February 13, 2026

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

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

General Accident Insurance Co. Ja. Ltd. (GENAC) reported a 13% year‑over‑year increase in insurance revenue for the twelve months ended December 31, 2025, totaling $12.97 billion, compared to $11.43 billion in the prior year. For the fourth quarter, insurance revenue increased 8% to $3.40 billion, up from $3.14 billion in Q4 2024.

Insurance service expenses amounted to $8.45 billion, reflecting a 24% increase over the $6.84 billion recorded in 2024. Net expenses from reinsurance contracts held declined 2% to $4.26 billion, compared to $4.34 billion for the twelve‑month period ended December 31, 2024. For the fourth quarter, net reinsurance expenses totalled $1.15 billion, down from the $1.63 billion reported in Q4 2024.

The insurance service result improved 4% to $259.82 million, compared to $248.85 million in the prior year. Net investment income increased 38% to $568.15 million, up from $303.48 million in 2024. As a result, the net premium and investment result for the twelve months amounted to $827.96 million, a 50% increase relative to the $552.33 million recorded in 2024.

Other operating income totalled $321.33 million, representing a 31% increase over the $244.43 million reported in 2024. Fourth‑quarter other income amounted to $41.58 million (2024: Other loss of $6.45 million). Other operating expenses rose 35% to $668.89 million, up from $497.09 million in 2024.

Profit before taxation for the twelve months amounted to $480.40 million, a 60% increase over the $299.67 million reported in 2024. For the fourth quarter, profit before tax totalled $60.37 million, compared to $110.94 million in Q4 2024.

The taxation charge increased 57% to $80.75 million, up from $51.34 million in the prior year. As a result, net profit for the twelve‑month period amounted to $399.65 million, a 61% increase over $248.32 million reported in 2024. Fourth‑quarter net profit amounted to $102.90 million, compared to $140.03 million in Q4 2024.

Net profit attributable to shareholders for the year amounted to $391.72 million (2024: $241. 33 million). For the fourth quarter, net profit attributable to shareholders amounted to $95.82 million (2024: $141.08 million).

Unrealised gains on FVOCI investments decreased 97% to $3.23 million, compared to $119.33 million reported in 2024.

The foreign currency translation reserve declined by 83% to $11.53 million, from $69.42 million recorded in 2024

Total comprehensive income for the twelve months amounted to $414.40 million, compared to $437.08 million in the prior year. For the fourth quarter, total comprehensive income was $126.78 million, down from $148.65 million reported in Q4 2024.

Consequently, Earnings Per Share for the twelve months amounted to $0.38 (2024: EPS: $0.23), while Earnings Per Share for the quarter totaled $0.10 (2024: EPS: $0.14). The twelve-month trailing EPS was $0.38 and the number of shares used in these calculations was 1,031,250,000.

Notably, GENAC’s stock price closed the trading period on February 09, 2026, at a price of $6.02 with a corresponding P/E ratio of 15.85x.

Balance Sheet Highlights

The company’s total assets amounted to $21.66 billion, representing a significant increase of 78%, or $9.48 billion, compared to the $12.18 billion reported in the prior year.

This movement was primarily attributable to:

• A $1.80 billion increase in cash and cash equivalents, rising to $3.95 billion (2024: $2.15 billion),
• A substantial $6.22 billion increase in reinsurance contract assets, which climbed to $9.27 billion (2024: $3.05 billion),
• A $1.02 billion increase in investment securities, moving to $4.25 billion (2024: $3.23 billion).

Shareholders’ equity was $4.24 billion (2024: $3.83 billion), representing a book value per share of $4.11 (2024: $3.72).

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