Global Insurance Undervalued over 20% based on DCF

Chubb

Market Cap: US$129.2b

Provides insurance and reinsurance products worldwide.

AIA Group

Market Cap: HK$930.4b

Provides life insurance based financial services in Hong Kong.

Marsh & McLennan Companies

Market Cap: US$85.1b

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

Tokio Marine Holdings

Market Cap: JP¥13.3t

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

Aon

Market Cap: US$70.7b

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.

Assicurazioni Generali

Market Cap: €54.4b

Provides various insurance solutions under the Generali brand in the Americas, Italy, rest of Europe, Africa, the Middle East, Asia, and the Oceania.

Aflac

Market Cap: US$58.2b

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

Arthur J. Gallagher

Market Cap: US$56.7b

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

Life Insurance Corporation of India

Market Cap: ₹5.0t

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

MetLife

Market Cap: US$48.5b

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

Cathay Financial Holding

Market Cap: NT$1.1t

Through its subsidiaries, provides various financial products and services in Taiwan, rest of Asia, and internationally.

Japan Post Holdings

Market Cap: JP¥5.2t

Provides postal, banking, and insurance services in Japan.

Intact Financial

Market Cap: CA$44.5b

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 25.3b

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

Sampo Oyj

Market Cap: €24.9b

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.

Aviva

Market Cap: UK£19.1b

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

W. R. Berkley

Market Cap: US$25.2b

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

Markel Group

Market Cap: US$24.6b

Engages in the insurance business in the United States, the United Kingdom, Bermuda, Germany, rest of the European Union, Canada, and the Asia Pacific.

Unipol Assicurazioni

Market Cap: €15.4b

Provides insurance products and services primarily in Italy.

Powszechny Zaklad Ubezpieczen

Market Cap: zł58.0b

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

ASR Nederland

Market Cap: €12.7b

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

Mapfre

Market Cap: €12.4b

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

Tryg

Market Cap: DKK 92.4b

Engages in the provision of insurance products and services to private, small and medium sized commercial, and corporate customers in Denmark, the United States, rest of Nordic, Luxembourg, the United Kingdom, and internationally.

Helvetia Baloise Holding

Market Cap: CHF 11.4b

Engages in life and non-life insurance, and reinsurance business in Switzerland, Germany, Austria, Spain, Italy, France, and internationally.

BB Seguridade Participações

Market Cap: R$69.7b

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

Gjensidige Forsikring

Market Cap: NOK 130.7b

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

Admiral Group

Market Cap: UK£10.0b

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

CNA Financial

Market Cap: US$12.8b

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

Suncorp Group

Market Cap: AU$17.3b

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

T&D Holdings

Market Cap: JP¥1.9t

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

Insurance Australia Group

Market Cap: AU$16.9b

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

Great Eastern Holdings

Market Cap: S$15.1b

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

KGI Financial Holding

Market Cap: NT$359.0b

Operates as a financial company in Taiwan and internationally.

Beazley

Market Cap: UK£7.5b

Through its subsidiaries, provides risk insurance and reinsurance solutions in the United States, the United Kingdom, and rest of Europe.

Old Republic International

Market Cap: US$10.0b

Through its subsidiaries, provides insurance underwriting and related services in the United States and Canada.

Standard Life

Market Cap: UK£7.1b

Operates in the long-term savings and retirement business in Europe.