Dai-ichi Life Holdings Inc

8750: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
—	—	—	Wyrdvhy

Acquisition of Pet Insurer at Substantial Premium Doesn’t Affect Our FVE for Dai-Ichi Life

Michael Makdad

Nov 7, 2022

We maintain our fair value estimate of JPY 2,500 for Dai-Ichi Life Holdings, equivalent to 0.36 times embedded value and 7% above the current share price, after it announced a deal to buy iPet Holdings, the second-largest insurer in Japan focused on pet insurance, for JPY 39 billion, or 4.7 times iPet’s book value including the after-tax value of catastrophe loss reserves and price fluctuation reserves and excluding goodwill.

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