Morningstar - Tokio Marine Holdings Inc. (8766) Initiating Coverage of Japans Four Largest Listed Insurers

Report

Morningstar

Michael Makdad

EUR 100.00 For Business Accounts Only

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...

11/06/2019 12 EN

Underlying

Tokio Marine Holdings Inc.

Tokio Marine Holdings is a holding company undertakes the domestic non-life insurance, domestic life insurance, international insurance and financial and general businesses. Co.'s principal business segments are casualty insurance services, life insurance services, and others. Co. is engaged in the underwriting property and casualty insurance and related investment activities in Japan; underwriting life insurance and related investment activities in Japan; underwriting casualty and life insurance in overseas; and securities investment advisory, securities investment trusts business, derivatives business, staffing business, real estate management business and elderly care business.

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JP3910660004 Japan

Provider

Morningstar

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.

We have operations in 27 countries.

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Analysts

Michael Makdad

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Initiating Coverage of Japan's Four Largest Listed Insurers

TOKIO MARINE HOLDINGS loses on its star level and is downgraded to Slightly Positive

Monthly LMI Update Independent Investment Research

Feasibility Study Results in December to be a Catalyst for this Junior

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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