MS&AD Insurance Group Holdings MS&ADインシュアランスグループホールディングス（株）
Official name: MS&AD INSURANCE GROUP HOLDINGS, INC.
Code 8725 · Prime market · Sector: Financials (ex Banks)
Themes: no theme matched this company's filings
ROE, equity ratio, FCF margin and growth come from the latest annual report on EDINET. PBR and dividend yield use the weekly reference close. Ranks compare with the companies among the 100 that have a value.
In plain words
- Revenue grew 18.3% a year over the 5 fiscal years to March 2026.
- The dividend was ¥160 per share in the fiscal year to March 2026, covered 2.14 times by earnings per share.
- Equity was 21.7% of total assets at the end of March 2026.
Growth
Yearly growth of revenue, earnings per share and the dividend over 5 fiscal years (CAGR).
Revenue
Notes
- Revenue (2017-03-31, 2018-03-31, 2019-03-31): ordinary revenue (経常収益), the bank/insurer top line; reported under JGAAP (current filings use IFRS)
- Revenue (2020-03-31): disagrees with summary table by 12.59%; reported under JGAAP (current filings use IFRS)
- Revenue (2021-03-31): disagrees with summary table by 32.57%; reported under JGAAP (current filings use IFRS)
- Revenue (2022-03-31, 2023-03-31, 2024-03-31, 2025-03-31, 2026-03-31): reported under JGAAP (current filings use IFRS); ordinary revenue (経常収益), the bank/insurer top line
Show data table
| Date | Revenue |
|---|---|
| 2017-03-31 | ¥5,335,239,000,000 |
| 2018-03-31 | ¥5,217,835,000,000 |
| 2019-03-31 | ¥5,500,438,000,000 |
| 2020-03-31 | ¥4,517,453,000,000 |
| 2021-03-31 | ¥3,298,674,000,000 |
| 2022-03-31 | ¥5,132,042,000,000 |
| 2023-03-31 | ¥5,250,794,000,000 |
| 2024-03-31 | ¥6,572,889,000,000 |
| 2025-03-31 | ¥6,660,813,000,000 |
| 2026-03-31 | ¥7,653,030,000,000 |
Basic EPS / DPS
- Basic EPS
- DPS
Notes
- Basic EPS (2017-03-31, 2018-03-31, 2019-03-31, 2020-03-31, 2021-03-31): reported under JGAAP (current filings use IFRS); adjusted for 3:1 split effective 2024-04-01
- Basic EPS (2022-03-31, 2023-03-31, 2024-03-31): reported under JGAAP (current filings use IFRS)
- DPS (2017-03-31, 2018-03-31, 2019-03-31, 2020-03-31, 2021-03-31): reported under JGAAP (current filings use IFRS); adjusted for 3:1 split effective 2024-04-01
- DPS (2022-03-31, 2023-03-31, 2024-03-31): adjusted for 3:1 split effective 2024-04-01
Show data table
| Date | Basic EPS | DPS |
|---|---|---|
| 2017-03-31 | ¥116.98 | ¥40 |
| 2018-03-31 | ¥86.68 | ¥43.33 |
| 2019-03-31 | ¥109.57 | ¥46.67 |
| 2020-03-31 | ¥82.79 | ¥50 |
| 2021-03-31 | ¥85.26 | ¥51.67 |
| 2022-03-31 | ¥158.17 | ¥60 |
| 2023-03-31 | ¥130.54 | ¥66.67 |
| 2024-03-31 | ¥231.83 | ¥90 |
| 2025-03-31 | ¥193.36 | ¥145 |
| 2026-03-31 | ¥342.98 | ¥160 |
How it's calculated
- CAGR (compound annual growth rate):
CAGR = (Last / First)^(1 / years) - 1 - EPS (Earnings Per Share / 1株当たり利益):
EPS = Net profit attributable to owners / Shares outstanding
Short periods from a fiscal-year change are skipped. A starting value of zero or below gives no rate.
Profitability
Profit per yen of sales and of assets, and the three DuPont factors that multiply to ROE (ROE, ROA, DuPont analysis).
Operating margin
Notes
- Operating margin (2017-03-31, 2018-03-31, 2019-03-31): using ordinary income (経常利益) (operating income not separately tagged); reported under JGAAP (current filings use IFRS); ordinary revenue (経常収益), the bank/insurer top line
- Operating margin (2020-03-31): using ordinary income (経常利益) (operating income not separately tagged); reported under JGAAP (current filings use IFRS); disagrees with summary table by 12.59%
- Operating margin (2021-03-31): using ordinary income (経常利益) (operating income not separately tagged); reported under JGAAP (current filings use IFRS); disagrees with summary table by 32.57%
- Operating margin (2022-03-31, 2023-03-31, 2024-03-31): reported under JGAAP (current filings use IFRS); using ordinary income (経常利益) (operating income not separately tagged); ordinary revenue (経常収益), the bank/insurer top line
- Operating margin (2025-03-31, 2026-03-31): using profit before tax (IFRS) (operating income not separately tagged); reported under JGAAP (current filings use IFRS); ordinary revenue (経常収益), the bank/insurer top line
Show data table
| Date | Operating margin |
|---|---|
| 2017-03-31 | 6.609% |
| 2018-03-31 | 4.054% |
| 2019-03-31 | 5.288% |
| 2020-03-31 | 3.491% |
| 2021-03-31 | 9.292% |
| 2022-03-31 | 7.609% |
| 2023-03-31 | 5.566% |
| 2024-03-31 | 6.336% |
| 2025-03-31 | 6.884% |
| 2026-03-31 | 9.193% |
Return on equity
Notes
- Return on equity (2017-03-31, 2018-03-31, 2019-03-31, 2020-03-31, 2021-03-31, 2022-03-31, 2023-03-31, 2024-03-31): reported under JGAAP (current filings use IFRS)
Show data table
| Date | Return on equity |
|---|---|
| 2017-03-31 | 7.78% |
| 2018-03-31 | 5.45% |
| 2019-03-31 | 6.77% |
| 2020-03-31 | 5.5% |
| 2021-03-31 | 5.22% |
| 2022-03-31 | 8.29% |
| 2023-03-31 | 6.62% |
| 2024-03-31 | 9.77% |
| 2025-03-31 | 5.33% |
| 2026-03-31 | 8.65% |
Net margin / ROA
- Net margin
- ROA
Notes
- Net margin (2017-03-31, 2018-03-31, 2019-03-31, 2022-03-31, 2023-03-31, 2024-03-31, 2025-03-31, 2026-03-31): reported under JGAAP (current filings use IFRS); ordinary revenue (経常収益), the bank/insurer top line
- Net margin (2020-03-31): reported under JGAAP (current filings use IFRS); disagrees with summary table by 12.59%
- Net margin (2021-03-31): reported under JGAAP (current filings use IFRS); disagrees with summary table by 32.57%
- ROA (2017-03-31, 2018-03-31, 2019-03-31, 2020-03-31, 2021-03-31, 2022-03-31, 2023-03-31, 2024-03-31): reported under JGAAP (current filings use IFRS)
Show data table
| Date | Net margin | ROA |
|---|---|---|
| 2017-03-31 | 3.944% | 0.991% |
| 2018-03-31 | 2.953% | 0.686% |
| 2019-03-31 | 3.503% | 0.833% |
| 2020-03-31 | 3.166% | 0.617% |
| 2021-03-31 | 4.377% | 0.598% |
| 2022-03-31 | 5.121% | 1.05% |
| 2023-03-31 | 4.019% | 0.867% |
| 2024-03-31 | 5.618% | 1.315% |
| 2025-03-31 | 4.507% | 1.119% |
| 2026-03-31 | 6.672% | 1.725% |
Leverage (assets / equity)
Notes
- Leverage (assets / equity) (2017-03-31, 2018-03-31, 2019-03-31, 2020-03-31, 2021-03-31, 2022-03-31, 2023-03-31): reported under JGAAP (current filings use IFRS)
Show data table
| Date | Leverage (assets / equity) |
|---|---|
| 2017-03-31 | 7.77x |
| 2018-03-31 | 7.57x |
| 2019-03-31 | 8.33x |
| 2020-03-31 | 9.3x |
| 2021-03-31 | 7.72x |
| 2022-03-31 | 7.58x |
| 2023-03-31 | 7.76x |
| 2024-03-31 | 4.78x |
| 2025-03-31 | 4.98x |
| 2026-03-31 | 4.61x |
Asset turnover is not shown for banks and insurers. Their revenue is interest, fees and premiums earned on loans and securities, so revenue divided by assets is not a turnover.
How it's calculated
- ROE (Return on Equity):
ROE = Net profit attributable to owners / Equity - ROA (Return on Assets):
ROA = Net profit attributable to owners / Total assets - DuPont analysis:
ROE = (Net profit / Revenue) x (Revenue / Total assets) x (Total assets / Equity)
The ROE line is the company's filed figure, computed on average equity. The DuPont factors use year-end figures, so their product can differ slightly.
Cash
Cash from operations, cash spent on investment, and what was left (free cash flow, cash conversion).
Not shown for banks and insurers. Deposits, loans and policy reserves run through their operating cash flow, and their balance sheets have no current/non-current split.
Cash flows: operating, investing, financing
- Operating cash flow
- Investing cash flow
- Financing cash flow
Notes
- Operating cash flow (2017-03-31, 2018-03-31, 2019-03-31, 2020-03-31, 2021-03-31, 2022-03-31, 2023-03-31, 2024-03-31): reported under JGAAP (current filings use IFRS)
- Investing cash flow (2017-03-31, 2018-03-31, 2019-03-31, 2020-03-31, 2021-03-31, 2022-03-31, 2023-03-31, 2024-03-31): reported under JGAAP (current filings use IFRS)
- Financing cash flow (2017-03-31, 2018-03-31, 2019-03-31, 2020-03-31, 2021-03-31, 2022-03-31, 2023-03-31, 2024-03-31): reported under JGAAP (current filings use IFRS)
Show data table
| Date | Operating cash flow | Investing cash flow | Financing cash flow |
|---|---|---|---|
| 2017-03-31 | +¥1,086,948,000,000 | −¥614,899,000,000 | −¥100,198,000,000 |
| 2018-03-31 | +¥822,640,000,000 | −¥963,105,000,000 | +¥42,329,000,000 |
| 2019-03-31 | +¥776,724,000,000 | −¥252,417,000,000 | −¥33,337,000,000 |
| 2020-03-31 | +¥667,896,000,000 | −¥330,363,000,000 | +¥65,321,000,000 |
| 2021-03-31 | −¥323,912,000,000 | +¥43,925,000,000 | +¥79,278,000,000 |
| 2022-03-31 | +¥236,708,000,000 | −¥71,976,000,000 | +¥58,545,000,000 |
| 2023-03-31 | +¥194,153,000,000 | +¥480,953,000,000 | −¥314,502,000,000 |
| 2024-03-31 | +¥549,466,000,000 | −¥276,825,000,000 | −¥231,549,000,000 |
| 2025-03-31 | +¥707,427,000,000 | −¥555,927,000,000 | −¥680,424,000,000 |
| 2026-03-31 | +¥954,001,000,000 | −¥719,514,000,000 | −¥138,762,000,000 |
Cash and cash equivalents at year end
Notes
- Cash and cash equivalents (2017-03-31, 2018-03-31, 2019-03-31, 2020-03-31, 2021-03-31, 2022-03-31, 2023-03-31): reported under JGAAP (current filings use IFRS)
Show data table
| Date | Cash and cash equivalents |
|---|---|
| 2017-03-31 | ¥1,415,903,000,000 |
| 2018-03-31 | ¥1,323,506,000,000 |
| 2019-03-31 | ¥1,798,526,000,000 |
| 2020-03-31 | ¥2,198,680,000,000 |
| 2021-03-31 | ¥1,994,434,000,000 |
| 2022-03-31 | ¥2,256,216,000,000 |
| 2023-03-31 | ¥2,646,431,000,000 |
| 2024-03-31 | ¥2,851,692,000,000 |
| 2025-03-31 | ¥2,341,388,000,000 |
| 2026-03-31 | ¥2,513,765,000,000 |
How it's calculated
- Free cash flow (FCF):
FCF = Operating cash flow + Investing cash flow - FCF margin:
FCF margin = Free cash flow / Revenue - Cash conversion:
Cash conversion = Operating cash flow / Net profit attributable to owners - Cash / total assets:
Cash and cash equivalents at year end / Total assets
Investing cash flow is negative when the company invests, so FCF is operating cash flow minus what was invested. Filings give no consistent debt line, so cash is shown against total assets instead of as net cash.
Dividends
The dividend per share over time, the share of profit it took, its size against book value, and how many times earnings covered it (DOE, dividend cover, payout ratio).
9 consecutive fiscal years without a dividend cut, including 9 years of increases in a row. The count runs back from the latest year with a dividend figure and stops at a gap or a fiscal-year change.
Source: Financial Services Agency (EDINET), KabuFacts · as of 2026-06-30 Download CSV
Payout ratio
Notes
- Payout ratio (2017-03-31, 2018-03-31, 2019-03-31, 2020-03-31, 2021-03-31): reported under JGAAP (current filings use IFRS); adjusted for 3:1 split effective 2024-04-01
- Payout ratio (2022-03-31, 2023-03-31, 2024-03-31): adjusted for 3:1 split effective 2024-04-01; reported under JGAAP (current filings use IFRS)
Show data table
| Date | Payout ratio |
|---|---|
| 2017-03-31 | 34.194% |
| 2018-03-31 | 49.992% |
| 2019-03-31 | 42.589% |
| 2020-03-31 | 60.396% |
| 2021-03-31 | 60.597% |
| 2022-03-31 | 37.934% |
| 2023-03-31 | 51.07% |
| 2024-03-31 | 38.822% |
| 2025-03-31 | 74.99% |
| 2026-03-31 | 46.65% |
How it's calculated
- DOE (Dividend on Equity):
DOE = Dividend per share / Book value per share - Dividend cover:
Dividend cover = EPS / DPS - Sustainable growth rate:
Sustainable growth = ROE x (1 - Payout ratio) - Payout ratio:
Payout ratio = DPS / EPS
Balance sheet
Equity as a share of assets, Altman's Z'' balance-sheet score and the nine Piotroski accounting checks (equity ratio, Altman Z'', Piotroski F-score).
Equity ratio
Notes
- Equity ratio (2017-03-31, 2018-03-31, 2019-03-31, 2020-03-31, 2021-03-31, 2022-03-31, 2023-03-31): reported under JGAAP (current filings use IFRS)
Show data table
| Date | Equity ratio |
|---|---|
| 2017-03-31 | 12.76% |
| 2018-03-31 | 13.09% |
| 2019-03-31 | 11.89% |
| 2020-03-31 | 10.57% |
| 2021-03-31 | 12.78% |
| 2022-03-31 | 13.02% |
| 2023-03-31 | 12.7% |
| 2024-03-31 | 20.94% |
| 2025-03-31 | 20.06% |
| 2026-03-31 | 21.69% |
Net income, total assets and equity
- Net income (owners of parent)
- Total assets
- Equity attributable to owners of parent
Notes
- Net income (owners of parent) (2017-03-31, 2018-03-31, 2019-03-31, 2020-03-31, 2021-03-31, 2022-03-31, 2023-03-31, 2024-03-31): reported under JGAAP (current filings use IFRS)
- Total assets (2017-03-31, 2018-03-31, 2019-03-31, 2020-03-31, 2021-03-31, 2022-03-31, 2023-03-31): reported under JGAAP (current filings use IFRS)
- Equity attributable to owners of parent (2017-03-31, 2018-03-31, 2019-03-31, 2020-03-31, 2021-03-31, 2022-03-31, 2023-03-31): reported under JGAAP (current filings use IFRS)
Show data table
| Date | Net income (owners of parent) | Total assets | Equity attributable to owners of parent |
|---|---|---|---|
| 2017-03-31 | +¥210,447,000,000 | ¥21,234,300,000,000 | ¥2,734,432,000,000 |
| 2018-03-31 | +¥154,057,000,000 | ¥22,472,927,000,000 | ¥2,968,387,000,000 |
| 2019-03-31 | +¥192,705,000,000 | ¥23,132,539,000,000 | ¥2,778,047,000,000 |
| 2020-03-31 | +¥143,030,000,000 | ¥23,196,455,000,000 | ¥2,494,038,000,000 |
| 2021-03-31 | +¥144,398,000,000 | ¥24,142,562,000,000 | ¥3,126,657,000,000 |
| 2022-03-31 | +¥262,799,000,000 | ¥25,033,846,000,000 | ¥3,302,749,000,000 |
| 2023-03-31 | +¥211,006,000,000 | ¥24,349,984,000,000 | ¥3,139,501,000,000 |
| 2024-03-31 | +¥369,266,000,000 | ¥28,076,714,000,000 | ¥5,878,451,000,000 |
| 2025-03-31 | +¥300,191,000,000 | ¥26,821,452,000,000 | ¥5,381,586,000,000 |
| 2026-03-31 | +¥510,612,000,000 | ¥29,592,153,000,000 | ¥6,419,831,000,000 |
Altman Z'' score
Not computed: not meaningful for banks and insurers.
Piotroski checklist
Not computed: not meaningful for banks and insurers.
How it's calculated
- Equity ratio:
Equity ratio = Equity / Total assets - Altman Z'' score:
Z'' = 6.56 x (Working capital / Total assets) + 3.26 x (Retained earnings / Total assets) + 6.72 x (Operating income / Total assets) + 1.05 x (Equity / Total liabilities) - Piotroski F-score:
F-score = number of the nine checks passed (shown as 'passed of evaluated')
Z'' is Altman's 1995 form for non-manufacturers and non-US companies, using book equity rather than the share price. Piotroski's debt check uses liabilities divided by total assets, because filings carry no consistent debt line. A check whose input is missing counts neither way.
Owners & people
Who holds the shares by category, the company-reported total shareholder return, and the workforce (shareholder composition, TSR, average salary).
Shareholding by owner category
- Foreign corporations etc.36.96%983 shareholders
- Financial institutions32.65%170 shareholders
- Individuals and others16.83%183,032 shareholders
- Other corporations9.1%2,419 shareholders
- Securities firms4.43%59 shareholders
- Foreign individuals0.03%835 shareholders
- Government and local authorities0%1 shareholders
Note: treasury shares are not a separate category here: filings count them inside individuals and others (個人その他).
TSR rows share one starting point: the fiscal year end five years before the latest report. The first row covers one year and the last covers five. 100% means the holding, dividends included, was worth what it cost; the company reports the figure.
People
46,856
¥12.4 million
47.2 years
21.7 years
¥163.3 million
Average salary, age and tenure cover the parent company's own employees (提出会社), as filed. Revenue per employee divides group revenue by group employees.
Where each figure comes from
Each trail lists every year with its EDINET filing and the exact XBRL line.
Weekly snapshot
| Reference close† | Market cap (issued shares)‡ | PER (actual)‡ | PBR‡ | Yield (trailing)‡ | ROE‡ | Equity ratio‡ |
|---|---|---|---|---|---|---|
| ¥4,895 | ¥7.31 trillion | 14.27x | 1.11x | 3.27% | 8.65% | 21.69% |
† Reference close for the week ending 9 October 2026. ‡ Computed from the EDINET filings and the reference close.
IR events
The company's IR page lists no dated event ahead. IR calendar
The past year
None listed on the company's IR page for this period.
Corrections filed
Amended reports filed on EDINET since 12 October 2021, newest first (1).
- : Amended annual securities report, for the fiscal year 1 April 2024 to 31 March 2025 (amends S100W0ZR)
Capital actions
EDINET filings in the 12 months to 9 October 2026.
Buybacks
Buyback-status reports do not tag their share counts or yen totals. Each report's EDINET docID leads to its full text.
| Date | Filer | EDINET docID |
|---|---|---|
| 2026-10-08 | 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 | S100Z73J |
| 2026-09-08 | 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 | S100Z103 |
| 2026-08-10 | 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 | S100YVR2 |
| 2026-07-09 | 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 | S100YPS5 |
| 2026-06-15 | 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 | S100YBP6 |
| 2026-04-14 | 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 | S100XYNU |
| 2026-03-06 | 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 | S100XPFK |
| 2026-02-06 | 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 | S100XJTP |
| 2026-01-13 | 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 | S100XFEU |
| 2025-12-05 | 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 | S100X8U6 |
| 2025-11-11 | 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 | S100X11S |
Large-holding filings
| Date | Filer | Type | Holding ratio | Prior ratio | EDINET docID |
|---|---|---|---|---|---|
| 2026-07-07 | キャピタル・リサーチ・アンド・マネージメント・カンパニー | Large shareholding report (exempt securities, initial) | — | — | S100YOM1 |
| 2026-05-22 | 日本生命保険相互会社 | Change report (exempt securities) | 7.51% | 7.62% | S100Y5EC |
| 2025-12-22 | 日本生命保険相互会社 | Change report (exempt securities) | 7.62% | 7.61% | S100XBHE |
| 2025-12-05 | 日本生命保険相互会社 | Change report (exempt securities) | 7.61% | 6.97% | S100X8CZ |
| 2025-10-30 | トヨタ自動車株式会社 | Change report | — | — | S100WWGH |
Takeover-bid filings
No takeover-bid filing (公開買付届出書) or target-company opinion named this company in the 12 months.
Leverage
Liabilities were 3.61x equity, worked out from the equity ratio as (1 ÷ equity ratio) − 1. It is an estimate from the balance sheet, not a reported debt figure.
Rank among the 100 companies on six measures
Each rank is a percentile among the companies with a value: 0 is the lowest, 100 the highest. "Shareholder returns" counts dividend growth only, not buybacks.
| Measure | Rank among the 100 (percentile) | Inputs |
|---|---|---|
| Growth (5y revenue CAGR) | 88 | 5y revenue CAGR: 18.33% · Stocks ranked (n): 87 |
| Profitability (ROE, 3y average) | 18 | ROE (3y average): 7.92% · Stocks ranked (n): 100 |
| Balance sheet (equity ratio) | 13 | Equity ratio: 21.69% · Stocks ranked (n): 100 |
| Valuation vs own history (PBR) | insufficient data | Current PBR: 1.11x · 10y median PBR: — · Stocks ranked (n): 0 |
| Shareholder returns (DPS CAGR) | 84 | 5y DPS CAGR: 25.37% · Buyback yield: — · Stocks ranked (n): 95 |
| Momentum (52-week range position) | insufficient data | 52-week range position: — · Stocks ranked (n): 0 |
Themes
No theme matched this company's filings.
What changed since last week
- 8725: a new buyback filing (docID S100Z73J) dated 8 October 2026.