May 15, 2026

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

Unaudited financials for the three months ended March 31, 2026:

General Accident Insurance Co. Ja. Ltd. (GENAC) for the three months ended March 31, 2026 reported an 18% increase in insurance revenue totaling $3.59 billion compared to $3.04 billion in the corresponding period last year.

Insurance Service Expenses amounted to $2.02 billion (2025: $1.75 billion), this represents an increase of 15% year over year. Additionally, net expenses from reinsurance contracts held increased by 9% to $1.30 billion compared to $1.19 billion for the three months ended March 31, 2025.

Insurance service result increased by 190% to close at $273.73 million (2025: $94.44 million), while Net Investment Income increased by 24% from $137.21 million in 2025 to $170.32 million in the period under review. As a result, net insurance and investment result for the three months ended March 31, 2026, amounted to $444.05 million, a 92% increase relative to $231.65 million reported in 2025.

Other Operating Income for the three months ended March 31, 2026, amounted to $29.97 million, a 62% decrease relative to $78.93 million reported in 2025. Other Operating Expenses totaled $157.77 million, a 14% increase from the corresponding period last year (2025: $138.46 million).

Profit before taxation for the three months ended March 31, 2026, amounted to $316.25 million, an 84% increase relative to $172.12 million reported in 2025.

The tax charge incurred for the three months ended March 31, 2026 had a 202% increase to reach $66.34 million (2025: $21.94 million). As a result, Net Profit for the three months amounted to $249.91 million, a 66% increase from the $150.18 million reported in 2025. Net profit attributable to shareholders for the three months ended March 31, 2026 had a 61% increase to reach $231.26 million (2025: $143.91 million).

Unrealized losses on FVOCI investments for the three months ended March 31, 2026 amounted to $22.86 million (2025: gains of $20.17 million). Foreign currency translation adjustments amounted to $2.07 million (2025: loss of $37.68 million).

Total Comprehensive Income for the period totaled $229.12 million, relative to the $132.67 million reported in the same period last year.

Consequently, Earnings Per Share for the three months amounted to $0.22 (2025: EPS: $0.14). The twelve-month trailing EPS was $0.51, and the number of shares used in these calculations was 1,031,250,000.

Notably, GENAC’s stock price closed the trading period on May 14, 2026, at a price of $6.49 with a corresponding P/E ratio of 12.64x.

Balance Sheet Highlights

The company’s assets totaled $21.48 billion (2025: $14.35 billion). The movement in total assets was mainly influenced by a $6.41 billion increase in ‘Reinsurance contract assets’ amounting to $10.12 billion (2025: $3.71 billion) and a $957.66 million increase in ‘Investment securities’ amounting to $4.52 billion (2025: $3.57 billion).

Shareholder’s equity was $4.42 billion (2025: $3.96 billion), representing a book value per share of $4.28 (2025: $3.84).

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