Increase in expense ratio and combined ratio due to growth investments
First written in FY2017-Q1. 18 of 37 entries say "Mitigated", first in FY2019-Q1. Latest entry: 2026-08-07.
No other company in this theme has enough history to compare yet.
- FY2026WorsenedAnnual report
「The E/I loss ratio rose 1.6 points year on year to 62.2%, due to factors including longer average pet lifespans, advances in veterinary medicine and persistently high medical fees resulting from inflation. The expense ratio based on earned premiums rose 0.5 points year on year to 32.8% due to costs associated with transferring policies from other insurers. As a result, the combined ratio based on earned premiums, which combines the two measures, rose 2.1 points year on year to 95.0%.」
Both the loss ratio and expense ratio increased, causing the combined ratio to deteriorate to 95.0%. In addition to the increase in the loss ratio, costs associated with transferring policies from other insurers drove the increase in the expense ratio. - FY2026-H1WorsenedAnnual report
「The expense ratio based on earned premiums rose 2.5 points year on year to 34.6% due to costs associated with transferring policies from other insurers. As a result, the combined ratio based on earned premiums, which combines the two measures, rose 3.7 points year on year to 97.2%.」
Costs associated with transferring policies from other insurers drove the expense ratio up to 34.6%, and the combined ratio also deteriorated to 97.2%. - FY2025MitigatedAnnual report
「Meanwhile, investment to expand the business, improve operational efficiency and reduce expenses brought the expense ratio on an earned premium basis down 1.0 percentage point year on year to 32.3%. Consequently, the combined ratio on an earned premium basis improved 0.3 percentage points year on year to 92.9%.」
The expense ratio and combined ratio improved as a result of greater operating efficiency and cost reductions while continuing to invest proactively. - FY2025-H1MitigatedAnnual report
「Even after taking into account aggressive investment to expand the business and an increase in applications for Doubutsu Kenkatsu, the expense ratio on an earned premium basis improved 1.3 percentage points year on year to 32.1%. Consequently, the combined ratio on an earned premium basis improved 0.5 percentage points year on year to 93.5%.」
Despite aggressive investment and an increase in applications for Doubutsu Kenkatsu, the expense ratio was 32.1% and the combined ratio was 93.5%, improving 1.3 percentage points and 0.5 percentage points, respectively, year on year. - FY2024-Q3MitigatedAnnual report
「Despite continuing aggressive investment to expand the business, expense controls brought the expense ratio on an earned premium basis down 1.7 percentage points year on year to 33.4%. Consequently, the combined ratio on an earned premium basis improved 0.8 percentage points year on year to 94.1%.」
While continuing aggressive investment, expense controls brought the expense ratio to 33.4% and the combined ratio to 94.1%, improving 1.7 percentage points and 0.8 percentage points, respectively, year on year. - FY2024-Q2MitigatedAnnual report
「Even after taking into account aggressive investment to expand the business and an increase in applications for Doubutsu Kenkatsu, the expense ratio on an earned premium basis improved 1.9 percentage points year on year to 33.4%. Consequently, the combined ratio on an earned premium basis improved 0.8 percentage points year on year to 94.0%.」
Despite aggressive investment and an increase in applications for Doubutsu Kenkatsu, the expense ratio was 33.4% and the combined ratio was 94.0%, improving 1.9 percentage points and 0.8 percentage points, respectively, year on year. - FY2024-Q1MitigatedAnnual report
「Even after taking into account aggressive investment to expand the business and an increase in applications for Doubutsu Kenkatsu, the expense ratio on an earned premium basis improved 1.7 percentage points year on year to 33.8%. Consequently, the combined ratio on an earned premium basis improved 1.1 percentage points year on year to 93.4%.」
Despite aggressive investment and an increase in applications for Doubutsu Kenkatsu, the expense ratio was 33.8% and the combined ratio was 93.4%, improving 1.7 percentage points and 1.1 percentage points, respectively, year on year. - FY2023MitigatedAnnual report
「Even after taking into account aggressive investment to expand the business and an increase in applications for Doubutsu Kenkatsu, the expense ratio on an earned premium basis improved 1.8 percentage points year on year to 34.9%. Consequently, the combined ratio on an earned premium basis improved 1.0 percentage point year on year to 93.8%.」
Despite aggressive investment and an increase in applications for Doubutsu Kenkatsu, the expense ratio was 34.9% and the combined ratio was 93.8%, both improving year on year. - FY2023-Q3MitigatedAnnual report
「Despite continuing aggressive investment to expand the business, expense controls brought the expense ratio on an earned premium basis down 2.4 percentage points year on year to 35.1%. Consequently, the combined ratio on an earned premium basis improved 1.8 percentage points year on year to 94.9%.」
While continuing aggressive investment, expense controls brought the expense ratio to 35.1% and the combined ratio to 94.9%, improving 2.4 percentage points and 1.8 percentage points, respectively, year on year. - FY2023-Q2MitigatedAnnual report
「Even after taking into account aggressive investment to expand the business and an increase in applications for Doubutsu Kenkatsu, the expense ratio on an earned premium basis improved 2.7 percentage points year on year to 35.3%. Consequently, the combined ratio on an earned premium basis improved 2.6 percentage points year on year to 94.8%.」
Despite aggressive investment and an increase in applications for Doubutsu Kenkatsu, the expense ratio was 35.3% and the combined ratio was 94.8%, improving 2.7 percentage points and 2.6 percentage points, respectively, year on year. - FY2023-Q1MitigatedAnnual report
「Even after taking into account aggressive investment to expand the business and an increase in applications for Doubutsu Kenkatsu, the expense ratio on an earned premium basis improved 3.1 percentage points year on year to 35.5%. Consequently, the combined ratio on an earned premium basis improved 3.3 percentage points year on year to 94.5%.」
Despite aggressive investment and an increase in applications for Doubutsu Kenkatsu, the expense ratio was 35.5% and the combined ratio was 94.5%, improving 3.1 percentage points and 3.3 percentage points, respectively, year on year. - FY2022-Q3MitigatedAnnual report
「The E/I loss ratio improved 0.1 percentage points year on year to 59.2%, partly because the impact of COVID-19 was diminishing. The expense ratio on an earned premium basis remained at 37.5%, unchanged year on year, despite aggressive investment to expand the business and an increase in applications for Doubutsu Kenkatsu, the intestinal flora measurement and health checkup service. Consequently, the combined ratio on an earned premium basis improved 0.1 percentage points year on year to 96.7%.」
The E/I loss ratio improved 0.1 percentage points to 59.2%, while the expense ratio was 37.5%, roughly unchanged from the previous year. As a result, the combined ratio improved 0.1 percentage points to 96.7%. - FY2022-Q2WorsenedAnnual report
「The expense ratio on an earned premium basis rose 0.8 percentage points year on year to 38.0% due to aggressive investment to expand the business and an increase in applications for Doubutsu Kenkatsu, the intestinal flora measurement and health checkup service. Consequently, the combined ratio on an earned premium basis rose 0.9 percentage points year on year to 97.4%.」
Aggressive investment to expand the business and an increase in applications for Doubutsu Kenkatsu brought the expense ratio to 38.0% and the combined ratio to 97.4%, up 0.8 percentage points and 0.9 percentage points, respectively, year on year. - FY2022-Q1WorsenedAnnual report
「The expense ratio on an earned premium basis rose 1.9 percentage points year on year to 38.6% due to aggressive investment to expand the business and an increase in applications for Doubutsu Kenkatsu, the intestinal flora measurement and health checkup service. Consequently, the combined ratio on an earned premium basis rose 2.4 percentage points year on year to 97.8%.」
Aggressive investment and an increase in applications for Doubutsu Kenkatsu drove the expense ratio up to 38.6%; the combined ratio worsened to 97.8% as the E/I loss ratio also rose. - FY2021WorsenedAnnual report
「The E/I loss ratio rose 0.6 percentage points year on year to 58.4%, mainly because the number of outpatient visits increased as people spent more time at home due to the impact of COVID-19. The expense ratio on an earned premium basis also rose 0.6 percentage points year on year to 37.7% due to aggressive investment to expand the business and an increase in applications for Doubutsu Kenkatsu, the intestinal flora measurement and health checkup service. Consequently, the combined ratio on an earned premium basis rose 1.2 percentage points year on year to 96.1%.」
Both the loss ratio and expense ratio rose, worsening the combined ratio to 96.1%. Increased outpatient visits, aggressive investment and more applications for Doubutsu Kenkatsu were cited as factors. - FY2021-Q3WorsenedAnnual report
「Despite continuing aggressive investment to expand the business, expense controls resulted in the expense ratio on an earned premium basis rising 0.2 percentage points year on year to 37.5%. Consequently, the combined ratio on an earned premium basis rose 1.0 percentage point year on year to 96.8%.」
Although the company pursued aggressive investment and expense controls in parallel, the expense ratio was 37.5% and the combined ratio was 96.8%, up 0.2 percentage points and 1.0 percentage point, respectively, year on year. - FY2021-Q2MitigatedAnnual report
「Despite continuing aggressive investment to expand the business, expense controls brought the expense ratio down 0.6 percentage points year on year to 37.2%. Consequently, the combined ratio on an earned premium basis fell 0.4 percentage points year on year to 96.5%.」
While continuing aggressive investment, expense controls brought the expense ratio to 37.2% and the combined ratio to 96.5%, improving year on year. - FY2021-Q1MitigatedAnnual report
「The expense ratio on an earned premium basis improved 0.3 percentage points year on year to 36.7%. Consequently, the combined ratio on an earned premium basis improved 0.4 percentage points year on year to 95.4%.」
The expense ratio was 36.7% and the combined ratio was 95.4%, improving 0.3 percentage points and 0.4 percentage points, respectively, year on year. - FY2020-Q3WorsenedAnnual report
「The expense ratio on an earned premium basis rose 3.3 percentage points year on year to 37.3% due to continued aggressive investment to expand the business. Consequently, the combined ratio on an earned premium basis rose 1.9 percentage points year on year to 95.8%.」
Aggressive investment to expand the business brought the expense ratio to 37.3% and the combined ratio to 95.8%, up 3.3 percentage points and 1.9 percentage points, respectively, year on year. - FY2020-Q2WorsenedAnnual report
「The expense ratio on an earned premium basis rose 3.9 percentage points year on year to 37.8% due to continued aggressive investment to expand the business. Consequently, the combined ratio on an earned premium basis rose 3.6 percentage points year on year to 96.9%.」
Aggressive investment to expand the business brought the expense ratio to 37.8% and the combined ratio to 96.9%, up 3.9 percentage points and 3.6 percentage points, respectively, year on year. - FY2020-Q1WorsenedAnnual report
「The expense ratio on an earned premium basis rose 2.9 percentage points year on year to 37.0% due to continued aggressive investment to expand the business. Consequently, the combined ratio on an earned premium basis rose 2.6 percentage points year on year to 95.8%.」
Aggressive investment to expand the business brought the expense ratio to 37.0% and the combined ratio to 95.8%, up 2.9 percentage points and 2.6 percentage points, respectively, year on year. - FY2019MitigatedAnnual report
「While continuing to invest in expanding the business, the company reduced some expenses, bringing the expense ratio on an earned premium basis down 0.7 percentage points year on year to 34.5%. Consequently, the combined ratio on an earned premium basis improved 0.9 percentage points year on year to 93.5%.」
While continuing investment to expand the business, the expense ratio was 34.5% and the combined ratio was 93.5%, both improving year on year. - FY2019-Q3MitigatedAnnual report
「While continuing to invest in expanding the business, the company reduced some expenses, bringing the expense ratio on an earned premium basis down 1.4 percentage points year on year to 34.0%. Consequently, the combined ratio on an earned premium basis improved 1.7 percentage points year on year to 93.9%.」
While continuing investment to expand the business, partial expense reductions brought the expense ratio to 34.0% and the combined ratio to 93.9%, improving 1.4 percentage points and 1.7 percentage points, respectively, year on year. - FY2019-Q2MitigatedAnnual report
「While continuing to invest in expanding the business, the company reduced some expenses, bringing the expense ratio on an earned premium basis down 1.6 percentage points year on year to 33.9%. Consequently, the combined ratio on an earned premium basis improved 3.0 percentage points year on year to 93.3%.」
While continuing investment to expand the business, partial expense reductions brought the expense ratio to 33.9% and the combined ratio to 93.3%, both improving year on year. - FY2019-Q1MitigatedAnnual report
「While continuing to invest in expanding the business, the company reduced some expenses, bringing the expense ratio on an earned premium basis down 1.3 percentage points year on year to 34.1%. Consequently, the combined ratio on an earned premium basis improved 2.5 percentage points year on year to 93.2%, achieving the plan.」
While continuing investment to expand the business, partial expense reductions improved the expense ratio to 34.1% and the combined ratio to 93.2%; achievement of the plan was explicitly stated. - FY2018WorsenedAnnual report
「Despite rigorous expense controls and operational improvements centered on systems, the expense ratio on an earned premium basis rose 3.1 percentage points year on year to 35.2% due to higher agency commissions from strengthened new-business sales and investment to expand the pet insurance business, including increased web advertising. Consequently, the combined ratio on an earned premium basis rose 3.4 percentage points year on year to 94.4%. The company positioned the consolidated fiscal year as a phase of investment for growth, and results were in line with the plan.」
Growth investment and strengthened new-business sales brought the expense ratio to 35.2% and the combined ratio to 94.4%, both up year on year. - FY2018-Q3RestatedAnnual report
「Although the group has implemented strict expense controls and operational improvements centred on systems, the expense ratio based on earned premiums rose 3.4 percentage points year on year to 35.4%, due to higher agency commissions resulting from stronger new-business sales and investments to expand the scale of the pet insurance business, including increased web advertising. As a result, the combined ratio based on earned premiums rose 3.5 percentage points year on year to 95.6%. The current fiscal year was positioned as a growth investment phase, and results were in line with the plan.」
The company continues to disclose a pattern of year-on-year increases in the expense ratio and combined ratio alongside growth investment and strengthened new-business sales. - FY2018-Q2WorsenedAnnual report
「Meanwhile, despite rigorous expense controls and operational improvements centered on systems, the expense ratio on an earned premium basis rose 3.6 percentage points from the same quarter of the previous year to 35.5% due to higher agency commissions from strengthened new-business sales and investment to expand the pet insurance business, including increased web advertising. Consequently, the combined ratio on an earned premium basis rose 4.7 percentage points year on year to 96.3%. The company positioned the current fiscal year as a phase of investment for growth, and results were in line with the plan.」
Growth investment and strengthened new-business sales brought the expense ratio to 35.5% and the combined ratio to 96.3%, up 3.6 percentage points and 4.7 percentage points, respectively, year on year. - FY2018-Q1WorsenedAnnual report
「Meanwhile, despite rigorous expense controls and operational improvements centered on systems, the expense ratio on an earned premium basis rose 2.6 percentage points year on year to 35.4% due to higher agency commissions from strengthened new-business sales and investment to expand the pet insurance business, including increased web advertising. Consequently, the combined ratio on an earned premium basis rose 3.5 percentage points year on year to 95.7%. The company positioned the current fiscal year as a phase of investment for growth, and results were in line with the plan.」
Growth investment and strengthened new-business sales brought the expense ratio to 35.4% and the combined ratio to 95.7%, up 2.6 percentage points and 3.5 percentage points, respectively, year on year. - FY2017AdvancedAnnual report
「The E/I loss ratio improved by 1.2 percentage points year on year to 58.9%, continuing its improvement. Meanwhile, despite rigorous expense controls, economies of scale and operational improvements centered on systems, the expense ratio on an earned premium basis rose 1.0 percentage point year on year to 32.1% due to the head office relocation and investment in preventive measures. Consequently, the combined ratio on an earned premium basis improved 0.2 percentage points year on year to 91.0%, indicating continued improvement in the profit structure even during the phase of ongoing investment for growth.」
While the expense ratio continued to rise due to investment, the E/I loss ratio was 58.9% and the combined ratio was 91.0%, both improving year on year. - FY2017-Q3RestatedAnnual report
「Although management efficiency continues to improve, the company is actively investing in further medium- to long-term growth using profits generated by its pet insurance business, including the head office relocation in the previous third quarter, securing personnel not only in specialist roles but also mainly in sales, and enhancing research facilities. As a result, the expense ratio on an earned premium basis rose 1.3 percentage points year on year to 32.0%. Consequently, the combined ratio on an earned premium basis, which combines the two measures, rose 0.4 percentage points year on year to 92.1%.」
While continuing growth investment, the expense ratio on an earned premium basis rose 1.3 percentage points year on year to 32.0%, and the combined ratio rose 0.4 percentage points to 92.1%. - FY2017-Q2RestatedAnnual report
「Consequently, the combined ratio on an earned premium basis, which combines the two measures, rose 1.4 percentage points year on year to 91.6%.」
Growth investment brought the expense ratio to 31.9% and the combined ratio to 91.6%, up 3.0 percentage points and 1.4 percentage points, respectively, year on year. The company continues to explain that improved management efficiency is coexisting with higher expenses from growth investment. - FY2017-Q1First statedAnnual report
「Although management efficiency continues to improve, the company is actively investing in further medium- to long-term growth using profits generated by its pet insurance business, including the head office relocation in the previous third quarter, securing personnel not only in specialist roles but also mainly in sales, and enhancing research facilities. As a result, the expense ratio on an earned premium basis rose 4.4 percentage points year on year to 32.8%. Consequently, the combined ratio on an earned premium basis rose 1.7 percentage points year on year to 92.2%.」
The expense ratio and combined ratio rose year on year as growth investment progressed.