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).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.