TABLE OF CONTENTS
Main points ........................................................................................................................... 4
Summary ......................................................................................................................................... 4
T&D and Sony FH: a bird in the hand............................................................................................... 5
Auto insurance: turning the corner? ................................................................................................. 8
Current valuations ............................................................................................................. 12
Industry background ......................................................................................................... 19
Direct premiums................................................................................................................. 21
Market ........................................................................................................................................... 21
Individual companies...................................................................................................................... 21
Share performance ............................................................................................................ 27
Life insurance..................................................................................................................... 31
T&D and SFH performance and valuations..................................................................... 34
Disclosure information...................................................................................................... 37