Non-life insurance: strategic shareholdings cut in FY25

Research evidence excerpt

Non-life insurance: strategic shareholdings cut in FY25

1 July 2026

Mizuho Securities Equity Research Insurance / Nonlife Insurance

Industry Overview

Steady progress in cutting strategic shareholdings

Senior Analyst: Cuts in FY25 and future policy

Naruhiko Sakamaki In this report we go over strategic shareholdings as of end-March for three

+81 3 6202 8476 major non-life insurance companies in light of their release of FY3/26 securities

naruhiko.sakamaki@mizuho-sc.com filings as of 30 June (see last year’s report). FY3/26 was the second year the

non-lifes targeted zero strategic shareholdings, and while proceeds from their

sales declined YoY, they have made good progress in reducing their strategic

shareholdings.

Sompo Holdings targets sales of at least ¥800b from strategic shareholdings

during the three-year period of its medium-term business plan through FY3/27;

of this, it sold ¥721.7b in the first two years through FY3/26, and plans to sell

at least ¥250b in FY3/27. Going forward, it is likely to spread out cuts on a

value basis. The number of companies held by Sompo Japan Insurance has

fallen 39% versus end-FY3/24.

For the six-year period from FY3/25 through FY3/30, MS&AD Insurance Group

Holdings has said it plans to weight most of its sales of strategic shareholdings,

in value terms, in FY3/25-FY3/26. It sold ¥1.4095t in these two years, and

the total number of companies it holds has declined 52% over end-FY3/24.

The balance of its disclosed strategic shareholdings (combination of Mitsui

Sumitomo Insurance and Aioi Nissay Dowa) was ¥2.8837t in FY3/26, up 22%

over end-FY3/25, but this was because it took a stake in W.R. Berkley. At

an information meeting held in May, MS&AD said it plans to sell 70% of its

remaining balance in FY3/27 and FY3/28.