Industry map/Finance & Business Services

Non-life Insurance industry map

Who earns the money in Non-life Insurance, and who keeps it. When a company spans several industries, only the relevant segment is counted.

FY2025 · 38 companies · ¥19.7T

Industry map

Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.

Industry size (revenue): ¥19.7T
Companies: 38
Avg. salary（parent only）: ¥6.9M
Industry weather: Sunny

Ownership (major shareholders, % held)Hikari TsushinAlliances (from the filing's material contracts)

Tokio Marine Holdings[8766]

Revenue: ¥7.69T▲4.0%
Operating income: —

Avg. salary ¥14.9M · 42.4（parent only）

MS&AD Insurance Group Holdings[8725]

Revenue: ¥6.44T▲8.2%
Operating income: —

Avg. salary ¥12.4M · 47.2（parent only）

Sompo Holdings[8630]

Domestic P And C insurance business + 1 more

Revenue: ¥5.11T▲6.3%
Operating income: ¥562.6B▲138.3%

Whole company: Revenue ¥5.37T · Net income ¥640.1B

Avg. salary ¥12.6M · 43.3（parent only）

Sony Financial Group[8729]

Assurance

Revenue: ¥191.3B▲13.3%
Operating income: ¥12.5B▲73.9%

Whole company: Revenue ¥2.87T · Net income ¥55.5B

Avg. salary ¥12.8M · 45.8（parent only）

Secom[9735]

Insurance services

Revenue: ¥65.4B▲10.2%
Operating income: ¥5.97B▲41.2%

Whole company: Revenue ¥1.26T · Net income ¥112.7B

Avg. salary ¥6.7M · 44.5（parent only）

SBI Insurance Group[7326]

Assurance

Revenue: ¥46.7B▲15.9%
Operating income: —

Whole company: Revenue ¥140.4B · Net income ¥2.88B

Avg. salary ¥9.3M · 51.0（parent only）

Hikari Tsushin owns 9.5%
Hikari Tsushin owns 1.0%

Hikari Tsushin・Capital alliance

FP Partner[7388]

Revenue: ¥32.1B▼9.9%
Operating income: ¥2.98B▼44.0%

Avg. salary ¥7.7M · 46.4（parent only）

Hikari Tsushin[9435]

Insurance

Revenue: ¥31.5B▲16.9%
Operating income: ¥9.37B▲14.0%

Whole company: Revenue ¥734.8B · Net income ¥151B

Avg. salary ¥35.2M · 49.0（parent only）

SBI Insurance Group・Capital alliance

Agent IG Holdings[377A]

Domestic business + 1 more

Revenue: ¥13.1B
Operating income: ¥141.8M

Whole company: Revenue ¥13.1B · Net income ¥9.8M

Avg. salary ¥6.6M · 51.2（parent only）

eGuarantee[8771]

#10▼

Revenue: ¥11B▲7.9%
Operating income: ¥5.2B▲1.9%

Avg. salary ¥6.3M · 31.0（parent only）

Premium Group[7199]

Automobile Warranty

#11▼

Revenue: ¥8.01B▲14.7%
Operating income: ¥1.33B▲18.9%

Whole company: Revenue ¥44B · Net income ¥6.07B

Avg. salary ¥8M · 36.7（parent only）

Solvvy[7320]

HomeworthTech business + 1 more

#12

Revenue: ¥6.22B▲17.4%
Operating income: ¥3.2B▲27.7%

Whole company: Revenue ¥6.71B · Net income -¥628.2M

Avg. salary ¥5.2M · 33.8（parent only）

※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.

Other companies: Irrc · Advance Create · Broad-Minded · Mortgage Service Japan · Hulic · Advantage Risk Management · IBJ · Horai · Kobayashi Yoko · Tama Home · SAKAI Holdings · Ligua · Kyokuyo · Kyushu Leasing Service · Senshukai · Innovation · Fudo Tetra · Zeria Pharmceutical · Stella Chemifa · Meiho Enterprise · Asiro · MT Genex · HousefreedomCo. · Central General Development · Toubujyuhan · Daiun

The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).

Switch years to see how the map shifts

Who earns the money

Area = revenue from businesses in this industry. Color = operating margin.

LossHigh margin(middle = 0% margin)

Who makes a profit

Across = revenue (log scale), up = operating margin, bubble size = operating income.

Ranking and momentum

Rank	Company (business)	Revenue	Share	Op. margin	CAGR	FCF*
1	Tokio Marine Holdings	¥7.69T	39.1%	—	—	¥1.23T
2	MS&AD Insurance Group Holdings	¥6.44T	32.7%	—	—	¥860.9B
3	Sompo HoldingsDomestic P And C insurance business + 1 more	¥5.11T	26.0%	11.0%	—	¥646.5B
4	Sony Financial GroupAssurance	¥191.3B	1.0%	6.6%	+7.9%	¥416.8B
5	SecomInsurance services	¥65.4B	0.3%	9.1%	+5.5%	¥113B
6	SBI Insurance GroupAssurance	¥46.7B	0.2%	—	+8.6%	¥8.03B
7	FP Partner	¥32.1B	0.2%	9.3%	+11.3%	¥953.8M
8	Hikari TsushinInsurance	¥31.5B	0.2%	29.8%	—	¥37.7B
9new	Agent IG HoldingsDomestic business + 1 more	¥13.1B	0.1%	1.1%	—	¥124.2M
10▼1	eGuarantee	¥11B	0.1%	47.2%	+8.7%	¥3.85B
11▼1	Premium GroupAutomobile Warranty	¥8.01B	0.0%	16.7%	+9.1%	-¥22.9B
12	SolvvyHomeworthTech business + 1 more	¥6.22B	0.0%	51.4%	—	¥1.72B
13	IrrcInsurance business	¥5.83B	0.0%	8.6%	+20.5%	¥695.4M
14▼3	Advance CreateInsurance agent + 1 more	¥5.4B	0.0%	-11.2%	-12.6%	-¥4.17B
15▼1	Broad-MindedFinancial partner	¥4.81B	0.0%	12.5%	—	-¥549.8M
16▼1	Mortgage Service JapanHouse warranty liability insurance business + 1 more	¥4.05B	0.0%	11.0%	-1.4%	-¥1.27B
17▼1	HulicInsurance agency business	¥3.93B	0.0%	27.7%	+5.6%	-¥176.8B
18▼1	Advantage Risk ManagementEmployment Handicapped Personal Support + 1 more	¥2.06B	0.0%	30.7%	+8.8%	¥1.2B
19	IBJLife Design Business	¥2.05B	0.0%	29.1%	+11.2%	¥2.09B
20▼2	HoraiHoken jigyo	¥1.17B	0.0%	39.1%	+1.1%	-¥129.2M
21▲1	Kobayashi YokoA life and an environmental enterprise	¥1.11B	0.0%	5.2%	+7.2%	¥403.1M
22▼2	Tama HomeFinancing	¥916M	0.0%	16.7%	-12.3%	¥512M
23▲1	SAKAI HoldingsInsurance agency business	¥672.6M	0.0%	8.8%	-14.3%	¥1.88B
24▼3	LiguaFinancial Services Segments	¥645.3M	0.0%	-13.4%	-7.4%	¥253.6M
25	KyokuyoOther	¥581M	0.0%	47.9%	+8.3%	-¥3.98B
26▲1	Kyushu Leasing ServiceFee business	¥488M	0.0%	51.2%	+5.2%	—
27▼1	SenshukaiInsurance business	¥390M	0.0%	36.4%	-1.8%	-¥3.55B
28▼5	InnovationFinancial Platform	¥332.4M	0.0%	-59.3%	-15.5%	-¥70M
29	Fudo TetraOther	¥160M	0.0%	18.8%	-11.7%	-¥3.93B
30▼2	Zeria PharmceuticalOther	¥150.9M	0.0%	133.2%	-0.9%	¥7.06B
31▼1	Stella ChemifaOther	¥120M	0.0%	23.3%	-10.7%	¥1.43B
32▲1	Meiho EnterpriseOther	¥102.5M	0.0%	95.4%	+31.6%	¥2.83B
33▼2	AsiroInsurance business	¥69.4M	0.0%	-229.8%	—	¥1.32B
34▼2	MT GenexInsurance agency	¥65M	0.0%	45.7%	+3.8%	¥53.4M
35▼1	HousefreedomCo.Insuarance agency commission	¥46.7M	0.0%	24.6%	-11.5%	¥503.4M
36▼1	Central General DevelopmentOther	¥43.4M	0.0%	25.9%	+6.9%	-¥485.7M
37▼1	ToubujyuhanReal estate related	¥35.7M	0.0%	51.5%	-6.5%	¥1.03B
38▼1	DaiunOther	¥4.6M	0.0%	99.1%	-1.6%	¥508.6M

* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.

How they make money differently

Where each company's ¥100 of sales goes, and how much it keeps (company-wide).

Cost of sales
Operating costs
Ordinary expenses
SG&A
Operating profit
Ordinary profit

eGuarantee
27
26
47
Hulic
74
26
Solvvy
28
48
24
Mortgage Service Japan
80
20
Premium Group
81
19
IBJ
7
75
18
Kyushu Leasing Service
73
10
17
Hikari Tsushin
50
34
16
Secom
68
19
13
Broad-Minded
7
81
12
Advantage Risk Management
34
56
10
Horai
90
10
SBI Insurance Group
91
9
FP Partner
67
24
9
SAKAI Holdings
62
29
9
Irrc
22
70
8
Kobayashi Yoko
93
7
Sony Financial Group
97
Kyokuyo
88
9
Tama Home
75
23
Agent IG Holdings
99
Advance Create
20
84
loss ¥4
Innovation
50
54
loss ¥4
Ligua
41
64
loss ¥5
Senshukai
49
57
loss ¥6

Showing the 25 largest companies by revenue.

Ownership links

From the major-shareholder section of annual securities reports.

SBIホールディングス株式会社Outside
- SubsidiarySBI Insurance Group59.7%
- AffiliateAdvance Create28.7%
㈱クラフティアOutside
- AffiliateCentral General Development30.3%
株式会社西日本フィナンシャルホールディングスOutside
- AffiliateKyushu Leasing Service29.9%
ライフネット生命保険株式会社Outside
- AffiliateAdvance Create29.1%
松井証券株式会社Outside
- AffiliateAgent IG Holdings27.4%
株式会社クレディセゾンOutside
- StakeBroad-Minded17.4%
ソニーグループ株式会社Outside
- StakeSony Financial Group17.4%
ＶＴホールディングス株式会社Outside
- StakeHousefreedomCo.14.5%
伊藤忠商事株式会社Outside
- StakeeGuarantee14.2%
東日本旅客鉄道株式会社Outside
- StakeSenshukai12.2%
Hikari TsushinIn industry
- StakeSBI Insurance Group9.5%
日産証券グループ株式会社Outside
- StakeKobayashi Yoko5.9%
芙蓉総合リース㈱Outside
- StakeHulic5.3%
トヨタ自動車株式会社Outside
- StakeMS&AD Insurance Group Holdings4.8%
安田倉庫㈱Outside
- StakeHulic3.7%
森永乳業株式会社Outside
- StakeZeria Pharmceutical3.3%
沖電気工業㈱Outside
- StakeHulic3.3%
日本駐車場開発株式会社Outside
- StakeHorai3.3%

The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.

Compare the leaders side by side

All companies in Non-life Insurance (by revenue)

All 38 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.

Tokio Marine Holdings¥7.69T
MS&AD Insurance Group Holdings¥6.44T
Sompo Holdings¥5.11T · 11.0%
Sony Financial Group¥191.3B · 6.6%
Secom¥65.4B · 9.1%
SBI Insurance Group¥46.7B
FP Partner¥32.1B · 9.3%
Hikari Tsushin¥31.5B · 29.8%
Agent IG Holdings¥13.1B · 1.1%
eGuarantee¥11B · 47.2%
Premium Group¥8.01B · 16.7%
Solvvy¥7.03B · 52.8%
Irrc¥5.83B · 8.6%
Advance Create¥5.4B · -11.2%
Broad-Minded¥4.81B · 12.5%
Mortgage Service Japan¥4.05B · 11.0%
Hulic¥3.93B · 27.7%
Advantage Risk Management¥2.06B · 30.7%
IBJ¥2.05B · 29.1%
Horai¥1.17B · 39.1%
Kobayashi Yoko¥1.11B · 5.2%
Tama Home¥965M · 26.1%
SAKAI Holdings¥672.6M · 8.8%
Ligua¥645.3M · -13.4%
Kyokuyo¥581M · 47.9%
Kyushu Leasing Service¥488M · 51.2%
Senshukai¥390M · 36.4%
Innovation¥332.4M · -59.3%
Fudo Tetra¥160M · 18.8%
Zeria Pharmceutical¥150.9M · 133.2%
Stella Chemifa¥120M · 23.3%
Meiho Enterprise¥102.5M · 95.4%
Asiro¥69.4M · -229.8%
MT Genex¥65M · 45.7%
HousefreedomCo.¥46.7M · 24.6%
Central General Development¥43.4M · 25.9%
Toubujyuhan¥33.6M · 46.5%
Daiun¥4.6M · 99.1%

Revenue · Op. margin

Related industries

Analyze this page with AI

Markdown with figures, units, periods and sources, ready to paste into ChatGPT or Claude.

Open Markdown Share on X Save image