Worth reading
65In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
56
¥100 million (core sales target for the fiscal year ending March 2030)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.2%
基準 2,026Target2,030100 million
Operating profit+0.2%
基準 2,026Target2,030100 million
ROE+4.0pt
基準 2,026Target2,030%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planTargets for the fiscal year ended March 2026: core sales of ¥5.0 billion, operating margin of 15.0% and ROE of 8.0% → Actual results for the fiscal year ended March 2026: core sales of ¥4.93 billion, operating margin of 18.0% and ROE of 17.6%（Core sales fell approximately 1.4% short of the target）0.0%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyThe Company will use a payout ratio of 50%–100% as a guideline. During the period of the medium-term plan, it aims to achieve both stable shareholder returns and stronger balance sheet management through two types of dividends: base dividends and extra dividends.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalThe Company’s assumed cost of equity is approximately 5.0% (risk-free rate of 2.35% + beta of 0.41 × market risk premium of 6.33%).The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceThe Company presents the relationship between PBR, ROE and earnings yield, and aims to generate returns exceeding its cost of capital. The chart shows PBR trends, including 1.9x for the fiscal year ended March 2026.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Further growth in core sales
02Strengthen recruitment
03Growing conditions
04Retention initiatives
05Systems Investment
06Response to achieving management that is conscious of the cost of capital and share price
07Shareholder Return Policy
08Initiatives for shareholders
Plan assumptionsGrowth in assets under management as Japan develops as an asset management center, an increase in the number of asset management companies, expansion of BPO and changes in the systems required. The Company recognizes that demand for outsourcing services (AMO and SO) is trending upward.
Size of the Target MarketOutstanding individual and group life and non-life insurance policy balances of ¥1,339 trillion (at the end of FY2024), and assets under management at banks and credit unions of ¥320.5 trillion (at the end of FY2024). Sources: The Life Insurance Association of Japan, “Trends in Life Insurance 2025”; Bank of Japan, “Fiscal 2024 Financial Results of Banks and Credit Unions”; and statistical data from the Investment Management Association, Japan.
Reason for revision or withdrawal
The previous medium-term management plan’s individual KPIs were generally achieved. However, in light of hiring not progressing as expected, the new medium-term management plan prioritizes investment in human capital and systems that contributes to maximizing corporate value over short-term profit margins.
| Item | Details |
|---|---|
| Plan name | New Medium-Term Management Plan “Next STEP 2029” |
| Plan period | FY2026–FY2029 (1 April 2026–31 March 2030) |
| Progress against the plan | Formulated |
| Sales Target | ¥4.93 billion (actual core sales for the fiscal year ended March 2026) → ¥5.6 billion (target for the fiscal year ending March 2030)（Up approximately 13.6%） |
| Operating profit target | ¥3.46 billion (actual adjusted operating profit for the fiscal year ended March 2026) → ¥3.8 billion (target for the fiscal year ending March 2030; adjusted operating profit)（Up approximately 9.8%） |
| ROE target | 17.6% (actual for the fiscal year ended March 2026) → 15.0% (target for the fiscal year ending March 2030) |
| Payout ratio / DOE policy | The Company will use a payout ratio of 50%–100% as a guideline. During the period of the medium-term plan, it aims to achieve both stable shareholder returns and stronger balance sheet management through two types of dividends: base dividends and extra dividends. |
| Cost of capital | The Company’s assumed cost of equity is approximately 5.0% (risk-free rate of 2.35% + beta of 0.41 × market risk premium of 6.33%). |
| Self-assessment of PBR and share price | The Company presents the relationship between PBR, ROE and earnings yield, and aims to generate returns exceeding its cost of capital. The chart shows PBR trends, including 1.9x for the fiscal year ended March 2026. |
| Plan assumptions | Growth in assets under management as Japan develops as an asset management center, an increase in the number of asset management companies, expansion of BPO and changes in the systems required. The Company recognizes that demand for outsourcing services (AMO and SO) is trending upward. |
| Key initiatives | Further growth in core sales, Strengthen recruitment, Growing conditions, Retention initiatives, Systems Investment, Response to achieving management that is conscious of the cost of capital and share price, Shareholder Return Policy, Initiatives for shareholders |
| Results under the previous plan | Targets for the fiscal year ended March 2026: core sales of ¥5.0 billion, operating margin of 15.0% and ROE of 8.0% → Actual results for the fiscal year ended March 2026: core sales of ¥4.93 billion, operating margin of 18.0% and ROE of 17.6%（Core sales fell approximately 1.4% short of the target） |
| Reason for revision or withdrawal | The previous medium-term management plan’s individual KPIs were generally achieved. However, in light of hiring not progressing as expected, the new medium-term management plan prioritizes investment in human capital and systems that contributes to maximizing corporate value over short-term profit margins. |
| Size of the Target Market | Outstanding individual and group life and non-life insurance policy balances of ¥1,339 trillion (at the end of FY2024), and assets under management at banks and credit unions of ¥320.5 trillion (at the end of FY2024). Sources: The Life Insurance Association of Japan, “Trends in Life Insurance 2025”; Bank of Japan, “Fiscal 2024 Financial Results of Banks and Credit Unions”; and statistical data from the Investment Management Association, Japan. |
| Publication date | 10 June 2026 |
Items this document does not state (10)
Operating profit margin targetNet income targetROIC targetTreasury share acquisition policyTotal investment planInvestment amount by sectorSegment targetNon-financial targetsRisks identifiedDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Under the previous medium-term management plan, hiring did not progress as expected. Accordingly, under the new plan, the Company will prioritize investment in human capital and systems that contributes to maximizing corporate value over short-term profit margins. It also views the growth of Japan as an asset management center and expanding demand for outsourcing services as growth opportunities.
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