Japanese financial holding company Sompo (TSE:8630, Financial) has been offering insurance policies in the country for more than 130 years. It’s primary business line of domestic property and casualty insur-ance is complemented by a domestic life insurance company and subsidiaries offering insurance products overseas. Amid the backdrop of a solid but low-growth Japanese insurance market, Sompo in recent years has made a number of overseas invest-ments, to mixed results. More recently, however, the company has been forthcoming about its ex-Japan strategy and the renewed discipline it intends to apply in mergers and acquisi-tions; that combined with a relatively strong Japanese stock market in the third quarter helped boost a stock that in our view has appeared quite cheap for some time.
From the First Eagle Investment (Trades, Portfolio) Global Value Team's third-quarter 2021 commentary.
