Sony Financial Group (8729) 4Q results: Guidance in line, but policy surrenders bear watching

研报英文原文证据摘录

Sony Financial Group (8729) 4Q results: Guidance in line, but policy surrenders bear watching

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

14 May 2026

Sony Financial Group (8729) Neutral

8729.T, 8729 JP

4Q results: Guidance in line, but policy surrenders bear Price (14 May 26):¥147

watching Price Target (Dec-26):¥155

Neutral: Sony Financial Group reported 4Q FY2025 results at 11:30am on May Japan Equity Research

14 Japan time. Full-year IFRS adjusted net profit came in at ¥105.1 billion, a mildly

Insurance, Securities, Diversified

surprising beat of a little over ¥10 billion versus the February guidance of ¥94.0 Financials

billion. FY2026 guidance (IFRS adjusted net profit of ¥110.0 billion, DPS of ¥8.0) AC Koki Sato

is in line with our estimates (¥112.5 billion and ¥7.8). That said, loss components

(81-3) 6736-8609

are set to widen further even on a flat 40-year-yield assumption, which bears koki.sato@jpmorgan.com

watching. Many uncertainties remain, but one bright spot is that the decline in ESR Yuka Azami

was contained even as super-long yields rose. (81-3) 6736-8619

yuka.azami@jpmorgan.com

• FY2026 guidance summary: The company set IFRS adjusted net profit JPMorgan Securities Japan Co., Ltd.

guidance at ¥110.0 billion (+¥4.9 billion YoY), with the life insurance business

accounting for ¥85.0 billion (+¥0.2 billion YoY). The shortfall versus the

original medium-term plan target of ¥125.0 billion came as no surprise, but life

insurance business profit is around ¥5 billion below our estimate. Two things

were unexpected: CSM release (a revenue item) came in lower owing to

assumption changes at end-FY2025, and the company guides for loss

components to expand further than in FY2025 (+¥6 billion versus the FY2025

actual of about ¥20 billion).