Global Insurance Undervalued over 20% based on DCF

Chubb

Market Cap: US$137.7b

Provides insurance and reinsurance products worldwide.

Progressive

Market Cap: US$136.1b

Operates as an insurance company in the United States.

AIA Group

Market Cap: HK$748.1b

Provides life insurance based financial services in Hong Kong.

Tokio Marine Holdings

Market Cap: JP¥14.6t

Engages in the non-life and life insurance, and financial and general businesses in Japan, the United States, and internationally.

Marsh & McLennan Companies

Market Cap: US$86.5b

A professional services company, provides advisory services and insurance solutions to clients in the areas of risk, strategy, and people worldwide.

Aon

Market Cap: US$76.4b

Operates as a professional services firm in the United States, rest of the Americas, the United Kingdom, Ireland, rest of Europe, the Middle East, Africa, and the Asia Pacific.

Travelers Companies

Market Cap: US$71.9b

Through its subsidiaries, provides a range of commercial and personal property, and casualty insurance products and services to businesses, government units, associations, and individuals in the United States, Canada, and internationally.

Arthur J. Gallagher

Market Cap: US$65.9b

Provides insurance and reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals worldwide.

Aflac

Market Cap: US$61.8b

Through its subsidiaries, provides supplemental health and life insurance products.

Life Insurance Corporation of India

Market Cap: ₹5.5t

Provides life insurance products in India, Fiji, Mauritius, and the United Kingdom.

MetLife

Market Cap: US$58.0b

A financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide.

Great-West Lifeco

Market Cap: CA$81.7b

Engages in the life and health insurance, retirement savings, wealth and asset management, and reinsurance businesses in Canada, the United States, and Europe.

Sun Life Financial

Market Cap: CA$62.3b

A financial services company, provides asset management, wealth, insurance and health solutions to individual and institutional customers in Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda.

Daiichi Life Group

Market Cap: JP¥6.8t

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

Japan Post Holdings

Market Cap: JP¥6.5t

Provides postal, banking, and insurance services in Japan.

Intact Financial

Market Cap: CA$53.4b

Through its subsidiaries, provides property and casualty insurance products to individuals and businesses in Canada, the United States, the United Kingdom, and internationally.

Swiss Life Holding

Market Cap: CHF 25.9b

Provides life, pensions, and financial solutions for private and corporate clients.

Sampo Oyj

Market Cap: €25.4b

Provides non-life insurance products and services in Finland, Sweden, Norway, Denmark, Estonia, Lithuania, Latvia, Spain, Gibraltar, Germany, the Netherlands, France, and the United Kingdom.

W. R. Berkley

Market Cap: US$27.8b

An insurance holding company, operates as a commercial line writer worldwide.

Willis Towers Watson

Market Cap: US$27.6b

Operates as an advisory, broking, and solutions company worldwide.

QBE Insurance Group

Market Cap: AU$38.2b

Engages in underwriting general insurance and reinsurance risks in the Australia Pacific, North America, and internationally.

Aviva

Market Cap: UK£19.7b

Provides various insurance, retirement, and wealth products in the United Kingdom, Ireland, Canada, India, and China.

Helvetia Baloise Holding

Market Cap: CHF 21.1b

Engages in life and non-life insurance, and reinsurance business.

Brown & Brown

Market Cap: US$23.2b

Brown & Brown, Inc. markets and sells insurance products and services in the United States, the United Kingdom, and internationally.

Samsung Fire & Marine Insurance

Market Cap: ₩25.8t

Provides non-life insurance products and services in South Korea, China, Indonesia, Vietnam, Singapore, the United States, and the United Kingdom.

ASR Nederland

Market Cap: €14.0b

Provides insurance, pensions, and mortgages products and services for consumers, businesses, and employers in the Netherlands.

Mapfre

Market Cap: €13.5b

Engages in insurance, reinsurance, and financial activities in Spain.

Powszechny Zaklad Ubezpieczen

Market Cap: zł58.3b

Provides life and non-life insurance products and services in Poland, the Baltic States, and Ukraine.

Admiral Group

Market Cap: UK£11.2b

A financial services company, provides insurance and personal lending products in the United Kingdom, France, Italy, and Spain.

BB Seguridade Participações

Market Cap: R$76.3b

Through its subsidiaries operates in the insurance, pension plans, and bonds, businesses in Brazil.

T&D Holdings

Market Cap: JP¥2.4t

Through its subsidiaries, provides insurance products and services in Japan.

Unum Group

Market Cap: US$14.0b

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

Gjensidige Forsikring

Market Cap: NOK 136.0b

Provides general insurance and pension products in Norway, Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia.

Suncorp Group

Market Cap: AU$20.0b

Provides insurance products to retail, corporate, and commercial customers in Australia and New Zealand.

CNA Financial

Market Cap: US$13.9b

An insurance holding company, primarily provides commercial property and casualty insurance products in the United States, Canada, the United Kingdom, Continental Europe, and internationally.

Assurant

Market Cap: US$13.8b

Provides protection services to connected devices, homes, and automobiles in North America, Latin America, Europe, and the Asia Pacific.