August 13, 2025

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

Unaudited financials for the six months ended June 30, 2025:

General Accident Insurance Co. Ja. Ltd. (GENAC) for the six months ended June 30, 2025 reported a 17% increase in insurance revenue totaling $6.28 billion compared to $5.37 billion in the corresponding period last year. Insurance revenue for the second quarter had a 16% increase to close at $3.25 billion compared to $2.79 billion for the comparable quarter of 2024.

Insurance Service Expenses amounted to $4.24 billion (2024: $3.75 billion), this represents an increase of 13% year over year. Additionally, net expenses from reinsurance contracts increased by 33% to $1.93 billion compared to $1.45 billion for the six months ended June 30, 2024. Consequently, net expenses from reinsurance contracts held increased by 33% to $1.93 billion compared to $1.45 billion for the six months ended June 30, 2024. The company booked net expenses from reinsurance contracts held of $738.39 million for the second quarter versus $613.88 million reported for the similar quarter of 2024.

Insurance service result decreased by 36% to close at $111.90 million (2024: $174.65 million), while Net Investment Income increased by 40% from $164.37 million in 2024 to $230.18 million in the period under review. As a result, net insurance and investment result for the six months ended June 30, 2025, amounted to $342.08 million, a 1% increase relative to $339.02 million reported in 2024.

Other Operating Income for the six months ended June 30, 2025, amounted to $204.30 million, a 33% increase relative to $153.37 million reported in 2024. Other Operating Expenses totaled $287.53 million, a 2% increase from the corresponding period last year (2024: $281.87 million).

Profit before taxation for the six months ended June 30, 2025, amounted to $258.85 million, a 23% increase relative to $210.52 million reported in 2024. Profit before taxation for the second quarter amounted to $86.73 million (2024: $137.01 million).

The tax charge incurred for the six months ended June 30, 2025 had a 65% increase to reach $84.59 million (2024: $51.41 million) . As a result, Net Profit for the year for the six months amounted to $174.26 million, a 10% increase from the $159.11 million reported in 2024. For the second quarter, Net Profit for the year was $24.08 million (2024: $103.58 million). Net profit attributable to shareholders for the six months ended June 30, 2025 had a 20% increase to reach $180.38 million (2024: $150.53 million).

Unrealized losses on FVOCI investments for the six months ended June 30, 2025 had a 5% decrease to reach $34.82 million (2024: $36.56 million). Foreign currency translation reserve amounted to $23.45 million (2024: Loss of  $1.13 million).

TOTAL COMPREHENSIVE INCOME for the period totaled $162.88 million, relative to the $121.42 million reported in the same period last year.

Consequently, Earnings Per Share for the six months amounted to $0.17 (2024: EPS: $0.15), while Earnings Per Share for the quarter totaled $0.04 (2024: EPS: $0.09). The twelve-month trailing EPS was $0.26 and the number of shares used in these calculations was 1,031,250,000.

Notably, GENAC’s stock price closed the trading period on August 12, 2025, at a price of $5.40 with a corresponding P/E ratio of 20.53x.

Balance Sheet Highlights

The company’s assets totaled $12.35 billion (2024: $12.04 billion). The movement in total assets was mainly influenced by 64% increase in ‘Cash and cash equivalents’ amounting to $2.41 billion (2024: $1.47 billion) and a $431.90 million increase in ‘Loan receivables’ amounting to $465.63 million (2024: $33.73 million).

Shareholder’s equity was $4.00 billion (2024: $3.76 billion), representing a book value per share of $3.88 (2024: $3.64).

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