SBI Insurance Group Co., Ltd.
7326・Growth Market・Insurance
Business
SBI Insurance Group was established in 2017 as an insurance holding company under SBI Holdings (59.7% ownership stake) and listed on the Tokyo Stock Exchange Mothers market (now the Growth Market) in 2018. The group comprises three segments—Property & Casualty Insurance (SBI Insurance), Life Insurance (SBI Life Insurance), and Small-Amount & Short-Term Insurance (7 companies)—and provides low-cost insurance products for individuals, corporations, and financial institutions primarily through internet and non-face-to-face channels. As of the end of March 2026, the number of consolidated policies in force reached 1,397 thousand for property & casualty, 725 thousand for life insurance, and 1,054 thousand for small-amount & short-term insurance, forming a comprehensive insurance group that addresses diverse insurance needs across the entire group.
Business Model
The company's source of competitiveness lies in efficient customer acquisition through non-face-to-face channels such as the internet, combined with a low expense ratio (P&C net operating expense ratio of 16.4%), expanding premium income through the continuous accumulation of in-force policies. It leverages the SBI Group's customer base and regional financial institution network as sales channels, and by using technology such as AI and big data to simultaneously improve operational efficiency and customer convenience, it has a structure that enhances profitability.
Company Strengths
Through low-cost operations leveraging internet-centric non-face-to-face channels, the Property & Casualty Insurance Business achieved a net expense ratio of 16.4% (down 1.5 points year on year). The combined ratio also continued to improve, reaching 89.7%, giving the company a structural cost advantage over major agency-based non-life insurers.
By leveraging SBI Holdings' highly internet-literate customer base, group financial institutions including SBI Shinsei Bank, and a nationwide network of regional financial institutions, the company has expanded customer touchpoints at low cost. The number of Group Credit Life Insurance policies in force reached 725 thousand, up 15.6% from the end of the previous fiscal year, demonstrating that group synergies have translated into concrete growth in policies.
The company operates three businesses—Property & Casualty Insurance, Life Insurance, and Small-Amount & Short-Term Insurance—offering a diverse product lineup including Automobile Insurance, term life insurance, Pet Insurance, Earthquake Compensation Insurance, and rental housing insurance. This structure avoids dependence on a single segment while enabling mutual utilization of the customer base through cross-selling within the group.
ENVALITH's Perspective
Performance Trend
Ordinary revenue expanded approximately 59% over five fiscal periods, from ¥88,365 million in FY2022 (ended March 2022) to ¥140,362 million in FY2026 (ending March 2026). The year-on-year revenue growth rate of 18.5% in FY2026 accelerated from 8.3% in the previous fiscal year, driven by the Life Insurance Business (up 30.0% year on year). Ordinary profit rose to ¥13,164 million (up 39.0% year on year), and profit attributable to owners of parent increased substantially to ¥2,880 million (up 44.8% year on year). Improved cost ratios from operational efficiency gains, combined with the revenue growth effect, lifted the ordinary profit margin on ordinary revenue from 8.0% to 9.4%. Note that in the previous fiscal year, a one-time recognition of deferred tax assets in the Property & Casualty Insurance Business had kept tax expenses low; as this effect disappeared in the current fiscal year, total income taxes and other increased from ¥65 million to ¥1,415 million. Comprehensive income rose substantially to ¥6,110 million (up 103.9% year on year), aided by a ¥3,216 million improvement in valuation difference on available-for-sale securities.
Growth Strategy
Aiming to achieve the FY2028 (ending March 2028) ordinary revenue target through three strategies: synergy, technology, and niche markets
Through strengthened collaboration with SBI Shinsei Bank and other group companies and partner financial institutions, the number of life insurance (Group Credit Life Insurance) policies in force expanded 15.6% year-on-year to 725 thousand policies. Progress has also been made in expanding the handling of Cancer Insurance (including group policies) and Overseas Travel Insurance through partnerships with regional financial institutions, and low-cost customer acquisition through group synergies continues to function effectively.
Continued utilization of cutting-edge technology, including sophistication of accident intake and customer support systems using generative AI and voice recognition technology, introduction of conversational AI operators at call centers, and delivery of hail damage alerts using a hail damage prediction model. The net expense ratio for the Property & Casualty Insurance Business stood at 16.4% (down 1.5 points year-on-year), and the combined ratio for the Small-Amount & Short-Term Insurance Business improved by 12.4 points, with results reflected in these figures.
Promoting the rollout of specialized niche market products, including new market development targeting senior women through jointly developed products with readers of "Halmek" (SBI Iryo Kyosai / SBI Seimei Kyosai), and expanded partnerships with external companies for e-Bike Insurance (including the start of provision to the domestic brand "XENIS"). Segment profit improved significantly, up 184.3% year-on-year to ¥656 million, accelerating monetization.
Considering the application of International Financial Reporting Standards (IFRS). As building systems to comply with IFRS 17 "Insurance Contracts" will require considerable time, the company is proceeding with consideration of accounting policies and gathering information to identify requirements for building IFRS-compliant systems, targeting application from FY2030 (ending March 2030).
Last updated: July 19, 2026