The insurer posted JPY1 trillion (US$6.5bn) in core operating profit for FY ended 31 March 2025, but weaker unrealised gains on securities pulled its capital base down from last year's peak.
Personal accident premiums surged 149.5% year on year, and aviation more than doubled, up 115.7%, while miscellaneous was the lone drag on December growth.
Reinsurance buyers secured significant price relief and improved contract terms during the January 1 renewals, as a surge in available capital shifted the market in favor of cedants.
The affirmed Excellent ratings and stable outlook also factor in the neutral impact from the company’s ultimate majority owner, Malayan Banking Berhad (Maybank group).
Premium expansion, demographic shifts, and enhanced bancassurance channels are seen to boost the sector and support sustained growth in protection, retirement, and high-net-worth client solutions in the...
