# SBI Insurance Group 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10期(2025/04/01－2026/03/31) (S100YDWS)
> Page: https://vizora.meequs.com/en/company/sbi-insurance-group
> Retrieved: 2026-09-30T19:13:33.429Z

## Company

SBI Insurance Group, founded in 2016, is a company in Non-life Insurance listed on TSE Growth. It has 1,030 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SBI Insurance Group Co., Ltd. |
| Ticker | 7326 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7326.T) |
| Listing | TSE Growth |
| Head office | 東京都港区六本木一丁目6番1号 |
| Representative (per filing) | 代表取締役 執行役員会長兼社長 乙部 辰良 |
| Founded | Dec 2016 |
| Employees (consolidated) | 1,030 |
| Average salary (parent only) | ¥9.3M |
| Fiscal year end | March |
| Website | www.sbiig.co.jp (https://www.sbiig.co.jp/) |
| Corporate number | 6010401128870 |
| EDINET | E33840 |
| Industries (Vizora) | Non-life Insurance, Life Insurance, Pets |

> Profile source: annual securities report (S100YDWS, filed 2026-06-19). As of filing

## Key points (generated from figures)

- About 41% of SBI Insurance Group's ordinary revenue comes from Life insurance, with Assurance and Small Amount And Short Term Insurance making up much of the rest.
- Out of every ¥100 of ordinary revenue, about ¥9 is left as ordinary profit.
- Ordinary revenue changed +18.5% from the prior year, ordinary profit +38.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥140.4B |  |
| Ordinary income | ¥13.2B | Margin 9.4% |
| Net income | ¥2.88B | Margin 2.1% |
| Employees (consolidated) | 1,030 |  |
| EPS | ¥45.7 |  |
| Book value per share | ¥1678.15 |  |
| Equity ratio | 20.3% |  |
| Shares outstanding | 24,820,530 |  |
| Treasury shares | 100 |  |
| Shareholders | 6,088 |  |
| Average salary (parent only) | ¥9.3M | Filing company only |

## Notable figures

- FY2026, operating cash flow is 3.6× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥86657000000 | ¥140362000000 | +62.0% |
| Employees | 1,052 people | 1,030 people | -2.1% |
| Cash and equivalents | ¥34352000000 | ¥33056000000 | -3.8% |

### 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 |
| --- | ---: |
| 損害保険事業 → 損害保険事業 | 33.3% |
| 損害保険事業 → 事業再編・廃止 | 4.4% |
| 生命保険事業 → 生命保険事業 | 31.1% |
| 少額短期保険事業 → 少額短期保険事業 | 25.6% |
| 少額短期保険事業 → 事業再編・廃止 | 5.6% |
| 新設・再編 → 生命保険事業 | 10.0% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Life insurance | 5 years | +16.4% | ¥57694000000 | — | 2 |
| Assurance | 5 years | +7.5% | ¥46692000000 | — | 2 |
| Small Amount And Short Term Insurance | 5 years | +5.9% | ¥35975000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 140,362 | 100.0% | S100YDWS |
| Ordinary expenses | 127,197 | 90.6% | S100YDWS |
| Ordinary income | 13,164 | 9.4% | S100YDWS |
| Extraordinary loss | 44 | 0.0% | S100YDWS |
| Pretax income | 4,309 | 3.1% | S100YDWS |
| Income tax | 1,415 | 1.0% | S100YDWS |
| Net income | 2,893 | 2.1% | S100YDWS |
| Net income attributable to owners | 2,880 | 2.1% | S100YDWS |

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

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 91 |
| Ordinary income | 9 |
| (Ref.) Net income | 2 |

### Margin funnel

Ordinary margin 9.4% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.5%; Core profit growth: +38.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.11×
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 | 118,463 | 140,362 | 21,899 | +18.5% |
| Net income attributable to owners | 1,988 | 2,880 | 892 | +44.9% |
| Operating cash flow | 7,293 | 10,388 | 3,095 | +42.4% |
| Free cash flow | 5,494 | 8,031 | 2,537 | +46.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2018 | 62,186 | — | — | 724 | -8,586 | — | S100OAN4 |
| FY ending Mar 2019 | 66,388 | — | — | 851 | 620 | — | S100R23A |
| FY ending Mar 2020 | 70,467 | — | — | 335 | -3,559 | -5,663 | S100LLBW |
| FY ending Mar 2021 | 86,657 | — | — | 763 | 5,953 | 4,395 | S100OAN4 |
| FY ending Mar 2022 | 88,365 | — | — | 891 | 4,641 | 2,589 | S100R23A |
| FY ending Mar 2023 | 96,110 | — | — | 1,240 | 4,887 | 2,845 | S100TP8D |
| FY ending Mar 2024 | 109,339 | — | — | 1,450 | 7,272 | 5,879 | S100VZ79 |
| FY ending Mar 2025 | 118,463 | — | — | 1,988 | 7,293 | 5,494 | S100YDWS |
| FY ending Mar 2026 | 140,362 | — | — | 2,880 | 10,388 | 8,031 | S100YDWS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥136.3M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 1,018 | 945 | 913 | 955 | 1,030 |
| Average salary (parent company) | ¥8M | ¥9M | ¥9.5M | ¥9.6M | ¥9.3M |
| Average age (parent company) | 47.5 years | 47.0 years | 47.8 years | 48.4 years | 51.0 years |
| Average tenure (parent company) | 3.1 years | 4.0 years | 4.5 years | 5.3 years | 5.2 years |

Year over year: Employees (consolidated) +7.9% · Revenue (consolidated) +18.5%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Assurance | 46,692 | 33.3% | — | — |
| Life insurance | 57,694 | 41.1% | — | — |
| Small Amount And Short Term Insurance | 35,975 | 25.6% | — | — |

### 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 |
| --- | ---: |
| Assurance | 33.3% |
| Life insurance | 41.1% |
| Small Amount And Short Term Insurance | 25.6% |

Segment → industry: Assurance → Non-life Insurance / Small Amount And Short Term Insurance → Life Insurance / Life insurance → Life Insurance / Small Amount And Short Term Insurance → Pets

## 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 | 10,388 | 7.4% | S100YDWS |
| Capital expenditure | 2,357 | 1.7% | S100YDWS |
| Free cash flow | 8,031 | 5.7% | 算出 |
| Investing cash flow | -7,917 | -5.6% | S100YDWS |
| Financing cash flow | -548 | -0.4% | S100YDWS |
| Dividends paid | 570 | 0.4% | S100YDWS |
| Change in cash | 2,029 | 1.4% | S100YDWS |
| Cash and equivalents | 33,056 | 23.6% | S100YDWS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＳＢＩホールディングス株式会社 | Major shareholder | 59.7% | 2026-03-31 |
| 株式会社光通信 | Major shareholder | 9.5% | 2026-03-31 |
| 西薗 仁 | Major shareholder | 1.7% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 永井 詳二 | Major shareholder | 1.4% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| CLEARSTREAM BANKING S.A. （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.0% | 2026-03-31 |
| 藪 太一 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.8% | 2026-03-31 |
| 生田 裕 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/04/01－2026/03/31) | S100YDWS | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDWS,, |
| 有価証券報告書－第9期(2024/04/01－2025/03/31) | S100VZ79 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ79,, |
| 有価証券報告書－第8期(2023/04/01－2024/03/31) | S100TP8D | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP8D,, |
| 有価証券報告書－第7期(2022/04/01－2023/03/31) | S100R23A | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R23A,, |
| 有価証券報告書－第6期(令和3年4月1日－令和4年3月31日) | S100OAN4 | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAN4,, |
| 有価証券報告書－第5期(令和2年4月1日－令和3年3月31日) | S100LLBW | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLBW,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 光通信 | Capital alliance | 両グループの経営資源を使った保険商品販売での協業を目的とする資本業務提携 | S100YDWS |

## 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).