513765000000 | — |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 三井住友海上 → 事業再編・廃止 | 31.4% |
| あいおいニッセイ同和損保 → 事業再編・廃止 | 25.7% |
| 三井ダイレクト損保 → 事業再編・廃止 | 0.8% |
| 三井住友海上あいおい生命 → 事業再編・廃止 | 10.5% |
| 三井住友海上プライマリー生命 → 事業再編・廃止 | 16.4% |
| 海外保険子会社 → 事業再編・廃止 | 14.8% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 三井住友海上 | 30.7% |
| 新設・再編 → あいおいニッセイ同和損保 | 22.5% |
| 新設・再編 → 三井ダイレクト損保 | 0.7% |
| 新設・再編 → 三井住友海上あいおい生命 | 4.2% |
| 新設・再編 → 三井住友海上プライマリー生命 | 1.7% |
| 新設・再編 → 海外子会社・関連会社 | 40.0% |

Segment revenue source references: 14 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Overseas subsidiaries and affiliates | — | — | ¥2462744000000 | — | 2 |
| Mitsui Sumitomo Insurance Co., Ltd. | — | — | ¥1888116000000 | — | 2 |
| Aioi Nissay Dowa Insurance Co., Ltd. | — | — | ¥1383727000000 | — | 2 |
| Mitsui Sumitomo Aioi Life Insurance Co., Ltd. | — | — | ¥256278000000 | — | 2 |
| Mitsui Sumitomo Primary Life Insurance Co., Ltd. | — | — | ¥106741000000 | — | 2 |
| Mitsui Direct General Insurance Co., Ltd. | — | — | ¥40265000000 | — | 2 |
| Other | — | — | ¥19156000000 | — | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,436,026 | 100.0% | S100YNCJ |
| Pretax income | 703,521 | 10.9% | S100YNCJ |
| Income tax | 187,389 | 2.9% | S100YNCJ |
| Net income | 516,131 | 8.0% | S100YNCJ |
| Net income attributable to owners | 510,612 | 7.9% | S100YNCJ |

Operating income is not available as a machine-readable numeric value for this company. See the income statement table in its filing.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,949,509 | 6,436,026 | 486,517 | +8.2% |
| Net income attributable to owners | 300,191 | 510,612 | 210,421 | +70.1% |
| Operating cash flow | 707,427 | 954,001 | 246,574 | +34.9% |
| Free cash flow | 617,817 | 860,866 | 243,049 | +39.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 5,335,239 | — | — | 210,447 | 1,086,948 | — | S100LLG2 |
| FY ending Mar 2018 | 5,217,835 | — | — | 154,057 | 822,640 | — | S100OD53 |
| FY ending Mar 2019 | 5,500,438 | — | — | 192,705 | 776,724 | — | S100R36C |
| FY ending Mar 2020 | 4,517,453 | — | — | 143,030 | 667,896 | 557,356 | S100LLG2 |
| FY ending Mar 2021 | 3,298,674 | — | — | 144,398 | -323,912 | -415,015 | S100OD53 |
| FY ending Mar 2022 | 4,129,089 | — | — | 262,799 | 236,708 | 155,558 | S100R36C |
| FY ending Mar 2023 | 4,391,666 | — | — | 211,006 | 194,153 | 112,521 | S100TPAM |
| FY ending Mar 2024 | 4,996,986 | — | — | 369,266 | 549,466 | 464,526 | S100W0ZR |
| FY ending Mar 2025 | 5,949,509 | — | — | 300,191 | 707,427 | 617,817 | S100YNCJ |
| FY ending Mar 2026 | 6,436,026 | — | — | 510,612 | 954,001 | 860,866 | S100YNCJ |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥137.4M |
| Net income per employee (consolidated) | ¥10.9M |

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) | 39,962 | 38,584 | 46,585 | 46,513 | 46,856 |
| Average salary (parent company) | ¥11M | ¥11M | ¥11M | ¥11.4M | ¥12.4M |
| Average age (parent company) | 48.6 years | 48.5 years | 48.3 years | 47.9 years | 47.2 years |
| Average tenure (parent company) | 23.7 years | 23.6 years | 23.2 years | 22.9 years | 21.7 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) +8.2%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mitsui Sumitomo Insurance Co., Ltd. | 1,888,116 | 30.7% | — | — |
| Aioi Nissay Dowa Insurance Co., Ltd. | 1,383,727 | 22.5% | — | — |
| Mitsui Direct General Insurance Co., Ltd. | 40,265 | 0.7% | — | — |
| Mitsui Sumitomo Aioi Life Insurance Co., Ltd. | 256,278 | 4.2% | — | — |
| Mitsui Sumitomo Primary Life Insurance Co., Ltd. | 106,741 | 1.7% | — | — |
| Overseas subsidiaries and affiliates | 2,462,744 | 40.0% | — | — |
| Other | 19,156 | 0.3% | — | — |

### 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 |
| --- | ---: |
| Mitsui Sumitomo Insurance Co., Ltd. | 30.7% |
| Aioi Nissay Dowa Insurance Co., Ltd. | 22.5% |
| Mitsui Direct General Insurance Co., Ltd. | 0.7% |
| Mitsui Sumitomo Aioi Life Insurance Co., Ltd. | 4.2% |
| Mitsui Sumitomo Primary Life Insurance Co., Ltd. | 1.7% |
| Overseas subsidiaries and affiliates | 40.0% |
| Other | 0.3% |

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 954,001 | 14.8% | S100YNCJ |
| Capital expenditure | 93,135 | 1.4% | S100YNCJ |
| Free cash flow | 860,866 | 13.4% | 算出 |
| Investing cash flow | -719,514 | -11.2% | S100YNCJ |
| Financing cash flow | -138,762 | -2.2% | S100YNCJ |
| Dividends paid | 224,862 | 3.5% | S100YNCJ |
| Share buyback | 221,499 | 3.4% | S100YNCJ |
| Change in cash | 179,439 | 2.8% | S100YNCJ |
| Cash and equivalents | 2,513,765 | 39.1% | S100YNCJ |

## 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 Mar 2026 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 2,513,765 | S100YNCJ |
| Total assets | 29,592,153 | S100YNCJ |
| Net assets | 6,481,239 | S100YNCJ |
| Share capital | 101,367 | S100YNCJ |
| Property, plant and equipment | 375,137 | S100YNCJ |
| Goodwill | 41,088 | S100YNCJ |
| Total liabilities | 23,110,913 | S100YNCJ |
| Equity attributable to owners of parent | 6,419,831 | S100YNCJ |
| Retained earnings | 4,928,301 | S100YNCJ |
| Treasury stock | -150,623 | S100YNCJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YNCJ |
| Property, plant and equipment | 1% | S100YNCJ |
| Intangibles and goodwill | 0% | — |
| Other assets | 90% | S100YNCJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 78% | S100YNCJ |
| Equity | 22% | S100YNCJ |
| Other liabilities | 0% | S100YNCJ |

## 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) | 5.8% | S100YNCJ |
| Fixed assets ÷ total assets | 1.3% | S100YNCJ |
| Goodwill ÷ parent equity | 0.6% | S100YNCJ |

Goodwill over 4 years: 124,946 → 41,088 JPY; total investing cash flow: -1,143,289 JPY. This does not imply causation.

### 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) | 8.5% |
| Cash ÷ revenue | 39.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 443,389 JPY mn (of net income 86.8%) |
| Shareholder returns / net income | 87.4% |
| Shareholder returns / FCF | 51.9% |
| Shareholder payments — dividends / net income | 44.0% |
| Shareholder payments — dividends / FCF | 26.1% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 75.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | — | —× | — | S100R36C |
| 2023 | — | —× | — | —× | — | S100TPAM |
| 2024 | — | —× | — | —× | — | S100W0ZR, S100YNCJ |
| 2025 | — | —× | — | —× | — | S100YNCJ |
| 2026 | 7.9% | 0.23× | 1.8% | 4.78× | 8.7% | S100YNCJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） （うち、投資信託99,823千株、年金信託4,051千株、その他93,838千株） | Major shareholder | 13.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） （うち、投資信託49,647千株、年金信託4,706千株、その他20,729千株） | Major shareholder | 5.2% | 2026-03-31 |
| トヨタ自動車株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.8% | 2026-03-31 |
| JP MORGAN CHASE BANK 380055 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.3% | 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 | 2.2% | 2026-03-31 |
| JP MORGAN CHASE BANK 380081 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140042 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 grew +8.2%, from ¥5.95T to ¥6.44T.
- Net income rose much faster, up +70.1% from ¥300.2B to ¥510.6B.
- Operating cash flow climbed +34.9% to ¥954B, and free cash flow reached ¥860.9B.

### Drivers

- Premiums grew for auto and fire insurance in Japan, and overseas sales rose in the Americas and Europe.
- Claims from natural disasters were lower than the year before, both in Japan and abroad.
- Overseas profit also got a lift from US expansion and the sale of its stake in Australia's Challenger.

### Risks

- A major natural disaster could push up claims and make reinsurance more expensive.
- Big swings in stocks, interest rates or currencies could cut the value of its investments and its capital buffer.
- If fixes to past sales practices or the merger of its two domestic insurers fall short, trust in the group could suffer.

Cited: Annual Securities Report (18th fiscal period) (Management's discussion and analysis); Annual Securities Report (18th fiscal period) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/04/01－2026/03/31) | S100YNCJ | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNCJ,, |
| 有価証券報告書－第17期(2024/04/01－2025/03/31) | S100W0ZR | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0ZR,, |
| 有価証券報告書－第16期(2023/04/01－2024/03/31) | S100TPAM | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPAM,, |
| 有価証券報告書－第15期(2022/04/01－2023/03/31) | S100R36C | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R36C,, |
| 有価証券報告書－第14期(令和3年4月1日－令和4年3月31日) | S100OD53 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD53,, |
| 有価証券報告書－第13期(令和2年4月1日－令和3年3月31日) | S100LLG2 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLG2,, |

## 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).