Allianz, AXA and Zurich: The Global PeersNarrow moat

Tokio Marine Holdings (8766) — moat facet

Tokio Marine says it has grown earnings twice as fast as Allianz and five times as fast as Chubb for a decade.

By its own calculation, Tokio Marine's earnings per share grew 19.4% a year over ten years, against 8.9% for Allianz, 7.7% for AXA, 5.8% for Zurich and 3.8% for Chubb1. The comparison uses the company's own figures and methods.

Ten-year EPS growth, company calculation (% a year)Tokio Marine19.4Allianz8.9AXA7.7Zurich5.8Chubb3.8Tokio Marine IR conference, May 2026
The fastest of the group, on its own measure.

These global insurers compete with Tokio Marine for acquisitions, for specialist underwriting talent and for investors' capital. The company's argument is that its model of buying specialists and keeping them intact has produced faster growth than theirs.

Part of Tokio Marine's growth came from strategic equity sales under Japanese GAAP, which lifted reported profit2. On the IFRS basis the company now uses, those gains are excluded.

Tokio Marine's market value rose from ¥3,536.2 billion in March 2017 to ¥14,133.7 billion in March 20263, a fourfold increase4 that reflects the same growth the EPS comparison shows.

The measure is IFRS adjusted EPS growth. Continuing well above the peers' growth after the equity gains end would confirm the comparison.

Moat trajectory: Widening

The comparison favours Tokio Marine.

The number that tests this moat
Reported
Ten-year EPS growth against global peers
19.4% a year against 3.8-8.9%

The company's own comparison; IFRS adjusted EPS is the basis to watch now.

Source: Tokio Marine IR conference, May 2026 ↗
References
  1. ReportedBy its own calculation, Tokio Marine's earnings per share grew 19.4% a year over ten years, against 8.9% for Allianz, 7.7% for AXA, 5.8% for Zurich and 3.8% for Chubb.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - international businesses, acquisitions and synergies. — 2016-2026 · publ. 26 May 2026 · source ↗
  2. ReportedPart of Tokio Marine's growth came from strategic equity sales under Japanese GAAP, which lifted reported profit.
    Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - adjusted net income, strategic equity sales, shareholder returns and the FY2026 plan. — FY to March 2026 · publ. May 2026 · source ↗
  3. ReportedTokio Marine's market value rose from ¥3,536.2 billion in March 2017 to ¥14,133.7 billion in March 2026, a fourfold increase that reflects the same growth the EPS comparison shows.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - capital, strategic equities, shareholder returns, the ten-year key statistics and the 2035 aspiration. — 2016-2026 · publ. 26 May 2026 · source ↗
  4. Moat Explorer calcTokio Marine's market value rose from ¥3,536.2 billion in March 2017 to ¥14,133.7 billion in March 2026, a fourfold increase that reflects the same growth the EPS comparison shows.
    Moat Explorer calculation from Tokio Marine's reported figures. Market value: ¥7,932 x 1,899,994,045 shares outstanding (1,934,000,000 issued less 34,005,955 treasury at 30 June 2026) = ¥15.07 trillion; over JGAAP net income of ¥980.4bn = 15.4 times; over IFRS adjusted net income guidance of ¥950.0bn = 15.9 times; over ordinary income of ¥8,872.3bn = 1.70. March year-end P/E (company market value over JGAAP net income): 3,536.2 / 273.8 = 12.9 (2017) ... 14,133.7 / 980.4 = 14.4 (2026). IFRS trailing net income: 531.3 - 256.0 + 264.3 = 539.6. Japan non-life shares: MS 19% + AD 14% = 33% against TMNF 27%. Equity-sale gains inside JGAAP adjusted net income: 1,204.8 - 711.6 = 493.2. Strategic equities: 1,964.3 / 3,605.6 - 1 = -45.5%. International share of IFRS adjusted net income: 578.5 / 881.5 = 65.6%; Japan P&C 234.7 / 881.5 = 26.6%. NICO share price against the current price: 7,932 / 5,962 - 1 = +33%. First-quarter progress: 261.4 / 950.0 = 28%; 264.3 / 830.0 = 31.8%. Agrihedge goodwill: 71.8 / 150.0 = 48%; Ignyte 54.5 / 102.8 = 53%. PHLY profit growth: 1,265 / 180 = 7.0 times. Bonds and borrowings over equity: 598.0 / 7,955.6 = 0.075. Segment ordinary profit shares, year to March 2026: domestic non-life 744.5 / 1,348.6 = 55%; international 559.1 / 1,348.6 = 41%. Domestic non-life profit against strategic equity sales: 744.5 against 745.6. Dividends: 218 / 36.7 = 5.9 times since the year to March 2016 (split-adjusted). Market value since March 2017: 14,133.7 / 3,536.2 = 4.0 times. Unrealized loss change: 914.6 - 590.5 = 324.1. Auto rate increases compounded: 1.035 x 1.085 = 1.123. CRE loan book: 8.73 / 11.21 - 1 = -22%. Distributions: 860.6 / 267.6 = 3.2 times. Nat-cat losses against the 10-year average: 131.2 / 160.9 = 82%; 200.7 / 160.9 = 125%. Two combined-ratio points on Japanese premiums: 0.02 x 2,596.3 = ¥51.9bn. Large deals: 94.1 + 473.5 + 215.0 + 898.0 + 356.7 = ¥2,037.3bn. Ignyte and Agrihedge goodwill: 54.5 + 71.8 = 126.3. Distributions since the year to March 2018: 860.6 / 267.6 = 3.2 times. Analysts' target against the price: 8,653 / 7,932 - 1 = 9%. Channel share: 28.5 + 25.0 + 18.4 = 71.9%. Ignyte and Agrihedge prices: 102.8 + 150.0 = 252.8; 10% of that = 25.3. Pure profit growth: 43.2 / 38.0 - 1 = 13.7%. Agency commissions: 19.7% x 2,596.3 = ¥511bn. HCC profit against price: 122.1 / 898.0 = 13.6%. Suncorp against HCC: 14 / 7.5 = 1.9 times. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Tokio Marine's results, presentations and market data; operands shown in the source line.
Sources
Generated September 24, 2026