Global Insurance Undervalued over 20% based on DCF

AXA

Market Cap: €85.6b

Through its subsidiaries, insurance, asset management, and banking services worldwide.

Marsh & McLennan Companies

Market Cap: US$97.2b

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

AIA Group

Market Cap: HK$746.7b

Provides life insurance based financial services in Hong Kong.

Tokio Marine Holdings

Market Cap: JP¥11.8t

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

Life Insurance Corporation of India

Market Cap: ₹5.6t

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

Aflac

Market Cap: US$53.7b

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

MetLife

Market Cap: US$49.7b

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

American International Group

Market Cap: US$44.4b

Offers insurance products for commercial, institutional, and individual customers in North America and internationally.

Intact Financial

Market Cap: CA$50.5b

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 24.1b

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

Sampo Oyj

Market Cap: €25.2b

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.

Japan Post Holdings

Market Cap: JP¥4.2t

Provides postal, banking, and insurance services in Japan.

W. R. Berkley

Market Cap: US$26.3b

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

Power Corporation of Canada

Market Cap: CA$35.8b

An international management and holding company, provides financial services in North America, Europe, and Asia.

Aviva

Market Cap: UK£19.3b

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

Fidelity National Financial

Market Cap: US$15.5b

Provides various insurance products in the United States.

Samsung Life Insurance

Market Cap: ₩21.5t

Engages in the life insurance business in South Korea and internationally.

Tryg

Market Cap: DKK 95.3b

Provides insurance products and services for private and corporate customers, and small and medium-sized businesses in Denmark, Sweden, the United Kingdom, and Norway.

Powszechny Zaklad Ubezpieczen

Market Cap: zł53.8b

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

Suncorp Group

Market Cap: AU$22.4b

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

ASR Nederland

Market Cap: €12.0b

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

Admiral Group

Market Cap: UK£10.4b

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

Insurance Australia Group

Market Cap: AU$20.6b

Insurance Australia Group Limited underwrites general insurance products and provides investment management services in Australia and New Zealand.

Gjensidige Forsikring

Market Cap: NOK 135.4b

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

T&D Holdings

Market Cap: JP¥1.9t

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

Mapfre

Market Cap: €10.7b

Engages in the investment, insurance, property, financial, and services businesses in Spain.

CNA Financial

Market Cap: US$11.9b

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

Kinsale Capital Group

Market Cap: US$10.4b

Engages in the provision of property and casualty insurance products in the United States.

KGI Financial Holding

Market Cap: NT$283.7b

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

Great Eastern Holdings

Market Cap: S$12.2b

An investment holding company, provides insurance products in Singapore, Malaysia, and rest of Asia.

Medibank Private

Market Cap: AU$13.9b

Provides private health insurance and health services in Australia.

Caixa Seguridade Participações

Market Cap: R$41.1b

Provides various life and non-life insurance products in Brazil.

Grupo Catalana Occidente

Market Cap: €5.8b

Provides insurance products and services in Spain, the European Union, and internationally.

Storebrand

Market Cap: NOK 62.3b

Provides insurance products and services in Norway, Sweden, the United Kingdom, Finland, Denmark, Germany, Luxemburg, and Ireland.

F&G Annuities & Life

Market Cap: US$4.2b

Provides annuity and life insurance products in the United States.

Protector Forsikring

Market Cap: NOK 41.4b

Operates as a non-life insurance company, provides direct general insurance and reinsurance to the commercial lines of business, public sector, and affinity schemes.