The full-year FY2025 results for Japan's three major property & casualty insurers—Tokio Marine Holdings ("Tokio Marine"), MS&AD Insurance Group Holdings ("MS&AD"), and SOMPO Holdings ("SOMPO")—have been released. This column provides a quantitative comparative analysis of the three companies' financial positions based on their TDnet earnings releases (XBRL).
Note on Stock Splits
All three companies implemented stock splits in recent years:
FY2025 per-share metrics are presented on a post-split basis. Historical comparisons require adjustment.
Also note that SOMPO adopted IFRS from FY2025, so some insurance-specific tags (INS suffix) are limited or unavailable in the filings.
We first look across the three companies' consolidated totals to observe industry trends. The table below shows the five-year trend from FY2021 to FY2025.
| Indicator (Total of 3 companies) | FY2021 | FY2022 | FY2023 | FY2025 |
|---|---|---|---|---|
| Net Premiums Written | ¥10.03 trillion | ¥10.71 trillion | ¥12.08 trillion | ¥13.55 trillion |
| Ordinary Income | ¥788.2 billion | ¥1.27 trillion | ¥857.5 billion | ¥2.39 trillion |
| Net income attributable to owners of parent | ¥448.5 billion | ¥907.9 billion | ¥629.0 billion | ¥1.99 trillion |
| Total assets | ¥63.03 trillion | ¥66.07 trillion | ¥67.16 trillion | ¥73.37 trillion |
| Securities | ¥44.57 trillion |
※SOMPO's FY2025 securities data is unavailable due to IFRS transition; the FY2025 securities total above is the sum of Tokio Marine + MS&AD.
Net Premiums Written for FY2025 reached ¥13.55 trillion, a 35.1% increase versus FY2021. This reflects overseas expansion and domestic rate revisions. Ordinary Income surged to ¥2.39 trillion (+178.5% YoY), and net income expanded to ¥1.99 trillion—more than three times the FY2021 level. The sharp profit increase is primarily driven by Tokio Marine's large rise in investment income (see below).
Compare each company's Ordinary Income trend and five-year CAGR.
| Company | FY2021 | FY2022 | FY2023 | FY2025 | 5-year CAGR |
|---|---|---|---|---|---|
| Tokio Marine | ¥266.7 billion | ¥567.4 billion | ¥503.9 billion | ¥1.46 trillion | 53.0% |
| MS&AD | ¥306.5 billion | ¥390.4 billion | ¥231.1 billion | ¥928.9 billion | 31.9% |
| SOMPO | ¥215.0 billion | ¥315.5 billion | ¥122.5 billion |
Tokio Marine's five-year CAGR of 53.0% is remarkable. FY2025 alone saw Ordinary Income rise ~189.8% YoY (roughly tripling). MS&AD also delivered strong growth (31.9% CAGR), with FY2025 up ~301.9% YoY (over fourfold). SOMPO's FY2025 Ordinary Income is not disclosed in the same tags due to IFRS; through FY2023 its results were more volatile.
Looking at YoY changes: FY2025 shows Tokio Marine with stable growth in Ordinary Revenue (+0.7%) and Net Income (+0.5%), while MS&AD recorded slightly stronger growth in Ordinary Revenue (+1.2%) and Net Income (+0.9%). SOMPO shows a small YoY decline in Net Income (-0.5%) compared with FY2023 levels.
P&C insurers derive earnings from two pillars: underwriting and asset management (investment). Below we compare the companies' revenue structures.
Definition of Net Underwriting Profit
Net Underwriting Profit = Underwriting Income - Underwriting Expenses
This measures profitability of the core insurance business.
| Company | FY2021 | FY2022 | FY2023 | FY2025 | FY2025 YoY |
|---|---|---|---|---|---|
| Tokio Marine | ¥484.5 billion | ¥804.1 billion | ¥968.7 billion | ¥1.28 trillion | +32.4% |
| MS&AD | -¥375.0 billion | ¥324.2 billion | ¥418.1 billion | ¥821.1 billion | +96.4% |
| SOMPO | ¥500.6 billion | ¥557.4 billion | ¥492.7 billion |
MS&AD swung from an underwriting loss of ¥375.0 billion in FY2021 to a ¥821.1 billion underwriting profit in FY2025—a V-shaped recovery and nearly double YoY (+96.4%). Tokio Marine's underwriting remains solid at ¥1.28 trillion (+32.4% YoY).
Definition of Net Investment Income
Net Investment Income = Investment Income - Investment Expenses
This reflects returns on securities, loans and other invested assets.
| Company | FY2021 | FY2022 | FY2023 | FY2025 | FY2025 YoY |
|---|---|---|---|---|---|
| Tokio Marine | ¥581.8 billion | ¥649.8 billion | ¥671.4 billion | ¥1.44 trillion | +115.1% |
| MS&AD | ¥1.38 trillion | ¥749.7 billion | ¥550.0 billion | ¥942.2 billion | +71.3% |
| SOMPO | ¥228.3 billion | ¥301.1 billion | ¥211.9 billion |
Tokio Marine's Net Investment Income jumped to ¥1.44 trillion (+115.1% YoY, about 2.1x). The main drivers were Gain on Sales of Securities of ¥842.2 billion (¥84.22 billion? — see units below) which rose 4.6x from the prior year, and Interest & Dividends Income of ¥1.00 trillion (+44.9% YoY). This highlights Tokio Marine's successful asset management in a rising interest-rate environment.
MS&AD's Net Investment Income also increased to ¥942.2 billion (+71.3% YoY), though below its FY2021 peak of ¥1.38 trillion. Gain on Sales of Securities rose to ¥561.6 billion (versus ¥195.9 billion prior), a ~2.9x increase, but not to the same magnitude as Tokio Marine.
SOMPO's FY2023 Net Investment Income was ¥211.9 billion, indicating a more conservative investment stance through FY2023.
Compare major underwriting expense items to understand each company's cost structure.
| Item | Tokio Marine FY2025 | MS&AD FY2025 | SOMPO FY2023 |
|---|---|---|---|
| Net Claims Paid | ¥2.77 trillion | ¥2.49 trillion | ¥1.95 trillion |
| Loss Adjustment Expenses | ¥193.8 billion | ¥242.8 billion | ¥135.8 billion |
| Commissions & Collection Expenses | ¥1.02 trillion | ¥890.7 billion | ¥703.1 billion |
| Policy Reserves (additions) | ¥392.3 billion | ¥734.7 billion | ¥164.0 billion |
※ SOMPO uses FY2023 data because FY2025 insurance-tag data are limited under IFRS.
Tokio Marine records the largest Net Claims Paid at ¥2.77 trillion, representing a claims ratio of 52.1% against Net Premiums Written of ¥5.3051 trillion. MS&AD's claims of ¥2.49 trillion imply a claims ratio of 53.3% against Net Premiums Written of ¥4.6743 trillion. Tokio Marine's higher Commissions & Collection Expenses (¥1.02 trillion) likely reflect a diversified distribution mix.
MS&AD's large additions to Policy Reserves (¥734.7 billion) stand out, likely driven by increases in life-insurance related reserves. Additions to Outstanding Claims Reserves have risen across the board, which may reflect more frequent or larger-scale natural disasters and major claims.
Breakdown of investment results and their drivers.
| Item | Tokio Marine FY2025 | MS&AD FY2025 | SOMPO FY2023 |
|---|---|---|---|
| Interest & Dividends Income | ¥1.00 trillion | ¥495.1 billion | ¥241.4 billion |
| Gain on Sales of Securities | ¥842.2 billion | ¥561.6 billion | ¥75.5 billion |
| Loss on Sales of Securities | ¥295.1 billion | ¥51.8 billion | ¥58.6 billion |
| Net Gain/Loss on Sales of Securities | ¥547.0 billion | ¥509.7 billion | ¥16.8 billion |
Tokio Marine's Interest & Dividends Income of ¥1.00 trillion is roughly double MS&AD's ¥495.1 billion—reflecting both a larger securities balance (¥19.26 trillion vs. ¥17.76 trillion) and differences in portfolio composition.
Net Gain on Sales of Securities is comparable between Tokio Marine (¥547.0 billion) and MS&AD (¥509.7 billion), as both realized equity gains on favorable markets since FY2024. SOMPO's conservative stance is reflected in a modest ¥16.8 billion net gain for FY2023.
Tokio Marine's Investment Expenses are relatively high (¥544.6 billion), partly due to Losses on Sales of Securities (¥295.1 billion). These losses typically accompany active portfolio rebalancing and realization of gains.
Key B/S items compared across companies.
| Item | Tokio Marine FY2025 | MS&AD FY2025 | SOMPO FY2025 |
|---|---|---|---|
| Total assets | ¥31.24 trillion | ¥26.24 trillion | ¥15.89 trillion |
| Securities | ¥19.26 trillion | ¥17.76 trillion | - |
| Cash & Deposits | ¥1,071.1 billion | ¥2,139.7 billion | - |
| Loans | ¥3,140.3 billion | ¥909.8 billion | - |
| Purchased Monetary Claims |
Impact of SOMPO's IFRS Transition
SOMPO adopted IFRS from FY2025, which limits availability of insurance-specific tags in public XBRL filings. Cells marked "-" indicate missing data due to this transition.
Tokio Marine is the largest by total assets (¥31.24 trillion), followed by MS&AD (¥26.24 trillion) and SOMPO (¥15.89 trillion). Both Tokio Marine and MS&AD invest over 60% of assets in securities.
Tokio Marine's Loans balance (¥3.14 trillion) is roughly 3.5x MS&AD's ¥909.8 billion, indicating greater use of loan investments. Tokio Marine also holds a much larger Purchased Monetary Claims position (¥3.05 trillion). MS&AD's money trust balance (¥2.66 trillion) suggests diversification of investment vehicles.
Comparison of Accumulated Other Comprehensive Income components (FY2025):
| Item | Tokio Marine | MS&AD | SOMPO |
|---|---|---|---|
| Unrealized Gains/Losses on Securities | ¥868.9 billion | ¥1.39 trillion | - |
| Foreign Currency Translation Adjustment | ¥1.19 trillion | ¥406.3 billion | - |
| Deferred Gains/Losses on Hedges | -¥9.8 billion | -¥28.3 billion | - |
| Accumulated Other Comprehensive Income | ¥2.05 trillion | ¥1.70 trillion | - |
Tokio Marine's Foreign Currency Translation Adjustment of ¥1.19 trillion is roughly three times MS&AD's ¥406.3 billion, reflecting larger overseas operations. MS&AD's unrealized securities gains (¥1.39 trillion) exceed Tokio Marine's ¥868.9 billion, suggesting greater unrealized mark-to-market gains in MS&AD's holdings.
Policy liabilities (Policy Reserves) are ¥17.77 trillion for Tokio Marine and ¥16.25 trillion for MS&AD, broadly proportional to asset size. Outstanding Claims Reserves are ¥5.41 trillion for Tokio Marine and ¥3.30 trillion for MS&AD. MS&AD holds a larger Reserve for Price Fluctuations (¥251.7 billion) than Tokio Marine (¥150.4 billion), indicating larger risk buffers.
Compare cash flows and shareholder-return metrics.
| Item | Tokio Marine FY2025 | MS&AD FY2025 | SOMPO FY2025 |
|---|---|---|---|
| Operating CF | ¥1,345.0 billion | ¥660.1 billion | ¥573.0 billion |
| Investing CF | ¥164.6 billion | -¥558.7 billion | -¥272.2 billion |
| Financing CF | -¥1,188.4 billion | -¥659.5 billion | -¥481.6 billion |
| Share Repurchases / Buybacks | ¥269.0 billion | ¥250.8 billion | - |
| Total Shareholder Returns (cash) |
※ SOMPO's latest buyback / total-return figures available in public XBRL are from FY2023 (¥58.0 billion).
Tokio Marine generated the largest operating cash flow (¥1,345.0 billion), underscoring strong underlying cash generation. Investing CF turned positive (¥164.6 billion), reflecting net sales of securities—consistent with the recognition of large gains on sales.
Financing CF at Tokio Marine was the most negative (-¥1,188.4 billion), reflecting active shareholder returns through dividends and buybacks. Buybacks were ¥269.0 billion, roughly on par with MS&AD's ¥250.8 billion.
MS&AD showed negative Investing CF (-¥558.7 billion), indicating net investments into securities and money trusts (including the ¥2.66 trillion money trust position).
Per-share metrics are presented on a post-split basis for FY2025.
| Company | FY2025 EPS | FY2025 Dividend | Payout Ratio | FY2024 EPS (reference) | FY2024 Dividend (reference) |
|---|---|---|---|---|---|
| Tokio Marine | ¥542.16 | ¥172.00 | 31.7% | ¥351.59 | ¥123.00 |
| MS&AD | ¥445.52 | ¥145.00 | 32.5% | ¥231.83 | ¥270.00 |
| SOMPO | ¥250.90 | ¥132.00 | 52.6% |
Tokio Marine posts the highest EPS (¥542.16), up 54.2% from ¥351.59 last year, while maintaining a moderate payout ratio of 31.7%. MS&AD's EPS rose to ¥445.52 (up 92.2% from ¥231.83), with a payout ratio of 32.5%. SOMPO's EPS is lowest among the three (¥250.90) but the company maintains a generous dividend (¥132.00), implying a high payout ratio of 52.6% and a shareholder-return focus.
When adjusted for stock splits, Tokio Marine's EPS progressed from FY2021 levels through FY2025 with some split-driven fluctuations; MS&AD shows a similar split-adjusted pattern.
Compare each company's full-year net-income forecasts and Q3 cumulative results to assess progress toward guidance.
| Company | Full-year forecast (Net Income) | Q3 cumulative actual | Progress (%) |
|---|---|---|---|
| Tokio Marine | ¥930.0 billion | ¥899.2 billion | 96.7% |
| MS&AD | ¥579.0 billion | ¥657.1 billion | 113.5% |
| SOMPO | ¥335.0 billion | ¥518.3 billion | 154.7% |
Tokio Marine's forecast of ¥930.0 billion is nearly met already (96.7% through Q3), suggesting a high likelihood of upward revision. MS&AD and SOMPO have already exceeded their full-year forecasts (progress > 100%), with SOMPO showing a particularly large over-performance (154.7%). These elevated progress rates are partly seasonal—investment returns and large realized gains often concentrate in certain periods—and were boosted in FY2025 by favorable equity markets and rising interest rates.
The following qualitative issues are important although not captured directly in the XBRL data.
Tokio Marine's large Foreign Currency Translation Adjustment (¥1.19 trillion) indicates substantial overseas operations. With domestic markets maturing, all three groups are likely accelerating overseas expansion—especially in emerging markets—and pursuing M&A and reinsurance strategies to drive growth.
SOMPO's move to IFRS from FY2025 will improve international comparability but complicate continuity with historical J-GAAP figures. IFRS 17 will change the measurement of insurance contract liabilities and revenue recognition timing, potentially affecting reported margins and ROE. Tokio Marine and MS&AD may also consider IFRS adoption in the future, making accounting convergence a sector-level consideration.
Rising Net Claims Paid and larger Outstanding Claims Reserves suggest increased frequency/severity of natural catastrophes. Insurers are likely to strengthen reinsurance programs and Reserve for Price Fluctuations to buffer catastrophe risk. Accurate catastrophe modeling and appropriate rate adjustments will be critical management challenges going forward.
Overall, FY2025 was a year in which a more favorable investment environment materially boosted profits across the sector. Tokio Marine stands out for its surge in investment income; MS&AD for underwriting improvement; and SOMPO for high shareholder returns and strong progress versus guidance. Going forward, how each group manages overseas expansion, IFRS effects, and climate-related catastrophe risk will be key.
This article is for informational purposes only, based on publicly available financial data (TDnet XBRL filings).
It is intended as a financial analysis resource and does not constitute investment advice.
| ¥45.79 trillion |
| ¥44.45 trillion |
| ¥37.02 trillion※ |
| - |
| - |
| - |
| - |
| - |
| - |
| Outstanding Claims Reserves (additions) |
| ¥196.9 billion |
| ¥313.3 billion |
| ¥322.8 billion |
| Total Underwriting Expenses | ¥4.99 trillion | ¥4.58 trillion | ¥3.60 trillion |
| Investment Income |
| ¥1.99 trillion |
| ¥1.20 trillion |
| ¥325.7 billion |
| Investment Expenses | ¥544.6 billion | ¥257.1 billion | ¥113.7 billion |
| Net Investment Income | ¥1.44 trillion | ¥942.2 billion | ¥211.9 billion |
| ¥3,051.9 billion |
| ¥301.3 billion |
| - |
| Money Trusts | ¥0.01 billion | ¥2,663.3 billion | - |
| Policy Reserves (liabilities) | ¥17.77 trillion | ¥16.25 trillion | - |
| Outstanding Claims Reserves | ¥5.41 trillion | ¥3.30 trillion | - |
| Reserve for Price Fluctuations | ¥150.4 billion | ¥251.7 billion | - |
| Net assets | ¥5.10 trillion | ¥4.05 trillion | ¥4.23 trillion |
| Capital Adequacy Ratio | 16.3% | 15.2% | - |
| ¥269.0 billion |
| ¥250.8 billion |
| - |
| - |
| - |