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4-Traders Homepage  >  Equities  >  Tokyo  >  Ms&Ad Insurance Group Holding Inc    8725   JP3890310000

MS&AD INSURANCE GROUP HOLDING INC (8725)
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Japan's MS&AD to invest $1 billion in UK's ReAssure Jersey

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10/06/2017 | 04:12am CEST

TOKYO (Reuters) - Japan's MS&AD Insurance Group Holdings Inc (>> Ms&Ad Insurance Group Holding Inc) said on Friday it had agreed with Swiss Re AG (>> Swiss Re) to invest 800 million pounds to take a stake of up to 15 percent in UK-based ReAssure Jersey One Ltd.

TOKYO (Reuters) - Japan's MS&AD Insurance Group Holdings Inc (>> Ms&Ad Insurance Group Holding Inc) said on Friday it had agreed with Swiss Re AG (>> Swiss Re) to invest 800 million pounds to take a stake of up to 15 percent in UK-based ReAssure Jersey One Ltd.

MS&AD and rival Japanese property and casualty insurers have been aggressively acquiring and investing in overseas assets as they seek to diversity their risk portfolio.

ReAssure is the latest deal for MS&AD, which announced two overseas transactions in August, including the $1.6 billion acquisition of Singapore's First Capital Insurance.

MS&AD said that by taking a stake in unlisted ReAssure it aimed to build know-how of the closed-book life business, where firms buy policy portfolios from other firms instead of underwriting new ones.

It expected a rise in policy portfolios up for sale as the global insurance industry faced stricter capital regulation and diminishing investment returns due to low interest rates.

While the closed-book life insurance business has little presence in Japan, Dai-ichi Life Holdings Inc (>> Dai-ichi Life Holdings Inc) is also trying to expand in the category after its $5.6 billion acquisition of Protective Life of the United States in 2015.

MS&AD said it would initially buy 5.0 percent of ReAssure from Swiss Re for 175 million pounds in cash, aiming to close the transaction in the first quarter of 2018, pending regulatory approval.

The remainder of the 800 million pound investment, in the form of new shares, would be completed within three years from the closing of the initial purchase.

MS&AD's latest deal shows it is still hungry for acquisitions even after it agreed to pay $5.3 billion for Amlin PLC, an underwriter in the Lloyd's of London specialist insurance market, in 2015.

Shares of MS&AD were up 1.5 percent in early trade, while Tokyo's benchmark Nikkei average <.N225> was up about 0.2 percent.

(Additional reporting by Chang-Ran Kim; Editing by Stephen Coates)

By Taiga Uranaka

Stocks mentioned in the article
ChangeLast1st jan.
DAI-ICHI LIFE HOLDINGS INC -2.76% 2008 End-of-day quote.-15.40%
MS&AD INSURANCE GROUP HOLDING INC 0.15% 3411 End-of-day quote.-11.29%
NIKKEI 225 -0.29% 22697.88 Real-time Quote.0.00%
SWISS RE -0.63% 88.26 Delayed Quote.-2.66%
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Financials (JPY)
Sales 2019 5 272 B
EBIT 2019 -
Net income 2019 205 B
Debt 2019 -
Yield 2019 4,00%
P/E ratio 2019 9,72
P/E ratio 2020 9,15
Capi. / Sales 2019 0,38x
Capi. / Sales 2020 0,38x
Capitalization 2 014 B
Chart MS&AD INSURANCE GROUP HOLD
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 4 388  JPY
Spread / Average Target 29%
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Managers
NameTitle
Yasuyoshi Karasawa President, Group CEO & Representative Director
Hisahito Suzuki Chairman
Shiro Fujii Group CFO, Director, EVP, Head-IR & IT Planning
Daiken Tsunoda Independent Outside Director
Akira Watanabe Independent Outside Director
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