Anicom Holdings, Inc.
8715・Prime Market・Insurance
Non-life Insurance Business (Pet Insurance)
The core business of the Anicom Group. Handles pet insurance underwriting and asset management, holding the No.1 domestic market share.
| Period | Current | Previous | Change |
|---|---|---|---|
| Non-life Insurance Business ordinary revenue (cumulative 3Q) | ¥48,994 million | ¥44,329 million | ↑ |
| Net premiums written (cumulative 3Q) | ¥47,747 million | ¥43,505 million | ↑ |
| Number of policies in force | 1,374,230 policies | 1,287,923 policies | ↑ |
| E/I loss ratio (on an earned premium basis) | 62.9% | 61.6% | ↑ |
| Combined ratio (on an earned premium basis) | 96.8% | 93.5% | ↑ |
Business Details
A segment engaged in pet insurance underwriting and asset management operations conducted by Anicom Insurance, Inc. The company offers multiple products covering outpatient, hospitalization, and surgery costs for 15 species including dogs, cats, birds, and rabbits. Its strength lies in the industry-first "Counter Settlement System" (supported by approximately 7,000 animal hospitals), and it sells through two channels: the NB channel (4,986 pet shop agency outlets) and the general channel (web and financial institutions). The company has maintained the No.1 domestic market share for 16 consecutive years from 2009 to 2024.
Recent Overview
Ordinary revenue increased 10.5% year-on-year in the cumulative 3Q, but profit declined significantly due to a rise in the loss ratio and expense ratio.
Ordinary revenue in the Non-life Insurance Business for the cumulative nine months of Q3 FY2026 (ending March 2026) (April to December 2025) was ¥48,994 million (up 10.5% year-on-year). The number of policies in force increased steadily to 1,374,230 (up 86,307 policies, or +6.7%, from the end of the prior fiscal year). Meanwhile, the E/I loss ratio rose to 62.9% (up 1.3pt year-on-year), and the expense ratio on an earned premium basis rose to 33.9% (up 2.0pt), worsening the combined ratio to 96.8% (up 3.3pt). Costs associated with policy transfers from other companies pushed up the expense ratio. The full-year earnings forecast remains unchanged, with ordinary revenue of ¥73,000 million (up 7.9% year-on-year) and ordinary profit of ¥3,300 million (down 33.2%).
Key Products
Growth Drivers
- Continued solid demand for pet ownership (domestic pet insurance penetration rate has grown to 21.4%)
- Strengthened sales activities in the NB channel (4,986 pet shop agency outlets) and the general channel
- Accumulation of policies in force through transfers from other companies (up 86,307 policies from the end of the prior fiscal year as of the end of Q3)
- High customer convenience and differentiation through the industry-first Counter Settlement System, which has the largest number of supported hospitals
- Enhanced appeal of products bundled with "Dobutsu Kenkatsu" leading to new policy acquisition
Risks
- The E/I loss ratio has been trending upward due to the extension of pets' average lifespan, advances in veterinary medicine, and persistently high medical costs from inflation
- Rising expense ratio due to costs associated with policy transfers from other companies (up 2.0pt year-on-year in cumulative 3Q)
- Risk of price competition due to intensifying entry by competitors (successive entries by major insurance companies)
- Burden of increasing insurance policy reserves (outstanding claims reserves and policy reserves) due to rising insurance payouts
- Increasing complexity of solvency management due to the introduction of new capital regulations (such as ESR) under the Insurance Business Act
Last updated: June 22, 2026