Initiating Coverage of Japan's Four Largest Listed Insurers
We are initiating coverage of Japan's four largest listed insurance companies by market capitalization. Our fair value estimates are JPY 5,600 for Tokio Marine (1% above the current share price), JPY 4,600 for MS&AD Insurance (30% upside), JPY 5,500 for Sompo (28% upside), and JPY 2,400 for Dai-Ichi Life (48% upside). We rate all four as no-moat companies, but we expect the three nonlife companies to generate returns near their cost of capital (Tokio Marine highest, followed by Sompo and the...MS&AD Insurance Group Holdings is a holding company of insurance companies. Co.'s main activities focus on four major business areas: Domestic Non-life Insurance (Co.'s mainstay business), through Mitsui Sumitomo Insurance Co., Ltd. and others; Life Insurance, through Mitsui Sumitomo Aioi Life Insurance Co., Ltd. and others. Overseas business provides commercial and personal line insurances in Asia and mainly concentrates in underwriting commercial-line insurances in Europe and Americas. Financial Services business/Risk-related business offers financial security, 401k business, ART business, personal loan and venture capital businesses, risk management business and others.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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