Cash flow MS&AD Insurance Group Holdings, Inc.

Equities

8725

JP3890310000

Property & Casualty Insurance

Market Closed - Japan Exchange Other stock markets 12:00:00 09/02/2026 pm IST			5-day change	1st Jan Change
4,155.00 ^JPY	-0.10%		+5.67%	+12.82%

07/01	Rakuten Medical, Inc. announced that it has received $100 million in funding from a group of investors	CI
06/01	Tranche Update on MS&AD Insurance Group Holdings, Inc.'s Equity Buyback Plan announced on November 19, 2025.	CI

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Published financial data: MS&AD INSURANCE GROUP HOLDINGS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Premiums and Annuity Revenues	3,37100Cr	4,18100Cr	4,42900Cr	5,02900Cr	5,31100Cr
Total Interest And Dividend Income	68TCr	47TCr	32TCr	62TCr	44TCr
Gain (Loss) on Sale of Investments, Total (Rev)	80TCr	41TCr	39TCr	83TCr	58TCr
Other Revenues, Total	3.38TCr	5.65TCr	8.51TCr	8.97TCr	11TCr
Total Revenues	4,88500Cr	5,12000Cr	5,22600Cr	6,55900Cr	6,43500Cr
Policy Benefits	3,06000Cr	3,18500Cr	3,27200Cr	4,25300Cr	3,68200Cr
Policy Acquisition / Underwriting Costs, Total	74TCr	73TCr	79TCr	85TCr	90TCr
Selling General & Admin Expenses, Total	69TCr	70TCr	74TCr	80TCr	85TCr
Provision for Bad Debts	161.1Cr	14Cr	172.3Cr	155.2Cr	137.3Cr
Other Operating Expenses	419.7Cr	524.7Cr	877.8Cr	2.36TCr	6.76TCr
Total Operating Expenses	4,49500Cr	4,61700Cr	4,81400Cr	5,93000Cr	5,49400Cr
Operating Income	39TCr	50TCr	41TCr	63TCr	94TCr
Interest Expense, Total	-1.46TCr	-1.55TCr	-1.04TCr	-1.05TCr	-1.18TCr
Income (Loss) on Equity Invest.	-660.1Cr	-	-	-	-
Other Non Operating Income (Expenses)	-4.68TCr	-2.81TCr	-20L	-5.85TCr	-90L
EBT, Excl. Unusual Items	32TCr	46TCr	40TCr	56TCr	93TCr
Gain (Loss) on Sale of Investments	-1.59TCr	-6.84TCr	-17TCr	-14TCr	310.8Cr
Gain (Loss) on Sale of Assets	164.6Cr	869.4Cr	2.44TCr	1.15TCr	264.3Cr
Asset Writedown	-195.2Cr	-268.4Cr	-180.1Cr	-1.18TCr	-749.6Cr
Other Unusual Items	-10TCr	-2.65TCr	-1.83TCr	4.61TCr	-1.99TCr
EBT, Incl. Unusual Items	20TCr	37TCr	24TCr	46TCr	91TCr
Income Tax Expense	5.41TCr	10TCr	7.04TCr	8.94TCr	21TCr
Earnings From Continuing Operations	15TCr	27TCr	17TCr	37TCr	70TCr
Net Income to Company	15TCr	27TCr	17TCr	37TCr	70TCr
Minority Interest	-327.2Cr	-314.9Cr	-348.4Cr	-355.3Cr	-500.1Cr
Net Income - (IS)	14TCr	26TCr	16TCr	37TCr	69TCr
Net Income to Common Incl Extra Items	14TCr	26TCr	16TCr	37TCr	69TCr
Net Income to Common Excl. Extra Items	14TCr	26TCr	16TCr	37TCr	69TCr
Per Share Items
Net EPS - Basic	85.27	158.17	99.93	231.83	445.53
Basic EPS - Continuing Operations	85.27	158.17	99.93	231.83	445.53
Basic Weighted Average Shares Outstanding	169.35Cr	166.14Cr	161.64Cr	159.28Cr	155.24Cr
Net EPS - Diluted	85.22	158.11	99.9	231.77	445.45
Diluted EPS - Continuing Operations	85.22	158.11	99.9	231.77	445.45
Diluted Weighted Average Shares Outstanding	169.45Cr	166.22Cr	161.69Cr	159.32Cr	155.27Cr
Normalized Basic EPS	117.08	170.73	152.92	217.44	370.78
Normalized Diluted EPS	117.01	170.66	152.87	217.39	370.72
Dividend Per Share	51.67	60	66.67	90	100
Payout Ratio	58.82	34.35	66.09	31.72	-
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	47TCr	60TCr	52TCr	75TCr	1,06300Cr
EBITA	40TCr	51TCr	43TCr	65TCr	94TCr
EBIT	39TCr	50TCr	41TCr	63TCr	94TCr
Total Revenues (As Reported)	-	-	-	-	6,66100Cr
Effective Tax Rate - (Ratio)	26.8	28.13	29.92	19.35	23.22
Total Current Taxes	-	-	-	-	21TCr
Total Deferred Taxes	-	-	-	-	-416.2Cr
Normalized Net Income	20TCr	28TCr	25TCr	35TCr	58TCr
Non-Cash Pension Expense	-264.2Cr	-630.9Cr	-696.7Cr	-450.8Cr	-

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Total Other Investments	16,79600Cr	16,95900Cr	16,14900Cr	18,16700Cr	18,14800Cr
Total investments	16,79600Cr	16,95900Cr	16,14900Cr	18,16700Cr	18,14800Cr
Cash And Equivalents	2,05800Cr	2,35700Cr	2,77200Cr	2,91100Cr	2,20000Cr
Other Receivables - (Insurance Template)	1,13600Cr	1,13200Cr	1,10200Cr	1,15400Cr	91TCr
Net Property Plant And Equipment	49TCr	49TCr	48TCr	47TCr	46TCr
Goodwill	12TCr	12TCr	14TCr	14TCr	13TCr
Other Intangibles, Total	31TCr	32TCr	35TCr	35TCr	34TCr
Restricted Cash	1,71800Cr	2,03900Cr	2,08200Cr	2,42000Cr	2,66300Cr
Deferred Tax Assets Long-Term (Collected)	3.05TCr	4.07TCr	12TCr	5.94TCr	6.48TCr
Other Long-Term Assets, Total	1,47800Cr	1,57500Cr	1,79900Cr	1,29200Cr	1,32100Cr
Total Assets	24,14300Cr	25,03400Cr	25,00000Cr	26,96000Cr	26,24100Cr
Liabilities
Accrued Expenses, Total	2.83TCr	3TCr	2.84TCr	3.42TCr	4.21TCr
Insurance And Annuity Liabilities	15,85000Cr	16,14100Cr	16,18700Cr	16,31300Cr	16,25200Cr
Unpaid Claims	2,25700Cr	2,46800Cr	2,68200Cr	2,88500Cr	3,30100Cr
Current Portion of Long-Term Debt	-	9.84TCr	10TCr	-	-
Short-Term Borrowings	-	-	-	-	-
Long-Term Debt	1,00700Cr	88TCr	71TCr	72TCr	59TCr
Pension & Other Post Retirement Benefits	16TCr	14TCr	14TCr	14TCr	14TCr
Deferred Tax Liability Non-Current	3.46TCr	4.55TCr	3.12TCr	37TCr	3.77TCr
Other Non Current Liabilities	1,67700Cr	1,92800Cr	2,05900Cr	1,99000Cr	1,82500Cr
Total Liabilities	21,01600Cr	21,73100Cr	21,94400Cr	22,44700Cr	22,18800Cr
Common Stock, Total	10TCr	10TCr	10TCr	10TCr	10TCr
Additional Paid In Capital	55TCr	55TCr	35TCr	34TCr	35TCr
Retained Earnings	1,07900Cr	1,25100Cr	1,30600Cr	1,63400Cr	2,13500Cr
Treasury Stock	-12TCr	-16TCr	-666.2Cr	-3.68TCr	-29TCr
Comprehensive Income and Other	1,47200Cr	1,51400Cr	1,26500Cr	2,42400Cr	1,70400Cr
Total Common Equity	3,08500Cr	3,26000Cr	3,01100Cr	4,46700Cr	4,00100Cr
Minority Interest	4.13TCr	4.31TCr	4.57TCr	4.64TCr	5.22TCr
Total Equity	3,12700Cr	3,30300Cr	3,05600Cr	4,51400Cr	4,05300Cr
Total Liabilities And Equity	24,14300Cr	25,03400Cr	25,00000Cr	26,96000Cr	26,24100Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	167.38Cr	164.23Cr	160.28Cr	159.04Cr	151.49Cr
ECS Total Common Shares Outstanding	167.46Cr	164.23Cr	160.28Cr	159.04Cr	151.49Cr
Book Value / Share	1.84T	1.98T	1.88T	2.81T	2.64T
Tangible Book Value	2,65300Cr	2,81600Cr	2,51400Cr	3,97700Cr	3,52300Cr
Tangible Book Value Per Share	1.58T	1.71T	1.57T	2.5T	2.33T
Total Debt	1,00700Cr	98TCr	81TCr	72TCr	59TCr
Net Debt	-1,05000Cr	-1,37600Cr	-1,95700Cr	-2,19600Cr	-1,60900Cr
Debt Equivalent of Unfunded Proj. Benefit Obligation	13TCr	9.6TCr	10TCr	3.74TCr	-
Minority Interest, Total (Incl. Fin. Div)	4.13TCr	4.31TCr	4.57TCr	4.64TCr	5.22TCr
Account Code - Inventory Valuation	-	-	-	-	3
Full Time Employees	41.5T	39.96T	38.58T	38.39T	38.25T

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	20TCr	37TCr	24TCr	46TCr	-
Depreciation, Depletion & Amortization	7.23TCr	8.48TCr	9.31TCr	10TCr	-
Amortization of Goodwill and Intangible Assets - (CF)	1.17TCr	1.23TCr	1.39TCr	1.78TCr	-
Total Depreciation, Depletion & Amortization	8.41TCr	9.71TCr	11TCr	12TCr	-
(Gain) Loss On Sale of Asset - (CF)	-200Cr	-929.3Cr	-2.82TCr	-162.2Cr	-
(Gain) Loss on Sale of Investments - (CF)	-26TCr	-13TCr	-8.95TCr	-21TCr	-
(Income) Loss On Equity Investments - (CF)	660.1Cr	-1.67TCr	-237.3Cr	-1.88TCr	-
Change in insurance Reserves / Liabilities	32TCr	38TCr	13TCr	71TCr	-
Change in Other Net Operating Assets (Collected)	-36TCr	-27TCr	-15TCr	-39TCr	-
Other Operating Activities	-32TCr	-18TCr	18Cr	-12TCr	-
Cash from Operations	-32TCr	24TCr	19TCr	55TCr	-
Capital Expenditure	-3.37TCr	-2.81TCr	-2.46TCr	-2.29TCr	-
Sale of Property, Plant, and Equipment	1.1TCr	2.06TCr	4.86TCr	2.33TCr	-
Purchase / Sale of Intangible Assets	-5.74TCr	-5.3TCr	-5.7TCr	-6.21TCr	-
Investment in Marketable and Equity Securities, Total	34TCr	23TCr	66TCr	8.83TCr	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-1.55TCr	-14Cr	2.31TCr	1.53TCr	-
Other Investing Activities, Total	-20TCr	-24TCr	-17TCr	-32TCr	-
Cash from Investing	4.39TCr	-7.2TCr	48TCr	-28TCr	-
Long-Term Debt Issued, Total	9.93TCr	15TCr	-	-	-
Total Debt Issued	9.93TCr	15TCr	-	-	-
Long-Term Debt Repaid, Total	-10TCr	-18TCr	-17TCr	-10TCr	-
Total Debt Repaid	-10TCr	-18TCr	-17TCr	-10TCr	-
Repurchase of Common Stock	-3.5TCr	-4.08TCr	-5.57TCr	-3.04TCr	-
Common Dividends Paid	-8.49TCr	-9.03TCr	-11TCr	-12TCr	-
Common & Preferred Stock Dividends Paid	-8.49TCr	-9.03TCr	-11TCr	-12TCr	-
Other Financing Activities, Total	20TCr	22TCr	1.84TCr	1.6TCr	-
Cash from Financing	7.93TCr	5.85TCr	-31TCr	-23TCr	-
Foreign Exchange Rate Adjustments	-353.7Cr	3.85TCr	2.96TCr	4.62TCr	-
Miscellaneous Cash Flow Adjustments	10L	-	10L	-	-
Net Change in Cash	-20TCr	26TCr	39TCr	8.73TCr	-
Supplemental Items
Cash Interest Paid	1.46TCr	1.58TCr	1.04TCr	1.04TCr	-
Cash Income Tax Paid (Refund)	3.06TCr	11TCr	7.3TCr	844.6Cr	-
Net Debt Issued / Repaid	-68Cr	-2.65TCr	-17TCr	-10TCr	-
Levered Free Cash Flow	67TCr	24TCr	45TCr	25TCr	-
Unlevered Free Cash Flow	68TCr	25TCr	46TCr	26TCr	-
Change In Net Working Capital	-45TCr	7.76TCr	-17TCr	17TCr	-9.42TCr

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.03	1.28	1.03	1.51	2.21
Return on Total Capital	6.39	7.46	6.31	8.64	11.91
Return On Equity %	5.25	8.27	5.19	9.85	16.26
Return on Common Equity	5.21	8.28	5.15	9.88	16.34
Margin Analysis
Gross Profit Margin %	22.21	23.52	22.22	22.13	28.84
SG&A Margin	14.09	13.6	14.15	12.17	13.15
EBITDA Margin %	9.71	11.71	9.92	11.43	16.51
EBITA Margin %	8.23	10.05	8.14	9.86	14.62
EBIT Margin %	7.99	9.81	7.87	9.59	14.62
Income From Continuing Operations Margin %	3.02	5.19	3.16	5.68	10.83
Net Income Margin %	2.96	5.13	3.09	5.63	10.75
Net Avail. For Common Margin %	2.96	5.13	3.09	5.63	10.75
Normalized Net Income Margin	4.06	5.54	4.73	5.28	8.94
Levered Free Cash Flow Margin	13.79	4.74	8.61	3.83	-
Unlevered Free Cash Flow Margin	13.97	4.93	8.74	3.93	-
Asset Turnover
Asset Turnover	0.21	0.21	0.21	0.25	0.24
Fixed Assets Turnover	9.94	10.42	10.84	13.92	13.96
Short Term Liquidity
Current Ratio	1.73	1.75	1.78	1.89	1.48
Quick Ratio	0.98	0.96	1.04	1.06	0.68
Operating Cash Flow to Current Liabilities	-0.14	0.09	0.07	0.19	-
Average Days Payable Outstanding	211.62	220.21	231.26	199.48	246.52
Long Term Solvency
Total Debt/Equity	32.22	29.71	26.66	15.84	14.57
Total Debt / Total Capital	24.37	22.91	21.05	13.68	12.72
LT Debt/Equity	32.22	26.73	23.39	15.84	14.57
Long-Term Debt / Total Capital	24.37	20.61	18.46	13.68	12.72
Total Liabilities / Total Assets	87.05	86.81	87.78	83.26	84.56
EBIT / Interest Expense	26.75	32.45	39.63	60.15	79.84
EBITDA / Interest Expense	32.51	38.73	49.93	71.73	90.19
(EBITDA - Capex) / Interest Expense	30.2	36.91	47.56	69.54	90.19
Total Debt / EBITDA	2.12	1.64	1.57	0.95	0.56
Net Debt / EBITDA	-2.21	-2.29	-3.78	-2.93	-1.51
Total Debt / (EBITDA - Capex)	2.29	1.72	1.65	0.98	0.56
Net Debt / (EBITDA - Capex)	-2.38	-2.41	-3.96	-3.02	-1.51
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	1.01	4.8	2.07	25.52	0.3
Gross Profit, 1 Yr. Growth %	-0.18	11	-3.57	25.02	41.83
EBITDA, 1 Yr. Growth %	2.8	26.34	-13.53	44.62	93.95
EBITA, 1 Yr. Growth %	1.57	27.98	-17.37	52.02	111.54
EBIT, 1 Yr. Growth %	1.89	28.67	-18.11	52.81	120.37
Earnings From Cont. Operations, 1 Yr. Growth %	1.45	80.1	-37.95	125.93	86.86
Net Income, 1 Yr. Growth %	0.96	82	-38.53	128.61	87.31
Normalized Net Income, 1 Yr. Growth %	0.25	43.07	-12.86	40.12	124.22
Diluted EPS Before Extra, 1 Yr. Growth %	2.99	85.53	-36.81	132	92.19
Net Property, Plant and Equip., 1 Yr. Growth %	1.33	-1.44	-2.25	-2.32	-1.98
Total Assets, 1 Yr. Growth %	4.08	3.69	-0.13	7.84	-2.67
Common Equity, 1 Yr. Growth %	25.79	5.65	-7.64	48.38	-10.44
Tangible Book Value, 1 Yr. Growth %	32	6.14	-10.72	58.15	-11.42
Cash From Operations, 1 Yr. Growth %	-148.5	-173.08	-17.98	183.01	-
Capital Expenditures, 1 Yr. Growth %	5.23	-16.52	-12.46	-7.1	-
Levered Free Cash Flow, 1 Yr. Growth %	10.09T	-63.97	85.42	-44.17	-
Unlevered Free Cash Flow, 1 Yr. Growth %	4.46T	-63.03	80.88	-43.54	-
Dividend Per Share, 1 Yr. Growth %	3.33	16.13	11.11	35	11.11
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-5.16	2.88	3.42	13.19	12.82
Gross Profit, 2 Yr. CAGR %	2.89	5.26	3.46	9.8	36.82
EBITDA, 2 Yr. CAGR %	7.33	13.97	4.52	11.83	74.63
EBITA, 2 Yr. CAGR %	6.82	14.01	2.83	12.07	91.93
EBIT, 2 Yr. CAGR %	7.51	14.5	2.65	11.86	97.37
Earnings From Cont. Operations, 2 Yr. CAGR %	-12.84	35.17	5.71	18.4	105.47
Net Income, 2 Yr. CAGR %	-13.44	35.55	5.77	18.54	106.93
Normalized Net Income, 2 Yr. CAGR %	0.38	19.76	11.66	10.5	102.08
Diluted EPS Before Extra, 2 Yr. CAGR %	-11.8	38.23	8.27	21.07	111.16
Net Property, Plant and Equip., 2 Yr. CAGR %	3.34	-0.07	-1.85	-2.28	-2.15
Total Assets, 2 Yr. CAGR %	2.16	3.88	1.76	3.78	2.45
Common Equity, 2 Yr. CAGR %	5.9	15.28	-1.22	17.07	15.28
Tangible Book Value, 2 Yr. CAGR %	9.68	18.37	-2.65	18.82	18.36
Cash From Operations, 2 Yr. CAGR %	-35.42	-40.47	-22.58	52.36	-
Capital Expenditures, 2 Yr. CAGR %	1.98	-6.27	-14.51	-9.82	-
Levered Free Cash Flow, 2 Yr. CAGR %	24.56	506.01	-18.26	1.74	-
Unlevered Free Cash Flow, 2 Yr. CAGR %	26.4	310.72	-18.23	1.06	-
Dividend Per Share, 2 Yr. CAGR %	5.22	9.54	13.59	22.47	22.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-1.38	-1.95	2.61	10.32	8.41
Gross Profit, 3 Yr. CAGR %	5.04	5.52	2.23	10.2	17.78
EBITDA, 3 Yr. CAGR %	12.23	13.33	3.94	16.47	28.31
EBITA, 3 Yr. CAGR %	13.97	13.46	2.41	17.14	31.02
EBIT, 3 Yr. CAGR %	14.53	14.15	2.39	17.21	32.33
Earnings From Cont. Operations, 3 Yr. CAGR %	-1.36	11.01	4.27	36.17	37.85
Net Income, 3 Yr. CAGR %	-2.14	10.89	4.14	36.75	38.07
Normalized Net Income, 3 Yr. CAGR %	10.26	12.96	7.72	20.43	33.69
Diluted EPS Before Extra, 3 Yr. CAGR %	-0.56	13.01	6.48	39.59	41.24
Net Property, Plant and Equip., 3 Yr. CAGR %	2.49	1.72	-0.8	-2	-2.18
Total Assets, 3 Yr. CAGR %	2.42	2.67	2.53	3.75	1.58
Common Equity, 3 Yr. CAGR %	1.6	5.81	7.07	13.13	7.07
Tangible Book Value, 3 Yr. CAGR %	3.52	8.49	7.75	14.44	7.74
Cash From Operations, 3 Yr. CAGR %	-26.71	-32.71	-33.76	19.26	-
Capital Expenditures, 3 Yr. CAGR %	18.42	-4.6	-8.38	-12.11	-
Levered Free Cash Flow, 3 Yr. CAGR %	35.67	-17.62	308.36	-28.02	-
Unlevered Free Cash Flow, 3 Yr. CAGR %	35.34	-16.1	212.48	-27.72	-
Dividend Per Share, 3 Yr. CAGR %	6.04	8.74	10.06	20.32	18.56
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-0.17	-0.8	0.51	3.84	6.6
Gross Profit, 5 Yr. CAGR %	1.2	2.36	4.4	7.21	14.96
EBITDA, 5 Yr. CAGR %	0.06	4.39	9.08	12.72	31.76
EBITA, 5 Yr. CAGR %	-1.3	4.07	9.38	12.9	36.04
EBIT, 5 Yr. CAGR %	-1.6	4.14	9.62	13.23	36.04
Earnings From Cont. Operations, 5 Yr. CAGR %	-4.07	4.67	1.41	13.91	36.77
Net Income, 5 Yr. CAGR %	-4.47	4.54	0.95	13.89	37.05
Normalized Net Income, 5 Yr. CAGR %	-5.25	4.31	10.82	11.97	43.07
Diluted EPS Before Extra, 5 Yr. CAGR %	-3.07	6.21	2.88	16.17	40.03
Net Property, Plant and Equip., 5 Yr. CAGR %	0.7	0.96	0.73	0.1	-1.34
Total Assets, 5 Yr. CAGR %	3.52	3.35	2.15	3.11	2.5
Common Equity, 5 Yr. CAGR %	2.72	3.77	0.46	10.18	10.28
Tangible Book Value, 5 Yr. CAGR %	4.05	4.21	1	12.51	11.87
Cash From Operations, 5 Yr. CAGR %	-24.16	-26.28	-25.08	-6.69	-
Capital Expenditures, 5 Yr. CAGR %	8.88	6.89	3.95	-6.72	-
Levered Free Cash Flow, 5 Yr. CAGR %	5.99	7.31	10.78	-10.36	-
Unlevered Free Cash Flow, 5 Yr. CAGR %	6.08	7.45	10.64	-9.62	-
Dividend Per Share, 5 Yr. CAGR %	11.49	8.45	9	14.04	14.87