May 2026
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Largest Insurance Carriers Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
Tokio Marine, MS&AD Insurance Group, Daiichi Life Group, Sompo Holdings and T&D Holdings.
 | Dating back to 1879, Tokio Marine is Japan’s oldest insurance company and was its top property and casualty insurer in terms of market share for many decades. After mergers of its smaller rivals in the past few years, the company is now roughly the same size in the domestic nonlife market as MS&AD and Sompo, but it remains the most valuable listed Japanese insurer in terms of market capitalization due to its larger overseas business portfolio. The majority of its overseas business is in the US, where it has purchased four specialty insurers since 2008: Philadelphia Consolidated, Delphi Financial, HCC, and PURE. | $46 | +21% | $89B | $84B | 1.8x | - | ||
| MS&AD is Japan’s second-biggest nonlife insurer, trailing industry leader Tokio Marine in the scale of global operations although not in Japan. Like Tokio Marine and Sompo, MS&AD has grown into a second-tier presence in the domestic life insurance market since life and non-life insurance were mutually deregulated in 1996. Overseas, it is less focused on the US market than its two Japanese rivals and more focused on emerging Asia, but its acquisition of Lloyd’s syndicate Amlin in 2017 increased its exposure to the European and North American markets. MS&AD has historical business connections with the Mitsui and Sumitomo groups (the "MS" in the company name) and has a long-term partnership with Toyota Motor that is advantageous in acquiring auto insurance customers. | $27 | +22% | $38B | $33B | 0.8x | - | ||
| Dai-ichi Life is Japan's second-largest life insurer (excluding the recently privatized Japan Post Insurance), commanding 11% of annualized net premiums. Unlike its largest domestic rivals-Nippon Life, Meiji Yasuda, and Sumitomo Life-which remain mutually owned by policyholders, Dai-ichi Life demutualized and listed on the Tokyo Stock Exchange in 2010. The group's profit profile is geographically diversified: its main domestic operating company contributes roughly 60% of profits; Frontier, its bancassurance subsidiary focused on savings products, adds around 10%; Protective Life (based in Alabama) accounts for about 15%; TAL in Australia contributes 7%; and Dai-ichi Life Vietnam generates about 5%. Additionally, the group holds a 30% economic interest in Mizuho's Asset Management One. | $10 | +48% | $38B | $34B | 0.6x | - | ||
| Sompo Holdings was formed in 2010 through the merger of Sompo Japan and Nipponkoa Insurance. The Sompo brand—meaning "nonlife insurance" in Japanese—dates to 2001, when Yasuda Fire, Nissan Fire, and Taisei Fire combined. Sompo has around a 26% market share of nonlife insurance premiums in Japan, compared with around 29% and 33% for larger rivals Tokio Marine and MS&AD. | $35 | +27% | $31B | $29B | 0.9x | - | ||
| T&D Holdings Inc is a Japanese holding company. It manages life insurance business. The company has four reportable segments, namely Daido Life Insurance, T&D Financial Life Insurance, T&D United Capital, and Taiyo Life Insurance. The company earns the majority of its revenue from the Taiyo Life Insurance segment, which provides life insurance services to the household market. | $26 | +23% | $12B | $11B | 0.8x | - | ||
| Japan Post Insurance Co Ltd is a life insurance company based in Japan. It is engaged in the life insurance business and the postal life insurance management business. In addition, it provides agency and administrative services for other insurance companies, including foreign insurance companies and other financial services companies, as well as loan guarantees and other related businesses. The group has only one segment, namely, the Life Insurance Business in Japan. | $9 | -54% | $10B | $2B | 0.1x | - | ||
| Sony Financial Group Inc is a Japanese financial holding company with three core subsidiaries: Sony Life Insurance Co., Ltd. (Sony Life), Sony Assurance Inc. (Sony Assurance) and Sony Bank Inc. (Sony Bank). Sony Life provides tailor-made life insurance based on detailed consulting by Lifeplanner sales specialists (sales staff) and partners. Sony Assurance provides automobile, fire, medical, and other forms of insurance through the Internet and telephone. Sony Bank provides deposits, mortgages, investment trusts, and foreign exchange margin transaction services through the Internet. The company has three business segments, namely Life Insurance Business, Non-life Insurance Business, Banking Business, and others. | $1 | -- | $6B | $13B | 0.9x | - | ||
| Median | $26 | +23% | $31B | $29B | 0.8x | - |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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