Morgan Stanley: Japanese Insurance Companies' Private Credit Exposure Represents 1% to 3% of Assets Under Management

LootboxPhobia · 2026-03-12T21:31:19+00:00

Morgan Stanley released estimated data on Japanese insurance companies' private credit exposure as of the end of fiscal year 2025, showing the exposure situations of Tokio Marine Holdings, Sompo Holdings, MS&AD, Dai-ichi Life, and T&D Holdings, which respectively account for different proportions of their assets under management and net assets, while Japan Post Insurance does not hold such assets.

LootboxPhobia

2026-03-12 21:31:19

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Investing.com — Morgan Stanley has released estimated data on the private credit exposure of Japanese insurance companies as of the end of fiscal year 2025, relative to their asset management scale and adjusted net assets.

Tokio Marine Holdings’ exposure is estimated at approximately ¥600 billion, about 2% of its asset management scale and roughly 10% of its IFRS-adjusted net assets.

Sompo Holdings’ exposure is estimated at about ¥100 billion, less than 1% of its asset management scale and approximately 4% of its IFRS-adjusted net assets.

MS&AD’s exposure is estimated at around ¥200 billion, less than 1% of its asset management scale and about 3% of its IFRS-adjusted net assets.

Dai-ichi Life’s exposure is estimated at approximately ¥630 billion, about 1% of its asset management scale and roughly 8% of embedded value.

T&D Holdings’ exposure is estimated at about ¥550 billion (including its Fortitude stake), less than 3% of its asset management scale and approximately 13% of embedded value.

According to Morgan Stanley, Japan Post Insurance does not hold such assets.

The bank notes that these figures are based on currently available information and may not be directly comparable across companies.

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