Worth reading
90Important
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
1121
Hundreds of millions of yenWording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFiscal year ending March 2026, full year12 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥113,083 100 million +14.0%consolidated ordinary revenues
Ordinary income¥7,537 100 million 0.0%consolidated ordinary profit
Net income¥4,366 100 million -5.0%consolidated net income
Full-year earnings forecast
Consolidated ordinary revenues
106,660 Hundreds of millions of yen
Consolidated ordinary income
8,690 Hundreds of millions of yen
Consolidated net income
5,130 Hundreds of millions of yen
Group adjusted profit
approximately 5,600
Underlying profit
approximately 6,500
Dividend per share
¥72
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Consolidated ordinary revenues102%
Consolidated ordinary income105%
Consolidated net income107%
Group adjusted profit110%
Underlying profit110%
Group adjusted profit by segment
Domestic Business105%
Overseas Operations105%
Non-insurance business108%
Group new business valueapproximately 91%
DL new business valueapproximately 69%
DFL/NFL new business valueapproximately 113%
Overseas new business valueapproximately 115%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Exceeded full-year forecasts in all business segmentsBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Group adjusted profit
Domestic Business1,003
Overseas Operations47
Non-insurance business142
HD and Other-71
BreakdownHundreds of millions of yen
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
USD/JPY¥159.88 per US dollar (end-March 2026)
EUR/JPY¥183.41 per euro (end-March 2026)
AUD/JPY¥109.68 per Australian dollar (end-March 2026)
Japan 10-year interest rateapproximately 2.4% (end-March 2026)
Japan 30-year interest rateapproximately 3.6% (end-March 2026)
AssumptionsEstimates based on the economic environment as of the end of March 2026
New initiatives
- PLC's acquisition of Obsidian Insurance Holdings, Inc.Expected acquisition completion dateExpected to be completed between the end of 2026 and the first quarter of fiscal 2027Acquisition priceNot disclosedFundingPLC's cash on handAdjusted profit contributionApproximately US$30 million to US$40 million during the next medium-term management plan period
- Increase in the payout ratioDetailsThe payout ratio will be changed to at least 50% from the fiscal year ending March 2027
Key KPIsA metric the company considers important as a management benchmark.
- Group adjusted profit5,515 Hundreds of millions of yenYear on year against the same period last year+25%
- Adjusted ROE12.7 %Year on year against the same period last year+2.0％pt
- Group ESR220 %Year on year against the same period last year+approximately 10 percentage points
- Group embedded value¥9.7 trillionYear on year against the same period last year+approximately 18%
- Group new business value1,738 Hundreds of millions of yenYear on year against the same period last year+approximately 1%
- Annualized premiums from new business5,769 Hundreds of millions of yenYear on year against the same period last year+5.6%
- Annualized premiums from in-force policies54,336 Hundreds of millions of yenYear on year against the same period last year+6.5%
- Positive spread1,693 Hundreds of millions of yen
- Matching ratio87 %Year on year against the same period last year-4 percentage points from end-December 2025
Segment results
Domestic Business
Group adjusted profit
4,163 Hundreds of millions of yen+32.0%
Overseas Operations
Group adjusted profit
1,192 Hundreds of millions of yen+4.0%
Non-insurance business
Group adjusted profit
222 Hundreds of millions of yen+178.0%
HD and Other
Group adjusted profit
-62 Hundreds of millions of yen-789.0%
Medium-term management plan targets
Adjusted ROE12% (achieved ahead of schedule)
Final yearFiscal year ending March 2027
Group adjusted profit in the final fiscal yearApproximately ¥560 billion
Financial targets
Adjusted ROE target12 %
Actual results12.7 %
Market Size / Share
US E&S market as a percentage of the overall P&C insurance market12.3% in 2024
Obsidian top-line growthMore than 50% year-on-year from 2022 to 2025
Annual Dividend
Fiscal year ending March 2026
Annual¥54.5
Interim¥24
End of period¥30.5
Forecast for the fiscal year ending March 2027
Annual¥72
Interim¥36
End of period¥36
Payout ratio
At least 50% from the fiscal year ending March 2027Acquisition of treasury shares
The specific acquisition limit, number of shares and period have not been determined. The policy is to make decisions in a timely and flexible manner.| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Fiscal year ending March 2026, full year |
| Net Sales | ¥113,083 100 million (consolidated ordinary revenues) (YoY +14.0%) |
| Ordinary income | ¥7,537 100 million (consolidated ordinary profit) (YoY 0.0%) |
| Net income | ¥4,366 100 million (consolidated net income) (YoY -5.0%) |
| Full-year earnings forecast | Consolidated ordinary revenues 106,660 Hundreds of millions of yen / Consolidated ordinary income 8,690 Hundreds of millions of yen / Consolidated net income 5,130 Hundreds of millions of yen / Group adjusted profit approximately 5,600 / Underlying profit approximately 6,500 / Dividend per share ¥72 |
| Progress against full-year forecast | Consolidated ordinary revenues 102% / Consolidated ordinary income 105% / Consolidated net income 107% / Group adjusted profit 110% / Underlying profit 110% / Group adjusted profit by segment Domestic Business 105% / Overseas Operations 105% / Non-insurance business 108% / Group new business value approximately 91% / DL new business value approximately 69% / DFL/NFL new business value approximately 113% / Overseas new business value approximately 115% |
| Self-assessment against the plan | Exceeded full-year forecasts in all business segments |
| Segment results | Domestic Business Group adjusted profit 4,163 Hundreds of millions of yen (YoY +32.0%) / Overseas Operations Group adjusted profit 1,192 Hundreds of millions of yen (YoY +4.0%) / Non-insurance business Group adjusted profit 222 Hundreds of millions of yen (YoY +178.0%) / HD and Other Group adjusted profit -62 Hundreds of millions of yen (YoY -789.0%) |
| Breakdown of Factors Affecting the Change | Group adjusted profit Domestic Business 1,003 / Overseas Operations 47 / Non-insurance business 142 / HD and Other -71 / Breakdown Hundreds of millions of yen |
| Key KPIs | Indicator name Group adjusted profit / Value 5,515 Hundreds of millions of yen / Year on year against the same period last year +25%, Indicator name Adjusted ROE / Value 12.7 % / Year on year against the same period last year +2.0％pt, Indicator name Group ESR / Value 220 % / Year on year against the same period last year +approximately 10 percentage points, Indicator name Group embedded value / Value ¥9.7 trillion / Year on year against the same period last year +approximately 18%, Indicator name Group new business value / Value 1,738 Hundreds of millions of yen / Year on year against the same period last year +approximately 1%, Indicator name Annualized premiums from new business / Value 5,769 Hundreds of millions of yen / Year on year against the same period last year +5.6%, Indicator name Annualized premiums from in-force policies / Value 54,336 Hundreds of millions of yen / Year on year against the same period last year +6.5%, Indicator name Positive spread / Value 1,693 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Indicator name Matching ratio / Value 87 % / Year on year against the same period last year -4 percentage points from end-December 2025 |
| Assumptions Underlying the Business Outlook | USD/JPY ¥159.88 per US dollar (end-March 2026) / EUR/JPY ¥183.41 per euro (end-March 2026) / AUD/JPY ¥109.68 per Australian dollar (end-March 2026) / Japan 10-year interest rate approximately 2.4% (end-March 2026) / Japan 30-year interest rate approximately 3.6% (end-March 2026) / Assumptions Estimates based on the economic environment as of the end of March 2026 |
| Medium-term management plan targets | Adjusted ROE 12% (achieved ahead of schedule) / Final year Fiscal year ending March 2027 / Group adjusted profit in the final fiscal year Approximately ¥560 billion |
| Financial targets | Adjusted ROE target 12 % / Actual results 12.7 % |
| Annual Dividend | Fiscal year ending March 2026 Annual ¥54.5 / Interim ¥24 / End of period ¥30.5 / Forecast for the fiscal year ending March 2027 Annual ¥72 / Interim ¥36 / End of period ¥36 |
| Payout ratio | At least 50% from the fiscal year ending March 2027 |
| Acquisition of treasury shares | The specific acquisition limit, number of shares and period have not been determined. The policy is to make decisions in a timely and flexible manner. |
| Market Size / Share | US E&S market as a percentage of the overall P&C insurance market 12.3% in 2024 / Obsidian top-line growth More than 50% year-on-year from 2022 to 2025 |
| New initiatives | Measures PLC's acquisition of Obsidian Insurance Holdings, Inc. / Expected acquisition completion date Expected to be completed between the end of 2026 and the first quarter of fiscal 2027 / Acquisition price Not disclosed / Funding PLC's cash on hand / Adjusted profit contribution Approximately US$30 million to US$40 million during the next medium-term management plan period, Measures Increase in the payout ratio / Details The payout ratio will be changed to at least 50% from the fiscal year ending March 2027 |
Items this document does not state (12)
Operating profitGross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookCapital expendituresOrders received and order backlogKey points of the Q&A
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.In the domestic business, higher positive spread income and gains on securities sales contributed to profit growth. In the overseas business, one-time gains from the sale of an agency subsidiary, cost reductions and improved investment income contributed, while in the non-insurance business, profit contributions from DMRE and Capula and expansion of the customer base supported earnings growth.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.