Earnings quality
Compare earnings and operating cash flow for earnings quality.
MS&AD Insurance Group Holdings, Inc.
Ticker 8725 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-30 · Period end 2026-03-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 21.7%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio21.7%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
ＭＳ＆ＡＤインシュアランスグループホールディングス株式会社 is a Japanese listed company. Its reportable segments include Mitsui Sumitomo Insurance Co Ltd, Aioi Nissay Dowa Insurance Co Ltd, Mitsui Direct General Insurance Co Ltd, Mitsui Sumitomo Aioi Life Insurance Co Ltd.
- Mitsui Sumitomo Insurance Co Ltd
- Aioi Nissay Dowa Insurance Co Ltd
- Mitsui Direct General Insurance Co Ltd
- Mitsui Sumitomo Aioi Life Insurance Co Ltd
- Mitsui Sumitomo Primary Life Insurance Co Ltd
- Total Of
- Operating Segments Not Included In
- Overseas Subsidiaries And Affiliates
Segments Mitsui Sumitomo Insurance Co Ltd · Aioi Nissay Dowa Insurance Co Ltd · Mitsui Direct General Insurance Co Ltd · Mitsui Sumitomo Aioi Life Insurance Co Ltd · Mitsui Sumitomo Primary Life Insurance Co Ltd · Total Of
Compare trends
Tel 03-3259-1600 · As of filing date 2026-06-30
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit (loss) | — | — |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥152.7B | ¥187.4B |
| Profit (loss) | ¥305.8B | ¥516.1B |
| Profit (loss) attributable to owners | ¥300.2B | ¥510.6B |
| Basic EPS (¥) | 193.36 | 342.98 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥2.3T | ¥2.5T |
| Current assets | — | — |
| Non-current assets | — | — |
| Total assets | ¥26.8T | ¥29.6T |
| Short-term borrowings | — | — |
| Current liabilities | — | — |
| Non-current liabilities* | — | — |
| Total liabilities | ¥21.4T | ¥23.1T |
| Equity attributable to owners | ¥5.4T | ¥6.4T |
| Total equity | ¥5.4T | ¥6.5T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥707.4B | ¥954.0B |
| Cash flows from investing activities | -¥555.9B | -¥719.5B |
| Cash flows from financing activities | -¥680.4B | -¥138.8B |
| Net increase (decrease) in cash | -¥510.3B | ¥179.4B |
| Cash at end of period | ¥2.3T | ¥2.5T |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Operating profit | ¥390.5B | ¥292.3B | ¥416.4B | ¥929.0B | ¥1.1T | |
| Profit to owners | — | — | — | ¥300.2B | ¥510.6B | |
| Total assets | ¥25.0T | ¥24.3T | ¥28.1T | ¥26.8T | ¥29.6T | |
| Cash & equivalents | — | — | ¥2.9T | ¥2.3T | ¥2.5T | |
| Owners’ equity | ¥3.3T | ¥3.1T | ¥5.9T | ¥5.4T | ¥6.4T |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from — to — (—), so the top line did not break. Gross profit only slipped from — to —, while operating profit swung from — to — — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥954.0B (prior ¥707.4B), and cash on the balance sheet rose to ¥2.5T from ¥2.3T. When profits collapse but operating cash stays positive, read the notes for impairments and other non-cash charges before assuming the business stopped generating cash.
The balance sheet got heavier on leverage. Total liabilities rose to ¥23.1T while owners’ equity fell to ¥6.4T. ROE moved from 5.3% to 8.6%, and the equity ratio from 20.1% to 21.7%. Employee count is 46,856 vs 46,513 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Capital structure held relatively steady.
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Source: EDINET S100YNCJ
(ＭＳ＆ＡＤインシュアランスグループホールディングス株式会社), period end 2026-03-31.