Financial sector monthly: June 2026

Research evidence excerpt

Financial sector monthly: June 2026

Global Markets Research

Financial sector monthly: June 2026 16 June 2026

EQUITY: JAPAN INSURANCE & DIVERSIFIED FINANCIALS

Earnings season ushers in widening disparities in Research Analysts

share price performance in May Japan insurance & diversified financials

Share prices react to earnings, guidance, Toshiba, and other factors, Futoshi Sasaki - NSC

June MPM somewhat positive for life insurers futoshi.sasaki@nomura.com

+81 3 6703 1053

May sector performance: Other financing business > TOPIX ≈ banks > insurance > Cholchi Kwak - NSC

securities cholchi.kwak@nomura.com

The TOPIX Other Financing Business Index outperformed the TOPIX in May, while the +81 3 6703 1175

TOPIX Banks Index was roughly in line with the TOPIX and the TOPIX Insurance and

TOPIX Securities and Commodities Futures indices underperformed (Figure 1). That said,

there were only minor differences in performance between subsector indices. In the end,

increasing investor preference for AI and semiconductor-related stocks resulted in

relatively weak movements for the financial sector. We think share price performance in

May was more to do with company-specific earnings and events than sector preferences.

Individual stock performance: Orix > Daiichi Life > ... > Marui Group > Lifenet

Insurance

Other financing business: Orix [8591] outperformed the sector index. This appears to

have been due to the announcement of 27/3 guidance and shareholder returns in excess

of our forecasts alongside 26/3 results, earnings recovery at Toshiba, in which Orix is a

major investor, and share price gains for Kioxia Holdings [285A], in which Orix has an

indirect stake via Toshiba. By contrast, Marui Group [8252] was a marked

underperformer.