April 20, 2026

General Accident Insurance Co. Ja. Ltd.(GENAC)

 Audited financials for the twelve months ended December 31, 2025:

General Accident Insurance Co. Ja. Ltd. (GENAC) reported a 14% year-over-year increase in insurance revenue for the twelve months ended December 31, 2025, totalling $13.07 billion, compared to $11.43 billion in the prior year.

Insurance service expenses amounted to $8.20 billion, reflecting a 20% increase over the $6.84 billion recorded in 2024. Net expenses from reinsurance contracts held were essentially flat, declining less than 1% to $4.32 billion, compared to $4.34 billion for the twelve-month period ended December 31, 2024.

The insurance service result improved 118% to $543.61 million, compared to $248.85 million in the prior year. Net investment income increased 36% to $560.50 million, up from $411.70 million in 2024. Finance expenses from insurance and reinsurance contracts amounted to $120.02 million (2024: $108.22 million). As a result, the net insurance and investment result for the twelve months amounted to $984.08 million, a 78% increase relative to the $552.33 million recorded in 2024.

Other operating income totalled $313.96 million, representing a 28% increase over the $244.43 million reported in 2024. Other operating expenses rose 38% to $685.02 million, up from $497.09 million in 2024.

Profit before taxation for the twelve months amounted to $613.02 million, a 105% increase over the $299.67 million reported in 2024.

The taxation charge increased 215% to $161.50 million, up from $51.34 million in the prior year. As a result, net profit for the twelve-month period amounted to $451.52 million, an 82% increase over $248.32 million reported in 2024.

Net profit attributable to shareholders for the year amounted to $441.95 million (2024: $241.33 million).

Unrealised gains on FVOCI investments declined 97% to $3.23 million, compared to $119.33 million reported in 2024. The foreign currency translation reserve decreased 78% to $15.49 million, from $69.42 million recorded in 2024. Total comprehensive income for the twelve months amounted to $470.23 million, compared to $437.08 million in the prior year, a 7.6% increase.

Consequently, Earnings Per Share for the twelve months amounted to $0.43 (2024: EPS: $0.23). The twelve-month trailing EPS was $0.43 and the number of shares used in these calculations was 1,031,250,000.

Notably, GENAC’s stock price closed the trading period on April 17, 2026, at a price of $6.35 with a corresponding P/E ratio of 14.82x.

Balance Sheet Highlights

The company’s total assets amounted to $23.38 billion, representing a significant increase of 91%, or $11.17 billion, compared to the $12.21 billion reported in the prior year.

This movement was primarily attributable to:

A $1.66 billion increase in cash and cash equivalents, rising to $3.81 billion (2024: $2.15 billion),

A substantial $8.01 billion increase in reinsurance contract assets, which climbed to $11.06 billion (2024: $3.05 billion),

A $1.15 billion increase in investment securities, moving to $4.38 billion (2024: $3.23 billion).

Shareholders’ equity was $4.29 billion (2024: $3.83 billion), representing a book value per share of $4.16 (2024: $3.72).

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