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...Sompo Holdings is an insurance holding engaged in the management of P&C insurance companies, life insurance companies, and other companies controlled as subsidiaries pursuant to the Insurance Business Law, and other operations incidental thereto. Co.'s principal business segments are domestic property & casualty insurance, domestic life insurance, nursing care and healthcare, and overseas insurance. Co. is engaged in the underwriting and sale of casualty insurance products, such as "Telematics Insurance" offering a safe driving discount on new policy premiums, as well as life insurance products include "Shin Kenko no Omamori" and "Shin Kenko no Omamori Heart."
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