Tokio Marine Holdings Inc

8766: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎8,597.00	Zbxp	Ydwxgygd

Japanese General Insurers Report Stronger-Than-Expected April-June on Rate Hikes, Fewer Accidents

Michael Makdad

Aug 9, 2021

We maintain our fair value estimates of JPY 5,600 for Tokio Marine (5% above the current share price), JPY 4,000 for MS&AD Insurance (16% upside), and JPY 5,000 for Sompo Holdings (7% upside) after the three Japanese general insurers reported strong results for April-June, the first quarter in the fiscal year ending March 2022. The shares have risen 4%, 7%, and 13%, respectively, since we published a 51-page report “Pandemic Impact on Japanese Insurers Has Passed” on June 30. In it, we had identified Sompo as our top pick, but there is now more upside to our fair value estimate for MS&AD.

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