Industries – Insurance & Other Nonbank Financials: Second
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Industries – Insurance & Other Nonbank Financials: Second

Natsumu Tsujino

J.P. Morgan

In second place for a third straight year is J.P. Morgan’s Natsumu Tsujino. “She’s a specialist on embedded values,” proclaims one Japan-based buy-side analyst, referring to the complex method of assessing life insurers by evaluating future profits and other accounting and actuarial details. Among the 12 nonbank stocks under her coverage, Tokyo-based life and property/casualty insurer Ms&Ad Insurance Group Holdings is a favorite. She upgraded the stock from neutral to overweight in December, at ¥1,481, primarily on valuation. By mid-March the shares had zoomed to ¥2,160, for a 45.8 percent advance that outpaced the sector by 15 percentage points. — Ben Mattlin



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