FP Partner Inc.
7388・Prime Market・Insurance
Business
FP Partner Inc. is an independent insurance agency (multi-carrier agency) with locations across all 47 prefectures of Japan under the "Money Doctor" brand. The company handles products from a total of 43 companies—28 life insurers and 15 non-life insurers—and provides financial planning services to primarily 20s-to-40s family households through a combination of home-visit, online, and in-store channels. It has established a division of labor between customer acquisition and sales, systematically acquiring prospective customers through three pillars: partner-company customer acquisition (approximately 80% of total customer acquisition in FY2025 (ending November 2025)), in-house customer acquisition, and the Contract Transfer Business. The company was founded in 2009, listed on the TSE Growth Market in September 2022, and transferred to the Prime Market in September 2023.
Business Model
Revenue is composed of three categories: first-year commissions (flow), renewal commissions (stock), and service quality support fees. In FY2025 (ending November 2025), life insurance commission revenue was ¥30,413 million, of which renewal commissions accounted for ¥5,559 million (up 3.8% year on year), showing steady accumulation. A distinguishing feature is the division-of-labor model in which the company handles customer acquisition while sales staff focus exclusively on FP (financial planning) consulting. The proprietary tool "Hyper Agent" automatically allocates client meeting appointments, achieving uniform service quality nationwide.
Company Strengths
Partner company-driven customer acquisition accounted for approximately 80% of total customer acquisition in FY2025 (ending November 2025), establishing an organizational customer acquisition system that does not depend on the individual skills of sales staff. The proprietary tool "Hyper Agent" automatically links meeting appointments to sales staff, achieving uniform service quality nationwide.
Recurring commissions generated from policies in force have increased cumulatively from ¥4,389 million in FY2021 (ending November 2021) to ¥5,559 million in FY2025 (ending November 2025), forming a stable revenue base that underpins performance fluctuations. Even in FY2025 (ending November 2025), when first-year commissions declined, recurring commissions maintained a 3.8% year-on-year increase.
The Contract Transfer Business, launched in 2021, recorded its largest growth since inception in FY2025 (ending November 2025), achieving 14,620 transfer agreements in the current fiscal year alone (of which 12,046 were life insurance policies). Through the acquisition of all shares of the non-consolidated subsidiary Prestige, the company also acquired 128,124 policies in force for non-life insurance, building synergies from cross-selling life and non-life insurance.
ENVALITH's Perspective
Performance Trend
Revenue expanded to a peak in FY2024 (¥35,618 million) after FY2023 (¥30,560 million), then turned to decline from FY2025 (¥32,104 million); in the interim period of FY2026 (ending November 2026), revenue was ¥15,599 million (down 5.1% year on year), continuing the decline. Operating profit peaked in FY2023 (¥5,554 million) and plunged to ¥2,984 million by FY2025, worsening further to ¥1,076 million (down 27.1% year on year) in the FY2026 interim period. The full-year forecast continues to point to lower earnings, with revenue of ¥31,793 million (down 1.0% year on year) and operating profit of ¥2,300 million (down 22.9% year on year). As external factors, changes in the competitive environment for insurance products due to the Bank of Japan's interest rate hikes, and industry restructuring accompanying revisions to the Insurance Business Act, are affecting performance. The equity ratio stands at 61.8%, indicating that financial soundness is being maintained.
Growth Strategy
Aiming for renewed growth through four pillars: business improvement, expansion of the contract transfer business, growth in non-life insurance, and recovery of customer acquisition through partnerships
The company is working company-wide on the business improvement plan disclosed in October 2025, and submitted the first progress report to the Kanto Local Finance Bureau on May 15, 2026. It is strengthening initiatives centered on customer-oriented business operations, advancing the foundation for restoring trust and achieving sustainable growth.
Inquiries have been increasing from agencies considering closing or downsizing their business against the backdrop of the amended Insurance Business Act (effective June 2026) and a lack of successors. In the second quarter of the current fiscal year, new transfer agreements were reached with three additional companies. Discussions with non-life insurance agencies account for the majority of inquiries, and the number of new business discussions has remained steady.
Non-life insurance agency business revenue expanded to ¥701 million in the first half of FY2026 (ending November 2026), up 15.7% year on year. Certain results have also been observed in acquiring new contracts from existing non-life insurance policyholders through after-sales follow-up with customers transferred in FY2025 (ended November 2025).
In December 2025, the company began a new business alliance with a major nationwide company, and the number of customers acquired through partner companies has shown a recovering trend. The company aims to strengthen its ability to acquire new customers by diversifying organizational customer acquisition channels.
Last updated: July 17, 2026