MS&AD Insurance Group Holdings Inc

8725: XNGO (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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MS&AD Earnings: Lifting Estimates and Valuation but Share Price Reflects Positive Surprise

Lorraine Tan

Feb 15, 2024

The December quarter earnings for Japan’s leading insurers Tokio Marine and MS&AD reflect a solid performance in their nonlife profit and, for MS&AD, a surprisingly strong performance at its overseas business, Amlin. We think the impact of higher prices is flowing through to their bottom lines, which is also seen at Amlin.

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