Worth reading
49Recurring
Scored from 5 of 6 sectionsDirection
Mixed performance
Direction inferred from the company’s description.Scale
2929
Hundreds of millions of yenWording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Presentation materials for financial resultsFiscal year ending March 20264 items taken from the company’s own explanation
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Adjustment to group EV as of end-March 2025▲¥191.4 billion
- Value of new business in fiscal 2025¥169.0 billion
- Expected contribution from in-force business (reference interest rate component)¥59.6 billion
- Expected contribution from in-force business (amount exceeding the reference interest rate)¥121.9 billion
- Variance between insurance-related assumptions and actual results▲¥24.3 billion
- Changes in insurance-related assumptions▲¥166.3 billion
- Impact of economic changes and changes in economic assumptions¥289.8 billion
- Changes in net assets other than those of the covered businesses¥34.5 billion
- Changes due to other factors
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- 2.9%AssumptionsUltimate interest rate for the Japanese yen
- 3.8%AssumptionsUltimate interest rates for the US dollar and Australian dollar
- 1.4%AssumptionsInflation rate for the first 40 years
- 2%AssumptionsInflation rate in year 70
- 28.90%AssumptionsEffective tax rate (for 3 companies from fiscal 2026 onward)
- 2.426%Assumptions10-year Japanese government bond spot rate (as of end-March 2026)
New initiatives
- Switching to disclosure of EV calculated using a methodology aligned with economic value-based solvency regulation
Key KPIsA metric the company considers important as a management benchmark.
- Group embedded value42,386 Hundreds of millions of yenYear on year against the same period last yearup ¥292.9 billion year on year
- Value of in-force business34,608 Hundreds of millions of yenYear on year against the same period last yearup ¥503.9 billion year on year
- Value of new business1,690 Hundreds of millions of yenYear on year against the same period last yearup ¥2.9 billion year on year
- New business margin8.7 %Year on year against the same period last yearIncrease of 0.9 percentage points
- Present value of premium income19,363 Hundreds of millions of yenYear on year against the same period last yeardown ¥185.3 billion year on year
| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | Fiscal year ending March 2026 |
| Breakdown of Factors Affecting the Change | Factors Adjustment to group EV as of end-March 2025 / Amount ▲¥191.4 billion, Factors Value of new business in fiscal 2025 / Amount ¥169.0 billion, Factors Expected contribution from in-force business (reference interest rate component) / Amount ¥59.6 billion, Factors Expected contribution from in-force business (amount exceeding the reference interest rate) / Amount ¥121.9 billion, Factors Variance between insurance-related assumptions and actual results / Amount ▲¥24.3 billion, Factors Changes in insurance-related assumptions / Amount ▲¥166.3 billion, Factors Impact of economic changes and changes in economic assumptions / Amount ¥289.8 billion, Factors Changes in net assets other than those of the covered businesses / Amount ¥34.5 billion, Factors Changes due to other factors / Amount Not disclosed |
| Key KPIs | Indicator name Group embedded value / Value 42,386 Hundreds of millions of yen / Year on year against the same period last year up ¥292.9 billion year on year, Indicator name Value of in-force business / Value 34,608 Hundreds of millions of yen / Year on year against the same period last year up ¥503.9 billion year on year, Indicator name Value of new business / Value 1,690 Hundreds of millions of yen / Year on year against the same period last year up ¥2.9 billion year on year, Indicator name New business margin / Value 8.7 % / Year on year against the same period last year Increase of 0.9 percentage points, Indicator name Present value of premium income / Value 19,363 Hundreds of millions of yen / Year on year against the same period last year down ¥185.3 billion year on year |
| Assumptions Underlying the Business Outlook | Assumptions Ultimate interest rate for the Japanese yen / Value 2.9%, Assumptions Ultimate interest rates for the US dollar and Australian dollar / Value 3.8%, Assumptions Inflation rate for the first 40 years / Value 1.4%, Assumptions Inflation rate in year 70 / Value 2%, Assumptions Effective tax rate (for 3 companies from fiscal 2026 onward) / Value 28.90%, Assumptions 10-year Japanese government bond spot rate (as of end-March 2026) / Value 2.426% |
| New initiatives | Switching to disclosure of EV calculated using a methodology aligned with economic value-based solvency regulation |
Items this document does not state (25)
Net SalesOperating profitOrdinary incomeNet incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterFull-year earnings forecastProgress against full-year forecastSelf-assessment against the planSegment resultsUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey 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.Group EV increased due to new business acquisition and rising domestic and overseas stock prices. Adjusted net worth declined as the factors increasing it from rising domestic and overseas stock prices were more than offset by the impact of rising domestic interest rates and other factors, while the value of in-force business increased due to new business acquisition and rising domestic interest rates and other factors.
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.