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Tokio Marine Holdings Inc 8766

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Stock XTKS Rating as of
JPY 4,638.00 −34.00 (0.73%)
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As of Delayed Price Closed
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Company Report

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Tokio Marine's Nonlife Activities Are Benefiting From Higher Prices

Lorraine Tan

We think Japan’s nonlife insurance sector has more appeal as a long-term investment than most other areas of Japanese finance, such as banking, securities, or life insurance, because industrywide return on assets has roughly doubled after the last round of industry consolidation in 2010. Three firms—Tokio Marine, MS&AD, and Sompo—stably control around 88% of market share, and only three others (including AIG, the nonlife unit of an agricultural cooperative insurer, and Sony Assurance) have even 1%.

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Price vs Fair Value

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8766 is trading at a 37% premium.
Price
JPY 4,672.00
Fair Value
JPY 2,996.00
Uncertainty
Medium
1-Star Price
JPY 7,159.00
5-Star Price
JPY 7,866.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Tokio Marine has a consistent record of delivering stock outperformance relative to the Japanese market and other insurers.

Bears

Tokio Marine’s superior financial performance relative to Japanese peers is already well recognized by the market, so any future slip-up could be punished.

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Trading Information

Previous Close Price
JPY 4,672.00
Day Range
JPY 4,558.00–4,668.00
52-Week Range
JPY 2,633.00–4,869.00
Bid/Ask
JPY 4,634.00 / JPY 4,641.00
Market Cap
JPY 9.15 Tril
Volume/Avg
6.0 Mil / 5.6 Mil

Key Statistics

Price/Earnings (Normalized)
14.67
Price/Sales
1.33
Dividend Yield (Trailing)
2.59%
Dividend Yield (Forward)
2.59%
Total Yield
3.54%

Company Profile

Dating back to 1879, Tokio Marine is Japan’s oldest insurance company and was its top property and casualty insurer in terms of market share for many decades. After mergers of its smaller rivals in the past few years, the company is now roughly the same size in the domestic nonlife market as MS&AD and Sompo Holdings, but it remains the most valuable listed Japanese insurer in terms of market capitalization due to its larger overseas business portfolio. The majority of its overseas business is in the U.S., where it has purchased four specialty insurers since 2008: Philadelphia Consolidated, Delphi Financial, HCC, and PURE. It is a member of the Mitsubishi keiretsu group and holds minority stakes in a number of group companies that also rank among its shareholders.
Sector
Financial Services
Industry
Insurance - Property & Casualty
Stock Style Box
Large Growth
Total Number of Employees
44,721
Website
http://www.tokiomarinehd.com

Competitors

Valuation

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Metric
8766
8725
8750
Price/Earnings (Normalized)
 14.676.8115.64
Price/Book Value
 2.041.081.14
Price/Sales
 1.330.480.37
Price/Cash Flow
 24.7249.0114.32
Price/Earnings
8766
8725
8750

Financial Strength

Metric
8766
8725
8750
Quick Ratio
 ———
Current Ratio
 ———
Interest Coverage
 29.6940.7010.12
Quick Ratio
No chart available

Profitability

Metric
8766
8725
8750
Return on Assets (Normalized)
 2.54%1.56%0.74%
Return on Equity (Normalized)
 18.24%11.73%16.29%
Return on Invested Capital (Normalized)
 17.68%9.76%10.27%
Return on Assets
8766
8725
8750
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Insurance - Property & Casualty Industry Comparables

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Economic Moat
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PGR
Progressive CorpWfncxpfspqMhkhzh$122.8 Bil
CB
Chubb LtdLxjswqdLwzgl$99.6 Bil
TKOMY
Tokio Marine Holdings Inc ADRJvxhzglvmWxqw$59.7 Bil
TKOMF
Tokio Marine Holdings Inc—Bpcjw$59.7 Bil
TRV
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ALL
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PINXY
The People's Insurance Co (Group) of China Ltd ADR—Smgm$29.4 Bil
PPCCF
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WRB
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MKL
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