v3.26.1
Severance Indemnities and Pension Plans (Tables)
12 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost of Pension Benefits, SIPs and Other Benefits
Net periodic cost of pension benefits and other benefits for the fiscal years ended March 31, 2024, 2025 and 2026 include the following components:
 
Domestic subsidiaries
 
Foreign offices and subsidiaries
 202420252026 202420252026
 
Pension
 benefits
 and SIP
 
Pension
 benefits
 and SIP
 
Pension
 benefits
 and SIP
 
Pension
 benefits
 
Other
 benefits
 
Pension
 benefits
 
Other
 benefits
 
Pension
 benefits
 
Other
 benefits
 
(in millions)
Service cost—benefits earned during the fiscal year¥34,653 ¥31,728 ¥28,099 ¥13,231 ¥52 ¥14,759 ¥52 ¥13,354 ¥77 
Interest cost on projected benefit obligation20,547 23,954 30,210 8,461 1,216 8,850 1,266 9,303 1,144 
Expected return on plan assets(83,130)(95,929)(100,224)(10,810)(1,503)(12,443)(1,670)(12,039)(1,474)
Amortization of net actuarial loss (gain)(591)(16,821)(30,905)1,362 1,191 2,112 (89)2,243 23 
Amortization of prior service cost(1,974)(282)147 (945)(426)(1,328)(449)(420)(444)
Loss (gain) on settlements and curtailment(13,659)(13,754)(15,807)1,803 — 15 — (418)— 
Other
(194)(203)141 3,939 (2,513)(301)— — 
Net periodic benefit cost (income)¥(44,348)¥(71,307)¥(88,339)¥17,041 ¥536 ¥9,452 ¥(1,191)¥12,023 ¥(674)
Summary of Assumptions Used in Computation
The following table summarizes the assumptions used in computing the present value of the projected benefit obligations and the net periodic benefit cost:
 Domestic subsidiaries Foreign offices and subsidiaries
 202420252026202420252026
 Pension benefits and SIP Pension benefits and SIP Pension benefits and SIP Pension benefits
Other
 benefits
Pension
 benefits
Other
 benefits
Pension
 benefits
Other
 benefits
Weighted-average assumptions used:                 
Discount rates in determining expense1.36%1.70%2.89%4.74%4.59%5.06%5.00%5.17%4.89%
Discount rates in determining benefit obligation1.70 2.89 3.33 5.06 5.06 5.22 5.26 5.39 5.45 
Rates of increase in future compensation level for determining expense3.47 3.49 3.91 5.09 — 5.50 — 5.44 — 
Rates of increase in future compensation level for determining benefit obligation3.49 3.91 2.76 5.50 — 5.44 — 5.41 — 
Expected rates of return on plan assets2.97 2.89 2.91 4.98 6.25 5.93 7.00 5.80 6.50 
Cash balance crediting rate for determining expense2.46 2.46 2.53 3.72 — 4.38 — 4.59 — 
Cash balance crediting rate for determining benefit obligation2.46 2.53 3.15 4.38 — 4.59 — 4.88 — 
Assumed Health Care Cost Trend Rates and Effect of a One-percentage-point Change for Foreign Offices and Subsidiaries
The following table presents the assumed health care cost trend rates for foreign offices and subsidiaries, which are used to measure the expected cost of benefits for the next year:
 
2025(1)
2026(1)
Initial trend rate8.00 %9.25 %
Ultimate trend rate4.00 %4.00 %
Year the rate reaches the ultimate trend rate20352037
Note:
(1)Fiscal years of foreign subsidiaries end on December 31. Therefore, the above table presents the rates and amounts at December 31, 2024 and 2025, respectively.
Combined Funded Status and Amounts Recognized in Consolidated Balance Sheets
The following table sets forth the combined funded status and amounts recognized in the accompanying consolidated balance sheets at March 31, 2025 and 2026:
 
Domestic subsidiaries
 
Foreign offices and subsidiaries
 2025202620252026
 
Non-contributory
 pension benefits
 and SIP
 
Non-contributory
 pension benefits
 and SIP
 
Pension
 benefits
 
Other
 benefits
 
Pension
 benefits
 
Other
 benefits
 
(in millions)
Change in benefit obligation:           
Benefit obligation at beginning of fiscal year¥1,448,579 ¥1,310,512 ¥198,793 ¥25,719 ¥199,316 ¥23,394 
Service cost31,728 28,099 14,759 52 13,354 77 
Interest cost23,954 30,210 8,850 1,266 9,303 1,144 
Plan participants’ contributions— — — 430 — 362 
Acquisitions/ Divestitures(354)(257)— — 1,478 — 
Amendments— — (2,075)— — — 
Actuarial loss (gain)(109,527)(1)(97,490)(1)(5,195)(1,107)2,757 (573)
Benefits paid(65,960)(66,015)(7,721)(2,555)(9,139)(2,439)
Lump-sum payment(17,908)(13,495)(5,837)— (6,568)— 
Translation adjustments and other— — (2,258)(411)9,946 1,434 
Benefit obligation at end of fiscal year1,310,512 1,191,564 199,316 23,394 220,447 23,399 
Change in plan assets:
Fair value of plan assets at beginning of fiscal year3,333,330 3,409,772 196,991 23,671 193,635 22,490 
Actual return on plan assets117,384 358,683 7,761 993 13,285 1,911 
Employer contributions25,184 25,130 2,826 228 4,653 254 
Acquisitions/ Divestitures(26)(182)— — — — 
Plan participants’ contributions— — — 430 — 362 
Benefits paid(65,960)(66,015)(7,721)(2,555)(9,139)(2,439)
Translation adjustments and other(140)— (6,222)(277)14,528 1,563 
Fair value of plan assets at end of fiscal year¥3,409,772 ¥3,727,388 ¥193,635 ¥22,490 ¥216,962 ¥24,141 
Amounts recognized in the consolidated balance sheets:
Prepaid benefit cost¥2,116,823 ¥2,553,516 ¥79,809 ¥— ¥84,712 ¥1,217 
Accrued benefit cost(17,563)(17,691)(85,490)(904)(88,197)(475)
Net amount recognized¥2,099,260 ¥2,535,825 ¥(5,681)¥(904)¥(3,485)¥742 
Note:
(1)Significant gains and losses related to changes in the benefit obligation for the fiscal years ended March 31, 2025 and 2026 primarily result from changes in the discount rate.
Aggregated Accumulated Benefit Obligations
The aggregated accumulated benefit obligations of these plans at March 31, 2025 and 2026 were as follows:
 
Domestic
 subsidiaries
 
Foreign offices
 and subsidiaries
 2025202620252026
 (in millions)
Aggregated accumulated benefit obligations¥1,292,334 ¥1,177,021 ¥171,906 ¥194,716 
Summary for Plans with Accumulated Benefit Obligations in Excess of Plan Assets
The projected benefit obligations, accumulated benefit obligations and fair value of plan assets for the plans with accumulated benefit obligations in excess of plan assets at March 31, 2025 and 2026 were as follows:
 
Domestic
 subsidiaries
 
Foreign offices
 and subsidiaries
 2025202620252026
 (in millions)
Projected benefit obligations¥21,768 ¥21,544 ¥93,518 ¥97,923 
Accumulated benefit obligations21,768 21,336 67,399 72,918 
Fair value of plan assets5,304 5,762 8,275 10,101 
Amounts Recognized in Accumulated OCI
The following table presents the amounts recognized in Accumulated OCI of the MUFG Group at March 31, 2025 and 2026:
 
Domestic subsidiaries
 
Foreign offices and subsidiaries
 2025202620252026
 
Pension
 benefits
 and SIP
 
Pension
 benefits
 and SIP
 
Pension
 benefits
 
Other
 benefits
 
Pension
 benefits
 
Other
 benefits
 
(in millions)
Net actuarial loss (gain)¥(638,775)¥(947,771)¥34,990 ¥1,685 ¥31,862 ¥704 
Prior service cost807 416 (2,467)(659)(1,903)(234)
Gross amount recognized in Accumulated OCI(637,968)(947,355)32,523 1,026 29,959 470 
Taxes152,200 249,543 (9,134)(281)(7,889)(120)
Net amount recognized in Accumulated OCI¥(485,768)¥(697,812)¥23,389 ¥745 ¥22,070 ¥350 
Amounts Recognized in OCI
The following table presents OCI for the fiscal years ended March 31, 2025 and 2026:
 
Domestic subsidiaries
 
Foreign offices and subsidiaries
 2025202620252026
 
Pension
 benefits
 and SIP
 
Pension
 benefits
 and SIP
 
Pension
 benefits
 
Other
 benefits
 
Pension
 benefits
 
Other
 benefits
 
(in millions)
Net actuarial gain arising during the year¥(130,464)¥(355,708)¥(1,570)¥(490)¥(305)¥(1,011)
Prior service cost arising during the year— (244)(2,188)— — — 
Losses (gains) due to amortization:
Net actuarial loss (gain)16,821 30,905 (2,112)89 (2,243)(23)
Prior service cost282 (147)1,328 449 420 444 
Curtailment and settlement13,754 15,807 (15)— (2,875)— 
Foreign currency translation adjustments— — 757 (13)2,439 34 
Total changes in Accumulated OCI¥(99,607)¥(309,387)¥(3,800)¥35 ¥(2,564)¥(556)
Weighted-average Target Asset Allocation of Plan Assets for Pension Benefits and Other Benefits
The weighted-average target asset allocation of plan assets for the pension benefits and other benefits at March 31, 2026 was as follows:
 
Domestic
 subsidiaries
Foreign offices
 and subsidiaries
Asset category
Pension
 benefits
 and SIP
Pension
 benefits
Other
 benefits
Japanese equity securities26.3%%%
Japanese debt securities22.5 — — 
Non-Japanese equity securities14.2 30.2 30.0 
Non-Japanese debt securities22.1 57.4 64.0 
Real estate1.3 7.6 6.0 
Short-term assets and other13.6 4.8 — 
Total100.0%100.0%100.0%
Estimated Future Benefit Payments
The following table presents benefit payments expected to be paid, which include the effect of expected future service for the fiscal years indicated:
 
Domestic
 subsidiaries
 
Foreign offices
 and subsidiaries
 
Pension
 benefits
 and SIP
 
Pension
 benefits
 
Other
 benefits
 (in millions)
Fiscal year ending March 31:     
2027¥82,173 ¥14,553 ¥2,586 
202880,601 14,485 2,406 
202979,652 15,036 2,234 
203078,433 15,785 2,045 
203177,755 16,271 1,900 
Thereafter (2032-2036)370,307 91,838 8,415 
Fair Value of Each Major Category of Plan Assets
The following tables present the fair value of each major category of plan assets as of March 31, 2025 and 2026:
Pension benefits and SIP Investments:
At March 31, 2025Domestic subsidiaries Foreign offices and subsidiaries
Assets categoryLevel 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
 (in millions)
Japanese government bonds¥51,627 ¥— ¥— ¥51,627 ¥— ¥— ¥— ¥— 
Non-Japanese government bonds571 — — 571 14,948 2,449 — 17,397 
Other debt securities3,691 113,713 2,567 119,971 — 47,657 — 47,657 
Japanese marketable equity securities1,055,319 — — 1,055,319 — — — — 
Non-Japanese marketable equity securities75,941 83 — 76,024 — — — — 
Other investment funds— — — — 4,529 46,132 — 50,661 

Japanese general account of life insurance companies(1)
— 194,758 — 194,758 — — — — 
Other investments20,508 27,395 — 47,903 152 1,664 333 2,149 
Total¥1,207,657 ¥335,949 ¥2,567 ¥1,546,173 ¥19,629 ¥97,902 ¥333 ¥117,864 
At March 31, 2026Domestic subsidiaries Foreign offices and subsidiaries
Assets categoryLevel 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
 (in millions)
Japanese government bonds¥44,412 ¥— ¥— ¥44,412 ¥— ¥— ¥— ¥— 
Non-Japanese government bonds1,805 — — 1,805 13,405 3,303 — 16,708 
Other debt securities3,179 80,445 2,674 86,298 16 63,571 — 63,587 
Japanese marketable equity securities793,921 — — 793,921 — — — — 
Non-Japanese marketable equity securities66,011 39 — 66,050 — — — — 
Other investment funds— — — — 3,952 63,518 — 67,470 
Japanese general account of life insurance companies(1)
— 190,059 — 190,059 — — — — 
Other investments9,713 356,590 — 366,303 521 1,975 269 2,765 
Total¥919,041 ¥627,133 ¥2,674 ¥1,548,848 ¥17,894 ¥132,367 ¥269 ¥150,530 
Note:
(1)“Japanese general accounts of life insurance companies” is a contract with life insurance companies that guarantees a return of approximately 0.94% from April 1, 2024 to March 31, 2025 and 0.96% from April 1, 2025 to March 31, 2026.
Fair Values of Certain Investments Valued at Net Asset per Share (or Its Equivalent)
The following table presents fair values of certain investments valued at net asset value per share (or its equivalent) as a practical expedient that were excluded from the above table as of March 31, 2025 and 2026:
 
Domestic
 subsidiaries
 
Foreign offices and
 subsidiaries
 
Assets category2025202620252026 
 (in millions) 
Japanese pooled funds:        
Japanese marketable equity securities¥63,276 ¥58,187 ¥— ¥—  
Japanese debt securities191,765 291,581 — —  
Non-Japanese marketable equity securities166,045 202,174 — —  
Non-Japanese debt securities288,808 238,730 — —  
Other134,293 145,986 — —  
Total pooled funds844,187 936,658 — —  
Other investment funds1,019,412 (1)1,241,882 (1)75,771 (2)66,432 (2)
Total¥1,863,599 ¥2,178,540 ¥75,771 ¥66,432  
Notes:
(1)Other investment funds of the domestic subsidiaries include mutual funds and real estate funds of ¥977,917 million and ¥11,205 million, respectively, at March 31, 2025 and ¥1,197,658 million and ¥12,177 million, respectively, at March 31, 2026.
(2)Other investment funds of the foreign offices and subsidiaries include mutual funds, real estate funds and common collective funds of ¥5,787 million, ¥39,712 million and ¥30,093 million, respectively, at March 31, 2025 and ¥6,226 million, ¥28,207 million and ¥31,840 million, respectively, at March 31, 2026.