Global Insurance Undervalued based on future growth

Principal Financial Group

Market Cap: US$19.6b

Provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide.

Fidelity National Financial

Market Cap: US$14.7b

Provides various insurance products in the United States.

Everest Group

Market Cap: US$14.0b

Through its subsidiaries, provides reinsurance and insurance products in the United States, Europe, and internationally.

Reinsurance Group of America

Market Cap: US$13.4b

Provides reinsurance and financial solutions.

Unum Group

Market Cap: US$12.9b

Provides financial protection benefit solutions in the United States, the United Kingdom, and Poland.

KGI Financial Holding

Market Cap: NT$292.0b

Engages in the commercial banking, securities, venture capital, and insurance businesses in Taiwan and internationally.

China Taiping Insurance Holdings

Market Cap: HK$69.4b

An investment holding company, underwrites various insurance and reinsurance products in the People’s Republic of China, Hong Kong, Macau, Singapore, and internationally.

DB Insurance

Market Cap: ₩7.7t

Provides various insurance products and services in South Korea.

Hagerty

Market Cap: US$4.5b

Provides insurance services for collector cars and enthusiast vehicles in the United States.

CNO Financial Group

Market Cap: US$4.0b

Through its subsidiaries, develops, markets, and administers health insurance, annuity, individual life insurance, insurance products, and financial services for middle-income pre-retiree and retired Americans in the United States.

Brighthouse Financial

Market Cap: US$3.7b

Provides annuity and life insurance products in the United States.

New India Assurance

Market Cap: ₹258.8b

Operates as a general insurance company in India and internationally.

Kemper

Market Cap: US$2.3b

An insurance holding company, provides insurance products in the United States.

Skyward Specialty Insurance Group

Market Cap: US$2.0b

An insurance holding company, underwrites commercial property and casualty insurance products in the United States.

Wüstenrot & Württembergische

Market Cap: €1.4b

Provides insurance products and services in Germany.

Korean Reinsurance

Market Cap: ₩2.0t

A reinsurance company, provides life and non-life reinsurance products in Korea and internationally.

Ategrity Specialty Insurance Company Holdings

Market Cap: US$969.0m

Through its subsidiaries, provides excess and surplus lines insurance and reinsurance products to small and medium-sized businesses in the United States.

Allianz Malaysia Berhad

Market Cap: RM 3.7b

An investment holding company, engages in general and life insurance business in Malaysia.

Bowhead Specialty Holdings

Market Cap: US$899.2m

Provides commercial specialty property and casualty insurance products in the United States.

IRB-Brasil Resseguros

Market Cap: R$4.3b

Provides reinsurance solutions in Brazil and internationally.

Waterdrop

Market Cap: US$687.2m

Through its subsidiaries, provides online insurance brokerage services to match and connect users with related insurance products underwritten by insurance companies in the People’s Republic of China.

Crawford

Market Cap: US$525.3m

Provides claims management and outsourcing solutions for carriers, brokers, and corporations in the United States, the United Kingdom, Europe, Canada, Australia, Asia, and Latin America.

Hanwha General Insurance

Market Cap: ₩635.9b

Provides insurance services in South Korea.

Global Indemnity Group

Market Cap: US$411.7m

Through its subsidiaries, provides specialty property and casualty insurance, and reinsurance products in the United States.

Aksigorta

Market Cap: ₺11.1b

Provides various life and non-life insurance products and services to retail and corporate customers in Turkey.

Wiz Co Participações e Corretagem de Seguros

Market Cap: R$1.4b

Wiz Co Participações e Corretagem de Seguros S.A.

ClearView Wealth

Market Cap: AU$356.1m

Engages in the life insurance business in Australia.

Kingstone Companies

Market Cap: US$230.0m

Through its subsidiary, Kingstone Insurance Company ("KICO"), provides property and casualty insurance products in the United States.

TQM Alpha

Market Cap: ฿6.8b

Engages in the insurance brokerage business in Thailand.

Aplus Asset Advisor

Market Cap: ₩209.1b

Provides life and non-life insurance products.

Health In Tech

Market Cap: US$99.6m

Operates as an insurance technology platform company.

NobleOak Life

Market Cap: AU$130.6m

Engages in underwriting life insurance products in Australia.

Tune Protect Group Berhad

Market Cap: RM 229.9m

A financial holding company, provides underwriting and reinsurance services for non-life insurance products in Malaysia and internationally.

IRRC

Market Cap: JP¥7.1b

Engages in the life insurance agency business in Japan.

Huize Holding

Market Cap: US$27.2m

Offers online insurance product and service platform through various internet channels in Mainland China, Hong Kong, and internationally.