Chubb: The Leader Pure ChasesThin moat

Tokio Marine Holdings (8766) — moat facet

In insuring wealthy Americans, Chubb is three times Pure's size.

In American high-net-worth personal insurance, Chubb is the leader with 15% of the market; Tokio Marine's Pure is second with 5%1. Chubb is also one of the global insurers against which Tokio Marine measures itself: its ten-year EPS growth of 3.8% a year, on Tokio Marine's calculation, compares with Tokio Marine's 19.4%2.

US high-net-worth insurance share (%)15%Chubb5%Pure (Tokio Marine)Tokio Marine IR conference and results presentation, May 2026
A distant second, growing.

Pure's profit grew from ¥38.0 billion to ¥43.2 billion in the latest year3. Growing in a niche against a leader three times larger requires better service or better prices.

Pure's profit growth of about 14% in the latest year45 would, if sustained, narrow the gap over many years. A niche with a dominant leader rewards the challenger only slowly.

The measure is Pure's share. Moving from 5% toward Chubb's 15% would show the challenger winning.

Moat trajectory: Holding steady

The gap is wide.

The number that tests this moat
Reported
US high-net-worth share: Chubb against Pure
15% against 5%

The leader in Pure's niche; the gap measures the challenge.

Source: Tokio Marine IR conference, May 2026 ↗
References
  1. ReportedIn American high-net-worth personal insurance, Chubb is the leader with 15% of the market; Tokio Marine's Pure is second with 5%.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - international businesses, acquisitions and synergies. — 2016-2026 · publ. 26 May 2026 · source ↗
  2. ReportedChubb is also one of the global insurers against which Tokio Marine measures itself: its ten-year EPS growth of 3.8% a year, on Tokio Marine's calculation, compares with Tokio Marine's 19.4%.
    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 ↗
  3. ReportedPure's profit grew from ¥38.0 billion to ¥43.2 billion in the latest year.
    Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - international results by business, combined ratios and commercial real estate loans. — FY to March 2026 · publ. May 2026 · source ↗
  4. ReportedPure's profit growth of about 14% in the latest year would, if sustained, narrow the gap over many years.
    Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - international results by business, combined ratios and commercial real estate loans. — FY to March 2026 · publ. May 2026 · source ↗
  5. Moat Explorer calcPure's profit growth of about 14% in the latest year would, if sustained, narrow the gap over many years.
    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