Norwegian Insurance Defensive Blue Chips

Shanghai Rural Commercial Bank

Market Cap: CN¥88.2b

Provides a range of banking products and services to individual and corporate customers in China.

S.P.E.E.H. Hidroelectrica

Market Cap: RON 54.2b

Produces and supplies hydro, wind, and energy electricity in Romania.

BJ's Wholesale Club Holdings

Market Cap: US$12.4b

Operates membership warehouse clubs on the eastern half of the United States.

Raiffeisen Bank International

Market Cap: €10.6b

Offers banking services to corporate, private, and institutional customers.

mBank

Market Cap: zł44.9b

Provides various banking and financial services in Poland, the Czech Republic, Slovakia, and internationally.

True Corporation

Market Cap: ฿400.8b

Provides telecommunications and value-added services in Thailand.

RenaissanceRe Holdings

Market Cap: US$12.3b

Provides reinsurance and insurance products in the United States and internationally.

Aegon

Market Cap: €10.6b

Provides insurance, pensions, retirement, and asset management services in the Americas, the Netherlands, the United Kingdom, and internationally.

Indus Towers

Market Cap: ₹1.1t

A telecom infrastructure company, engages in the operation and maintenance of wireless communication towers and related infrastructures for various telecom service providers in India, Nigeria, Uganda, and Zambia.

Alibaba Health Information Technology

Market Cap: HK$95.2b

An investment holding company, engages in the pharmaceutical direct sales, pharmaceutical e-commerce platform, and healthcare and digital services businesses in Mainland China and Hong Kong.

IDBI Bank

Market Cap: ₹1.1t

Provides banking and financial solutions to retail and corporate customers in India.

BB Seguridade Participações

Market Cap: R$64.7b

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

CP ALL

Market Cap: ฿394.5b

Operates and franchises convenience stores under the 7-Eleven name to other retailers primarily in Thailand, Malaysia, and internatinally.

Taiwan Cooperative Financial Holding

Market Cap: NT$377.9b

Provides commercial banking, insurance, securities, bills finance, venture capital, asset management, and investment trust services in Taiwan.

MACOM Technology Solutions Holdings

Market Cap: US$12.1b

Provides analog semiconductor solutions for use in wireless and wireline applications across the radio frequency (RF), microwave, millimeter wave, and lightwave spectrum.

Max Healthcare Institute

Market Cap: ₹1.1t

Provides medical and healthcare services in India.

BE Semiconductor Industries

Market Cap: €10.4b

Develops, manufactures, markets, sells, and services semiconductor assembly equipment for the semiconductor and electronics industries in the Netherlands, Switzerland, Austria, Singapore, Malaysia, and internationally.

Apollo Hospitals Enterprise

Market Cap: ₹1.1t

Provides healthcare services in India.

M3

Market Cap: JP¥1.9t

Provides medical-related services to physicians and other healthcare professionals through the internet.

Insurance Australia Group

Market Cap: AU$18.4b

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

Emirates Integrated Telecommunications Company PJSC

Market Cap: د.إ44.0b

Provides mobile, fixed services, broadband connectivity, and IPTV solutions to homes and businesses in the United Arab Emirates.

Baloise Holding

Market Cap: CHF 9.5b

Primarily engages in the insurance and banking businesses in Switzerland, Germany, Belgium, and Luxembourg.

Arab National Bank

Market Cap: ر.س44.8b

Provides various banking products and services in the Kingdom of Saudi Arabia, Other GCC and the Middle East, Europe, North America, Latin America, Southeast Asia, and internationally.

American Financial Group

Market Cap: US$11.9b

An insurance holding company, provides specialty property and casualty insurance products in the United States.

China Resources Beer (Holdings)

Market Cap: HK$92.8b

An investment holding company, manufactures, distributes, and sells alcoholic beverages in Mainland China.

ING Bank Slaski

Market Cap: zł43.3b

Together with our subsidiaries, provides various banking products and services for retail clients and businesses in Poland.

Zegona Communications

Market Cap: UK£9.0b

Provides integrated telecommunications services in Spain.

Jentech Precision Industrial

Market Cap: NT$368.7b

Manufactures, processes, and trades in precision tooling, and electronic parts and components in Taiwan and China.

Banco de Crédito e Inversiones

Market Cap: CL$10.9t

Provides various banking products and services in Chile, United States, and Peru.

Cochlear

Market Cap: AU$17.9b

Provides implantable hearing solutions for children and adults worldwide.

Hon. Precision

Market Cap: NT$363.6b

Engages in the manufacture and sale of machinery and related components, automatic control equipment engineering, and machinery installations in Taiwan.

HKT Trust and HKT

Market Cap: HK$90.6b

An investment holding company, engages in the provision of technology, and satellite-and network-based telecommunications and related services in Hong Kong, Mainland China, and internationally.

Krung Thai Bank

Market Cap: ฿377.4b

Engages in commercial banking business in Thailand and internationally.

Acciona

Market Cap: €10.0b

Engages in the energy, infrastructure, and other businesses in Spain and internationally.

Mowi

Market Cap: NOK 116.7b

A seafood company, produces and sells Atlantic salmon products worldwide.

Sanlam

Market Cap: R198.0b

Provides various financial solutions to individual, business, and institutional clients in South Africa, rest of Africa, Asia, and internationally.