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.
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.
Mandatory core capital rule from January 2027 targets heavy hybrid use, raising refinancing pressure, but is viewed as credit positive with limited near-term ratings impact.
