Global Insurance Undervalued over 20% based on DCF

RIMAC Seguros y Reaseguros

Market Cap: S/2.8b

Engages in the insurance business in Peru.

Sagicor Financial

Market Cap: CA$1.1b

Provides various financial services to individuals and corporations in Canada, the United States, Jamaica, and the rest of the Caribbean.

Lifenet Insurance

Market Cap: JP¥126.7b

Provides life insurance products and services in Japan.

AMERISAFE

Market Cap: US$586.9m

An insurance holding company, underwrites workers’ compensation insurance in the United States.

Taiwan Fire & Marine Insurance

Market Cap: NT$14.3b

Provides property and casualty insurance products and services in Taiwan.

Renaissance Insurance Group JSC

Market Cap: ₽26.3b

Renaissance Insurance Group JSC provides insurance and pension services in the Russian Federation.

Waterdrop

Market Cap: US$431.2m

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.

Dhipaya Group Holdings

Market Cap: ฿13.0b

Through its subsidiaries, provides non-life insurance products in Thailand.

Sjóvá-Almennar tryggingar hf

Market Cap: ISK 46.5b

An insurance company, engages in providing property, casualty, and life insurance in Iceland.

Citizens

Market Cap: US$297.3m

A diversified financial services company providing life, living benefits and final expense insurance and other financial products to individuals and small businesses in the U.S., Latin America, and Asia.

FP Partner

Market Cap: JP¥47.1b

Engages in the insurance agency business in Japan.

Muang Thai Insurance

Market Cap: ฿9.4b

Provides non-life insurance products and services in Thailand.

Kingstone Companies

Market Cap: US$242.8m

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

TQM Alpha

Market Cap: ฿8.0b

Engages in the insurance brokerage business in Thailand.

Allshores

Market Cap: BD$237.3m

Provides insurance and investment solutions to individuals and businesses in Bermuda, Bahamas, Caribbean region, and Cayman Islands.

Zur Shamir Holdings

Market Cap: ₪694.0m

Through its subsidiaries, engages in the insurance, consumer credit, real estate, and financial services in Israel.

Peña Verde

Market Cap: Mex$4.1b

Offers insurance and reinsurance services in Mexico, Latin America, the Caribbean, and internationally.

Solidarity Bahrain B.S.C

Market Cap: ب.د70.5m

Provides insurance products in Bahrain.

Arab Insurance Group (B.S.C.)

Market Cap: US$186.2m

Provides life and non-life reinsurance products and related services in the Afro Asia region.

Bank for Investment and Development of Vietnam Insurance

Market Cap: ₫4.7t

Engages in non-life insurance, reinsurance, financial investment, and other activities in Vietnam.

Bahrain Kuwait Insurance Company B.S.C

Market Cap: ب.د62.0m

Together with its subsidiary, engages in the general insurance business in Bahrain, the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Oman, and internationally.

ZenhorenLtd

Market Cap: JP¥25.4b

Provides rent liability guarantee services in Japan.

Interlife General Insurance

Market Cap: €131.6m

Operates as a general insurance company in Greece.

Abu Dhabi National Takaful Company PSC

Market Cap: د.إ490.4m

Provides takaful insurance solutions in the United Arab Emirates and internationally.

Manulife Holdings Berhad

Market Cap: RM 544.3m

An investment holding company, underwrites participating and non-participating life insurance and unit-linked products in Malaysia.

Hansard Global

Market Cap: UK£71.0m

Engages in the distribution and servicing of long-term investment products in the Isle of Man, the Bahamas, the Republic of Ireland, Malaysia, Japan, and the United Arab Emirates.

NobleOak Life

Market Cap: AU$120.9m

Engages in the manufacture and distribution of life insurance products in Australia.

Bao Minh Insurance

Market Cap: ₫2.2t

Engages in providing non-life insurance and reinsurance, and financial investment products and services in Vietnam.

Petrolimex Insurance

Market Cap: ₫2.0t

Provides various insurance products in Vietnam.

Nippon Insure

Market Cap: JP¥6.2b

Provides rent guarantee for rental housing services in Japan.

TQR

Market Cap: ฿1.2b

Operates as a reinsurance broker in Thailand and internationally.

IRRC

Market Cap: JP¥5.6b

Engages in the life insurance agency business in Japan.

Taiming Assurance BrokerLtd

Market Cap: NT$977.2m

Engages in the life and property insurance brokerage business in Taiwan.

National Reinsurance Corporation of the Philippines

Market Cap: ₱1.8b

Engages in the provision of life and non-life reinsurance to insurance companies in the Philippines and neighboring insurance markets.

Minerva Insurance Company

Market Cap: €11.6m

Engages in the general insurance business in Cyprus.

Marketing Alliance

Market Cap: US$11.8m

Distributes life insurance, annuities, long-term care, and financial products in the United States.