Japan Post Insurance: Takeaways from CEO Meeting: Reinsurance Likely to Accelerate Risk Control

研报英文原文证据摘录

Japan Post Insurance: Takeaways from CEO Meeting: Reinsurance Likely to Accelerate Risk Control

Update

July 23, 2026 11:11 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MJapan Post Insurance (7181) | Japan Atsuro Takemura

Equity Analyst

Takeaways from CEO Meeting: Atsuro.Takemura@morganstanleymufg.comMia Nagasaka +81 3 6836-5429

Mia.Nagasaka@morganstanleymufg.com +81 3 6836-8406

Reinsurance Likely to Accelerate

Risk Control

We attended a small meeting held after the close on Jul 23, with President Toru

Japan Post Insurance (7181.T, 7181 JP)

Onishi as the speaker. The main comments from the company were as follows.

Insurance | Japan

• Jun contracting activity saw a larger-than-expected pullback following a Stock Rating Overweight

strong May, due to low levels of activity. Japan Post Insurance aims to regain Industry View Attractive

Price target ¥2,230

ground by fully ramping up cross-selling in 2H. Shr price, close (Jul 23, 2026) ¥1,749

Mkt cap, curr, basic (bn) ¥1,951.0

• Regarding the mid-term plan target of ¥190.0bn in adjusted profit,

Avg daily trading value (bn) ¥4.9

management commented that it wants to deliver more if it can, but amid

difficulty in forecasting investment-related P&L, the target is based on a best

estimate under certain assumptions.

• During the mid-term plan period, it will retain roughly 45% of adjusted profit

internally, but will make investment decisions with discipline. If there are no

attractive investment opportunities, allocating funds to shareholder returns

is also an option.

• Regarding the reinsurance vehicle with SCOR, legacy classified whole-life

annuity policies, representing approximately ¥9trn of policy reserves, are

considered a potential pool for cession. The initiative is intended to enhance