MS&AD Insurance Group Holdings Inc
8725: XNGO (JPN)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
¥4,116.00 | Hlcw | Bmryssjjv |
MS&AD Insurance Lags Tokio Marine in Efficiency and Overseas Expansion Has Had Only Patchy Success
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