Japan Post Insurance Co. (7181) told the Tokyo Stock Exchange on July 24 that unrealized losses on part of its bond portfolio reached ¥4,464,749 million, or roughly ¥4.46tn, as of June 30, 2026, the end of the first quarter of the fiscal year running to March 2027.
The figure covers only domestically listed securities held in two accounting categories: bonds the insurer intends to hold to maturity, and bonds matched against its policy reserves. Both categories are included in the total; the disclosure does not break the loss out between them. Book value across those holdings stood at ¥23.07tn against a market value of ¥18.61tn.
| Metric | Amount |
|---|---|
| Book value | ¥23.07tn |
| Market value | ¥18.61tn |
| Gross unrealized loss | ¥4.46tn |
| Gross unrealized gain | ¥113.9bn |
| Net unrealized loss | ¥4.35tn |
Offsetting ¥113.9bn of unrealized gains elsewhere within the same two categories, the net unrealized position came to a loss of ¥4.35tn. Japan Post Insurance framed the scale against its own recent results: the ¥4.46tn gross loss equals 1,641.7% of the ¥271.9bn in consolidated ordinary profit the company posted for the year to March 2026, and 2,645.0% of the ¥168.8bn in net profit attributable to shareholders over the same period.
Despite the size of the paper loss, the insurer said its full-year earnings and dividend forecast for the year to March 2027, published on May 15, 2026, remains unchanged. It added that it will disclose promptly if any matter requiring disclosure arises.
The notice does not explain why the guidance held steady despite the loss, nor does it state how these bonds are treated for earnings purposes. What it confirms is the size of the gap between book and market value on a large slice of Japan Post Insurance's domestic bond book, at a moment when long-duration yen bond holders across the life insurance sector are watching similar valuation swings.