ENVALITH
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Capital Asset Planning, Inc.

3965・Standard Market・Information & Communication

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株式会社キャピタル・アセット・プランニング logo
Capital Asset Planning, Inc.3965

Business

Capital Asset Planning Co., Ltd. is a system development company for the financial retail business founded in 1990. Its main clients are life insurance companies, banks, securities firms, IFAs (independent financial advisors/financial product intermediaries), and accounting firms, for whom it develops and provides front-end and back-office systems such as insurance proposal/application systems, goal-based planning systems, and the Integrated Asset Management System WMW (Wealth Management Workstation). With the purpose of "creating financial wellness through the integration of FT and IT," the company aims to transform itself from a conventional system development company into a Japanese-style digital asset management platformer. It operates through a group of four consolidated subsidiaries (Inform, Wealth Engine, and Trust Engine), and has also gained international recognition, being the only Japanese company selected for the IDC FinTech Rankings 2025 Top 100.

Business Model

Revenue composition consists of contract development income at 94.1% (¥9,121 million), licensing and maintenance/operation income at 5.3% (¥516 million), and other at 0.6% (¥50 million). The structure involves receiving contract development orders for systems from financial institutions to generate initial income, followed by recurring stock-type income through licensing and maintenance/operation contracts for CAP libraries and similar offerings. Revenue from API provision of calculation logic (SaaS-type) and consulting services for high-net-worth clients also contributes. While the business currently remains weighted toward contract development, the company is pursuing, as a medium-term priority, an increase in the proportion of recurring revenue by shifting to usage-fee billing for the Integrated Asset Management Platform for IFAs (Trust Engine).

Company Strengths

Since its founding in 1990, the company has continuously developed systems specialized in the life insurance, banking, and securities sectors. It has built long-term business relationships with major financial institutions such as Sony Life Insurance (40.1% of sales) and Mitsui Sumitomo Aioi Life Insurance (10.6% of sales). In FY2025 (ended September 2025), it acquired 5 new life insurance/life insurance agency clients and 5 new banking/securities clients, expanding its customer base.

In FY2025 (ended September 2025), sales reached ¥9,689 million (up 18.5% year on year), a new record high since the company's founding. Operating profit was ¥530 million (up 78.4% year on year), with ROE of 11.6%, exceeding the first-year sales target of the mid-term management plan (¥8,780 million) by 10.4% and the operating profit target (¥450 million) by 17.9%, achieving all KPIs.

The company was selected as the only Japanese company in the IDC FinTech Rankings 2025 Top 100 conducted by IDC Financial Insights, a U.S. financial IT research firm. It has been continuously ranked since its first selection in 2017, a track record that underscores international recognition of its technological capabilities and business scale in the financial IT systems field.

ENVALITH's Perspective

For the interim period of FY2026 (ending March 2026), net sales were ¥5,487 million (up 16.2% year on year) and operating profit was ¥638 million (up 66.3%), with all profit items marking new interim-period highs. The full-year earnings forecast was also revised upward for operating profit, ordinary profit, and net profit (full-year operating profit forecast of ¥730 million, up 37.6% from the previous fiscal year). The interim progress rate on an operating profit basis stands at a high 87.4%, leaving room for a further upward revision depending on order trends in the second half. As an external factor, expanding DX investment by financial institutions and rising demand for generative AI continue to serve as tailwinds.

The structure in which Contract Development accounts for 94.5% of net sales, with life insurance companies as the primary customer base, remains unchanged. The risk that budget cuts or changes in system investment policy by specific customers could directly impact earnings remains high. Contract Development (for Banks, Securities Firms, and IFAs) grew at a high rate of 33.8% year on year, but the absolute amount is still small, and substantive progress in portfolio diversification remains limited. The share of recurring revenue (licensing and maintenance) in net sales remains at only 5.4%, and improving the stability of earnings will take time.

In the interim period of FY2026 (ending March 2026), a valuation loss on investment securities of ¥29 million was recorded as an extraordinary loss. In addition, a ¥208 million decrease in valuation difference on available-for-sale securities caused interim comprehensive income to decline sharply to ¥186 million (down 54.6% year on year). In contrast to the increase in net profit, the decline in the fair value of held securities is affecting the quality of the company's financials. It should be noted that fluctuations in the stock market environment will continue to affect the valuation of held securities.

Growth Strategy

Advancing five strategies under the medium-term management plan: customer base deepening, business portfolio reform, transition to stock-type business, entry into the family office business, and utilization of generative AI

Leveraging its long-standing relationship of trust with life insurance companies, the Company provides solutions utilizing advanced technologies such as generative AI and API integration. In the first half of FY2026 (ending September 2026), sales to life insurance companies grew a solid 13.4% year on year, driven by expanded new orders associated with system integration accompanying organizational restructuring and the release of asset formation products.

The Company is focusing on expanding sales to banks, securities firms, IFAs, and other clients. In the first half of FY2026 (ending September 2026), sales to banks, securities firms, IFAs, and others achieved high growth of 33.8% year on year, driven by improvements to asset management platform functionality for megabanks, paperless initiatives for online banks, and improvements to the order support system for investment products for IFAs.

The Company established a wholly owned subsidiary, Wealth Engine Inc., to develop businesses in inheritance, business succession, and asset management. It is currently applying for licenses for investment advisory and agency business and Type II Financial Instruments Business, and has begun planning and developing asset management products for high-net-worth clients.

In July 2025, the Company established Trust Engine Inc. as a joint venture with Taiwanese fintech company SoftBI. It is developing an integrated platform equipped with tax planning, financial planning, and portfolio management functions. The platform is scheduled to be released during the current consolidated fiscal year, with plans to develop a stock-type business model generating license fee revenue from IFAs and securities firms.

The Company began a paid PoC for life insurance companies of its insurance solicitation document review service "LibelliS." In collaboration with Elith, a startup originating from the University of Tokyo's Matsuo Lab, the Company is providing a financial statement reading and own-share valuation system using AI-OCR. It is also developing an AI agent system for proposing inheritance and asset succession solutions. Internally, the use of generative AI tools has achieved time reductions of up to approximately 60% depending on the process.

Last updated: July 17, 2026