【出版时间及名称】：2009年12月日本保险行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：86
        【目录或简介】：
Table of Contents
1. Growth strategies .................................................................. 3
The growth area decision tree ................................................................................................... 3
Initiatives in strategic areas by top 3 non-life insurers ............................................................. 10
2. Non-life insurance sector overview ..................................... 13
Conditions in domestic non-life insurance industry.................................................................. 13
Realignment and mergers ........................................................................................................ 20
3. Financial health and regulatory changes............................. 24
Capital levels in the non-life insurance sector .......................................................................... 24
Proposed regulatory move; ...................................................................................................... 25
Possible outcome..................................................................................................................... 25
4. Earnings forecasts................................................................ 28
Tokio Marine Holdings ............................................................................................................. 28
Mitsui Sumitomo Insurance Group (MSIG) .............................................................................. 28
Sompo Japan ........................................................................................................................... 29
Investment income trends at the sector companies ............................................................... 30
5. Share price valuations ......................................................... 32
Key points................................................................................................................................ 32
Reasons for slump in sector valuations ................................................................................... 32
Overall upside potential as a sector ......................................................................................... 33
Upside potential by company................................................................................................... 33
Adjusted P/B for valuing non-life businesses ........................................................................... 34
Companies
Tokio Marine Holdings (8766) .................................................................................................. 36
Mitsui Sumitomo Insurance (8725) .......................................................................................... 51
Sompo Japan Insurance (8755) ................................................................................................ 67