November 3, 2025

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

Unaudited Financial Results for the Nine Months Ended September 30, 2025:

General Accident Insurance Co. Ja. Ltd. (GENAC) reported a 15% year-over-year increase in insurance revenue, totaling $9.57 billion, compared to $8.29 billion for the corresponding period in 2024. For the third quarter, insurance revenue rose 13% to $3.28 billion, up from $2.91 billion in Q3 2024.

Insurance service expenses amounted to $6.13 billion, reflecting a 14% increase over the $5.37 billion recorded in the prior year. Net expenses from reinsurance contracts held rose 15% to $3.11 billion, compared to $2.70 billion for the nine-month period ended September 30, 2024. For the third quarter, reinsurance expenses were $1.18 billion, down from $1.25 billion in Q3 2024.

The insurance service result improved by 50%, closing at $323.09 million, versus $215.20 million in the prior year. Net investment income increased 15% to $264.23 million, up from $229.15 million in 2024. As a result, the net insurance and investment result for the nine months amounted to $587.32 million, a 32% increase over the $444.35 million reported in 2024.

Other operating income for the nine-month period totaled $279.75 million, up 12% from $250.88 million in 2024. However, third-quarter other income declined to $75.45 million, compared to $97.51 million in Q3 2024. Other operating expenses rose 12% to $447.04 million, from $398.28 million in the prior year.

Profit before taxation for the nine months amounted to $420.03 million, a 41% increase over $296.95 million in 2024. For the third quarter, profit before tax was $161.18 million, up from $86.43 million in the same quarter last year.

The tax charge incurred for the period rose 53% to $123.29 million, compared to $80.43 million in 2024. As a result, net profit for the nine months was $296.74 million, a 37% increase from $216.52 million in the prior year. Third-quarter net profit stood at $122.49 million, up from $57.41 million in Q3 2024.

Unrealised (losses)/gains on FVOCI investments for the nine months amounted to a loss of $30.52 million, compared to a gain of $151.26 million in 2024. For the third quarter, unrealised gains totalled $4.31 million, down from $187.82 million in Q3 2024.

The foreign currency translation reserve decreased by 13% to $25.09 million, from $28.87 million in 2024. For the quarter, the reserve totaled $1.64 million, compared to $30.00 million in the prior year’s quarter.

Total comprehensive income for the nine months amounted to $291.31 million, down from $396.65 million in 2024. For the third quarter, total comprehensive income was $128.43 million, compared to $275.23 million in Q3 2024.

Consequently, Earnings Per Share for the nine months amounted to $0.29 (2024: EPS: $0.21), while Earnings Per Share for the quarter totaled $0.12 (2024: EPS: $0.06). The twelve-month trailing EPS was $0.32 and the number of shares used in these calculations was 1,031,250,000.

Notably, GENAC’s stock price closed the trading period on October 31, 2025 at a price of $5.03 with a corresponding P/E ratio of 15.78x.

Balance Sheet Highlights

The company’s total assets amounted to $12.15 billion, reflecting a marginal decline of 0.08% or $10.19 million compared to $12.16 billion reported in the prior year.
This movement was primarily attributable to:

• A $740.65 million increase in cash and cash equivalents, rising to $2.93 billion (2024: $2.19 billion),
• Offset by a $646.57 million decline in reinsurance contract assets, which fell to $2.06 billion (2024: $2.71 billion),
• Alongside reductions in other receivables and lease receivables, partially balanced by gains in investment securities and translation reserve.

Shareholders’ equity was $4.12 billion (2024: $4.03 billion), representing a book value per share of $4.00 (2024: $3.90).

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