Datacheck:Trading comparable groups
This is the source of the wiki page Datacheck:Trading comparable groups (deployed via tools/wiki/deploy.py, key: datacheck_comps).
Read-only render of Data:trading_comparable_groups.json — curated cross-border trading-comparable groups (consistent benchmarking peer sets). Source of truth is core/trading_comparable_groups.json: each group's members is the home circle; an optional also list holds secondary members. A company's home + secondary groups are materialized (generated + sync-tested) into the trading_comparable_groups field of companies.json. Click a column header to sort.
| Group | Size | Members | Description |
|---|---|---|---|
| Australian P&C | 3 | QBE, Suncorp, IAG | Australian & New Zealand general insurers |
| Australian health | 2 | Medibank, nib | Australian private health insurers |
| Australian retirement | 1 | Challenger | Singleton — Australia's listed annuity/retirement-income pure play. TAL Dai-ichi holds 19.9%, the pre-bid maximum under takeover rules. Generation Development optional second member. |
| Bermuda (re)insurance | 9 | Everest Re, RenaissanceRe, Arch Capital, Axis Capital, Fidelis, Hamilton, SiriusPoint, Conduit, IGI | Bermuda-domiciled hybrid (re)insurers, US GAAP. Fidelis, Hamilton, SiriusPoint, Conduit, IGI are small/mid caps with short listed histories. Fidelis absent from vendor screens tagged non-insurance — keep. Aspen excluded — relisted May 2025, Sompo take-private agreed Aug 2025, closing 2026 (acquirer is a Japanese P&C member). |
| Brazilian insurance | 4 | BB Seguridade, Caixa Seguridade, Porto Seguro, IRB Brasil | Brazilian listed insurance groups. BB Seguridade and Caixa Seguridade are bancassurance stake vehicles, not underwriters. IRB is the reinsurer, post-2020 recapitalisation. |
| CEE composite | 5 | Vienna Insurance Group, UNIQA, PZU, Triglav, Sava Re | Central & Eastern Europe focused composites. Triglav and Sava Re are Ljubljana-listed small caps. |
| Canadian P&C | 3 | Intact Financial, Definity, Trisura | Canadian P&C insurers, IFRS 17. Trisura is specialty/fronting — imperfect comp. |
| Canadian life | 4 | Manulife, Sun Life, Great-West Lifeco, iA Financial | Canadian life & wealth groups. Power Corp excluded — holdco consolidating Great-West Lifeco. |
| Chinese insurer | 9 | Ping An, China Life, CPIC, PICC, New China Life, China Taiping, ZhongAn, China Re, Sunshine Insurance | Mainland-China listed insurance groups. PICC resolves to group level (1339 HK) — disambiguate in term_map. China Re is a reinsurer; Sunshine listed Dec 2022; ZhongAn is online-only. |
| European composite | 4 | AXA, Allianz, Zurich, Generali | Large pan-European multi-line composites |
| European direct motor | 3 | Admiral, Línea Directa, Sabre Insurance | European direct-distribution motor insurers, IFRS 17. Renamed from 'UK personal lines' — update any callers. Sabre is small-cap. |
| European life | 5 | NN Group, Aegon, Swiss Life, Storebrand, Mandatum | Continental European life & pensions. Aegon is Bermuda-domiciled and US-weighted, kept by market convention. Mandatum is the ex-Sampo Finnish life demerger. |
| European mid-cap composite | 6 | Mapfre, Talanx, Ageas, Helvetia Baloise, ASR Nederland, Unipol | Mid-cap European multi-line insurers. Talanx consolidates Hannover Re (European reinsurer) — cross-circle aggregates double-count. Unipol carries large Italian bank stakes (BPER). |
| European reinsurer | 4 | Munich Re, Swiss Re, Hannover Re, SCOR | European reinsurance groups, all IFRS 17 (Swiss Re from FY2024). Hannover Re is consolidated by Talanx (European mid-cap composite). |
| Financial guaranty | 2 | Assured Guaranty, MBIA | Monoline financial guaranty. MBIA is in effective runoff. |
| Global broker | 10 | Marsh McLennan, Aon, WTW, Arthur J. Gallagher, Brown & Brown, Ryan Specialty, Baldwin, Goosehead, Steadfast, AUB | Insurance brokers/distributors. Tiers: global big five (MMC, Aon, WTW, AJG, Brown & Brown), wholesale/rollups (Ryan, Baldwin, Goosehead), Australian networks (Steadfast, AUB). |
| Gulf insurer | 4 | Bupa Arabia, Tawuniya, Qatar Insurance, ADNIC | GCC insurers. Saudi names report under the cooperative model; Bupa Arabia is health-only. |
| Indian life | 5 | LIC, SBI Life, HDFC Life, ICICI Prudential Life, Max Financial | Indian listed life insurers. LIC free float ~3.5%. Max Financial is a holdco over Axis Max Life. Canara HSBC Life (2025 listing) optional. Bajaj Finserv excluded — listed value dominated by the Bajaj Finance stake; Allianz exited the insurance JVs in 2025. |
| Indian non-life | 6 | ICICI Lombard, Star Health, New India Assurance, Go Digit, Niva Bupa, GIC Re | Indian listed general/health insurers. GIC Re is a reinsurer; New India and GIC Re are ~85% state-owned. PB Fintech excluded — marketplace, not carrier. |
| Insurance-led compounders | 5 | Berkshire Hathaway, Markel, Fairfax, White Mountains, Loews | Insurance-led holding companies run as book-value compounders. Loews consolidates CNA (US mid-cap commercial) — double-count. Power Corp of Canada excluded — consolidates Great-West Lifeco. |
| Israeli insurer | 5 | Phoenix Financial, Harel, Menora Mivtachim, Migdal, Clal | Israeli composite insurers, all TASE, common regulator. term_map: disambiguate Phoenix Financial from any legacy UK Phoenix Group aliases. |
| Japanese P&C | 3 | Tokio Marine, MS&AD, Sompo | Japanese non-life mega groups |
| Japanese life | 4 | Dai-ichi Life, T&D Holdings, Japan Post Insurance, Sony Financial Group | Japanese listed life groups. Dai-ichi legal name now Daiichi Life Group per screen. Japan Post Holdings excluded — conglomerate parent. Sony Financial Group relisted Sep 2025; absent from vendor screens — keep. |
| Korean P&C | 4 | Samsung Fire & Marine, DB Insurance, Hyundai Marine & Fire, Meritz Financial | Korean non-life carriers. Meritz listed entity is Meritz Financial Group — holdco incl. securities, impure comp. Korean Re excluded — reinsurer. |
| Korean life | 2 | Samsung Life, Hanwha Life | Korean listed life insurers. Samsung group cross-holdings distort Samsung Life comparisons. Mirae Asset Life and Tong Yang Life optional — ownership in flux. |
| LatAm insurer (ex-Brazil) | 3 | Grupo Sura, Quálitas, GNP | Geography circle, heterogeneous — revisit as coverage grows. Sura is a multi-country holdco with cross-stakes; Quálitas is a Mexican motor pure play. |
| Life reinsurance | 1 | RGA | Singleton — RGA is the only listed pure-play life reinsurer; life reinsurance otherwise sits inside Munich Re / Swiss Re segments. |
| London specialty | 3 | Beazley, Lancashire, Hiscox | London-market / Lloyd's specialty (re)insurers |
| Nordic P&C | 5 | Sampo, Tryg, Gjensidige, Alm. Brand, Protector Forsikring | Nordic property & casualty (Topdanmark now inside Sampo). Protector is high-growth commercial, Nordic + UK. |
| Pan-Asian life | 3 | Prudential, AIA, FWD | Pan-Asian life insurers (multi-market Asia footprint). FWD listed Jul 2025 — short reported history. |
| South African P&C | 2 | Santam, OUTsurance | South African short-term insurers. OUTsurance owns Youi (Australia) — material cross-region earnings. |
| South African life & wealth | 4 | Sanlam, Old Mutual, Discovery, Momentum Group | South African life/wealth-led groups. Discovery is health-led with a banking arm. |
| Southeast Asian insurer | 5 | Great Eastern, Thai Life, Bangkok Life, Bao Viet, Dhipaya | Geography circle, heterogeneous models — weakest circle, revisit as coverage grows. Great Eastern ~88% OCBC-owned; Bao Viet state-controlled. |
| Taiwanese financial holding | 4 | Fubon Financial, Cathay Financial, KGI Financial, Taishin Shinkong | Taiwanese insurance-led financial holding companies — group KPIs include banking/securities, not pure insurance comps. Taishin Shinkong formed Jul 2025 (Taishin × Shin Kong merger); bank-led historically, Shin Kong Life makes insurance material — verify canonical name in term_map. |
| UK life & composite | 5 | Aviva, Legal & General, Standard Life, M&G, Chesnara | UK life, retirement and composite groups (Aviva incl. GI). Just Group excluded — delisted Apr 2026 (Brookfield). M&G absent from vendor screens tagged asset management — keep. Chesnara is a small-cap consolidator. |
| US coastal property | 5 | Slide, HCI, Universal Insurance, American Coastal, Heritage | Florida/Gulf cat-exposed homeowners specialists — heavy reinsurance buyers. Slide listed 2025. American Integrity and Kingstone optional micro-caps. |
| US insurtech | 4 | Lemonade, Root, Hippo, Oscar Health | Post-2020 listed insurtech cohort. Oscar is a health-plan model — imperfect comp with the P&C names. |
| US large-cap commercial P&C | 4 | Chubb, AIG, Travelers, Hartford | US large-cap national/global commercial-lines franchises |
| US life & retirement | 11 | Prudential US, MetLife, Lincoln Financial, Principal, Corebridge, Equitable, Voya, Jackson, F&G, Brookfield Wealth Solutions, Ameriprise | US life, annuity and retirement groups. Brighthouse excluded — Aquarian take-private, closing 2026. F&G is ~83% FNF-owned. Brookfield Wealth Solutions has Brookfield-linked share structure and consolidates Just from Apr 2026. Ameriprise is wealth-management-led with RiverSource annuities — imperfect comp, strike if too impure. Equitable, Voya, Corebridge, Jackson absent from vendor screens — classification only, keep. |
| US managed care | 6 | UnitedHealth, Elevance, Cigna, Humana, Centene, Molina | US statutory health insurers — GICS Health Care, absent from insurance screens. MLR-driven model: KPIs not comparable to P&C/life circles. Oscar remains in US insurtech. Fast M&A/regulatory news flow — re-verify membership. |
| US mid-cap commercial P&C | 5 | CNA, Cincinnati Financial, Selective, Hanover, Old Republic | US mid-cap, largely agency-driven commercial carriers. Old Republic includes a large title segment — cross-ref US title insurance circle. |
| US mortgage insurance | 5 | MGIC, Radian, Essent, Enact, NMI | US private MI monolines — GICS thrifts & mortgage finance, absent from insurance screens. Enact ~81% Genworth-owned. Radian pivoting to multiline specialty (Inigo acquisition, closing early 2026; divesting title/conduit/real-estate). Arch's MI is a segment of an existing Bermuda member. |
| US personal lines | 4 | Progressive, Allstate, Kemper, Mercury General | US personal-lines carriers, US GAAP. Kemper is non-standard auto; Mercury General is California-concentrated. Erie Indemnity excluded — attorney-in-fact fee entity for the reciprocal exchange, no underwriting risk. |
| US protection & supplemental | 5 | Aflac, Unum, Globe Life, CNO, Primerica | US protection, disability and supplemental health insurers. Primerica is distribution-led rather than balance-sheet-led. |
| US specialty & E&S | 9 | W.R. Berkley, Kinsale, Skyward, RLI, AFG, Palomar, Bowhead, Ategrity, Assurant | US specialty and E&S underwriters. Ategrity listed 2025, Bowhead 2024 — short histories. Assurant is lifestyle/housing protection, fee-heavy — imperfect comp. Excluded: Accelerant (marketplace/MGA model), James River (distressed micro-cap). Core Specialty (private) to join once private companies are added. |
| US title insurance | 3 | Fidelity National Financial, First American, Stewart | US title insurers. FNF consolidates F&G (US life & retirement) — double-count. Old Republic's title segment sits in US mid-cap commercial. |