MS&AD Insurance Group Holdings Inc 8725

JPY 2,831.00 +14.00 (0.50%)

As of May 2, 2024 6:00am Delayed Price Closed

Company Report

MS&AD: Under Review Pending Coverage Transfer

Lorraine Tan May 6, 2024

While we will continue to comment on key events, we are placing our fair value estimate and ratings of MS&AD under review pending the transfer of coverage to another analyst. We should be reinitiating coverage of the company by end-July 2024.

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Bulls Say, Bears Say

Bulls

MS&AD trades at a steeper discount to adjusted book value than its closest peers.

Bears

We believe MS&AD has less excess capital than Tokio Marine and Sompo.

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Trading Information

Previous Close Price: JPY 2,817.00
Day Range: JPY 2,801.00–2,833.00
52-Week Range: JPY 1,479.33–2,846.50
Bid/Ask: JPY 2,820.50 / JPY 2,831.00
Market Cap: JPY 4.49 Tril
Volume/Avg: 3.0 Mil / 6.2 Mil

Key Statistics

Price/Earnings (Normalized): 7.32
Price/Sales: 0.52
Dividend Yield (Trailing): 2.84%
Dividend Yield (Forward): 2.84%
Total Yield: 3.33%

Company Profile

MS&AD is Japan’s second-biggest nonlife insurer, trailing industry leader Tokio Marine in the scale of global operations although not in Japan. Like Tokio Marine and Sompo, MS&AD has grown into a second-tier presence in the domestic life insurance market since life and non-life insurance were mutually deregulated in 1996. Overseas, it is less focused on the US market than its two Japanese rivals and more focused on emerging Asia, but its acquisition of Lloyd’s syndicate Amlin in 2017 has increased its exposure to the European and North American markets. MS&AD has historical business connections with the Mitsui and Sumitomo groups (the ‘MS’ in the company name) and has a long-term partnership with Toyota Motor that is advantageous in acquiring auto insurance customers.

Sector: Financial Services
Industry: Insurance - Property & Casualty
Stock Style Box: Large Growth
Total Number of Employees: 38,367
Website: http://www.ms-ad-hd.com

Competitors

Valuation

Metric	8725	8766	8750
Price/Earnings (Normalized)	7.32	16.01	16.28
Price/Book Value	1.16	2.23	1.18
Price/Sales	0.52	1.45	0.39
Price/Cash Flow	52.69	26.97	14.90

Price/Earnings

8725

8766

8750

Financial Strength

Metric	8725	8766	8750
Quick Ratio	—	—	—
Current Ratio	—	—	—
Interest Coverage	40.70	29.69	10.12

Quick Ratio

No chart available

Profitability

Metric	8725	8766	8750
Return on Assets (Normalized)	1.56%	2.54%	0.74%
Return on Equity (Normalized)	11.73%	18.24%	16.29%
Return on Invested Capital (Normalized)	9.76%	17.68%	10.27%

Return on Assets

8725

8766

8750

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