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...Dai-ichi Life Holdings is a holding company. Co., through its subsidiaries and associated companies, operates in three business segments: domestic life insurance, overseas insurance, and other. Co.'s principal insurance products include "Junpu Life" for whole term insurance, "Shiawase Monogatari" for annuity insurance, "Medical Yell" for medical insurance, and "Yuyu Jinsei" for nursing care insurance. Co. also provides insurance for children, endowment insurance, group insurance policies for employees' accident compensation, as well as funds for housing loans and education loans. In addition, Co. is engaged in the investment and risk management as well as asset management services.
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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