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 Insurance Is Seeking to Close Efficiency Gap With Tokio Marine and Improve Overseas Returns

Michael Makdad

Apr 10, 2025

Business Strategy and Outlook

Market concentration is relatively high in Japan in property and casualty insurance. Three firms—Tokio Marine, MS&AD Insurance, and Sompo—together have 88% share, and only three others (including AIG, the nonlife unit of an agricultural cooperative insurer, and Sony Assurance) have even 1%. Despite this high concentration, we do not think the three leading firms possess economic moats in Japan as they offer comprehensive nonlife insurance products

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MS&AD Insurance Group Holdings Inc

MS&AD Insurance Is Seeking to Close Efficiency Gap With Tokio Marine and Improve Overseas Returns

Business Strategy and Outlook

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