Global Insurance Undervalued over 20% based on DCF

Great Eastern Holdings

Market Cap: S$15.2b

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

Beazley

Market Cap: UK£7.6b

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

Vienna Insurance Group

Market Cap: €8.5b

Engages in providing insurance products and services in Austria and internationally.

Old Republic International

Market Cap: US$9.4b

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

Medibank Private

Market Cap: AU$13.5b

Provides private health insurance in Australia.

Storebrand

Market Cap: NOK 75.0b

Provides insurance products and services in Norway, the United States, Germany, Sweden, the United Kingdom, and internationally.

Hiscox

Market Cap: UK£5.8b

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

Kinsale Capital Group

Market Cap: US$6.8b

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

Definity Financial

Market Cap: CA$8.6b

Offers property and casualty insurance products in Canada.

Selective Insurance Group

Market Cap: US$5.5b

Provides insurance products and services in the United States.

CNO Financial Group

Market Cap: US$4.8b

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

Protector Forsikring

Market Cap: NOK 39.0b

Operates as a non-life insurance company, provides general insurance and reinsurance services in Norway, Sweden, Finland, Denmark, the United Kingdom and France.

Steadfast Group

Market Cap: AU$5.6b

Provides general insurance brokerage services Australasia, Asia, and Europe.

Thai Life Insurance

Market Cap: ฿126.0b

Provides life insurance products in Thailand.

Alm. Brand

Market Cap: DKK 21.6b

Provides non-life insurance products and services in Denmark.

Mandatum Oyj

Market Cap: €2.8b

Provides various financial services in Finland.

Vaudoise Assurances Holding

Market Cap: CHF 2.3b

Provides insurance products and services primarily in Switzerland.

COFACE

Market Cap: €2.3b

Through its subsidiaries, provides trade credit insurance products and services for small and medium enterprises, mid-market companies, international corporations, international companies, financial institutions, and clients of distribution partners.

AUB Group

Market Cap: AU$3.7b

Engages in the insurance broking and underwriting agency businesses in Australia, the United States, the United Kingdom, Rest of Europe, New Zealand, and internationally.

nib holdings

Market Cap: AU$3.4b

Engages in the underwriting and distribution of private health, life, and living insurance to residents, international students, and visitors in Australia and New Zealand.

Allianz - Slovenská poistovna

Market Cap: €1.7b

Provides various insurance products and services in Slovakia.

Seoul Guarantee Insurance

Market Cap: ₩2.9t

Engages in non-life insurance and other related operations to individuals and corporates in South Korea and internationally.

Pacífico Compañía de Seguros y Reaseguros

Market Cap: S/6.1b

Engages in the insurance business in Peru.

Zavarovalnica Triglav d.d

Market Cap: €1.5b

Provides various life and non-life insurance products in Slovenia and internationally.

Línea Directa Aseguradora Compañía de Seguros y Reaseguros

Market Cap: €1.3b

Engages in insurance and reinsurance business in Spain and Portugal.

LPI Capital Bhd

Market Cap: RM 6.0b

An investment holding company, engages in the underwriting of general insurance products for personal and business needs in Malaysia, Singapore, Cambodia, and internationally.

Shinkong Insurance

Market Cap: NT$45.7b

Provides property insurance to individuals and corporates in Taiwan.

Goosehead Insurance

Market Cap: US$1.4b

Operates as a holding company for Goosehead Financial, LLC that engages in the provision of personal lines insurance agency services in the United States.

Banvida

Market Cap: CL$1.2t

Provides financial services in Chile.

Bangkok Life Assurance

Market Cap: ฿41.3b

Provides life insurance services in Thailand.

I.D.I. Insurance

Market Cap: ₪3.2b

Provides insurance products and services to individuals and corporate customers in Israel.

Universal Insurance Holdings

Market Cap: US$1.1b

Operates as an integrated insurance holding company in the United States.

International General Insurance Holdings

Market Cap: US$1.1b

International General Insurance Holdings Ltd.

Ategrity Specialty Insurance Company Holdings

Market Cap: US$1.0b

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

Central Reinsurance

Market Cap: NT$31.2b

Provides various property and life inward and outward reinsurance services in Taiwan and internationally.

Bowhead Specialty Holdings

Market Cap: US$904.4m

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