Cross-sector (Insurance & Autos) Elimination of cross-shareholdings between Toyota and financial institutions entering final phase

Research evidence excerpt

Cross-sector (Insurance & Autos) Elimination of cross-shareholdings between Toyota and financial institutions entering final phase

J P M O R G A N Asia Pacific Equity Research

25 June 2026

Cross-sector (Insurance & Autos)

Elimination of cross-shareholdings between Toyota and

financial institutions entering final phase

On June 24, Bloomberg confirmed that an off-exchange transaction of 70,371,800 Japan Equity Research

shares in MS&AD Holdings (8725) had taken place at ¥4,181 per share (6%

Insurance, Securities, Diversified

discount to the closing price that day), while the June 25 Nikkei reported that this Financials

transaction apparently comprised Toyota Motor’s (7203) entire stake in MS&AD. AC Koki Sato

This is in line with points including that 1) the number of shares sold is equal to the

(81-3) 6736-8609

number of MS&AD trading units held by Toyota at end-March 2026, 2) MS&AD koki.sato@jpmorgan.com

said at its May IR briefing that it would implement supply and demand measures Yuka Azami

such as off-market transactions (based on sales to institutional investors) involving (81-3) 6736-8619

the sale of its shares resulting from unwinding cross-shareholdings, and 3) the yuka.azami@jpmorgan.com

transaction came right after MS&AD’s annual general meeting. We think that Autos & Auto Parts

action to eliminate cross-shareholdings between Toyota and financial institutions AC Akira Kishimoto

has at last moved into its final phase. (81-3) 6736-8646

akira.x.kishimoto@jpmorgan.com

• Prospects for Toyota shares held by financial institutions: Together with Wencong Zhang

two subsidiaries, MS&AD held 215 million Toyota shares at the end of March (81-3) 6736-8627

2025. The number of shares held at the end of March 2026 has not been wencong.zhang@jpmorgan.com