Janus Henderson Global Sustainable Equity Fund on Tokio Marine Holdings, Inc.
Thesis
Tokio Marine's results disappointed the market because underwriting costs from natural disasters increased, but the fund says this does not alter its thesis. The managers expect continued growth in demand for insurance covering complex risks, including risks linked to climate change. They also point to ambitious company guidance and potential support from progress on the 2026 share-buyback programme. ([tokiomarinehd.com][10])
“This does not affect our investment thesis for the business, as we believe it will see continued growth in the need for its insurance products.”
Key risks
- Higher underwriting costs from natural disasters
- Climate-related losses rising faster than pricing and underwriting can compensate