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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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SoftBank : Ethos valuation jumps to nearly $3 billion after SoftBank funding

07/21/2021 | 01:04pm EDT
FILE PHOTO: SoftBank Corp's logo is pictured at a news conference in Tokyo

(Reuters) - Online life insurance platform Ethos said on Wednesday it raised $100 million in a late-stage funding round from SoftBank Vision Fund 2, bringing its valuation to $2.7 billion.

Backed by the likes of rapper Jay-Z's entertainment company Roc Nation and investment vehicles of Hollywood stars Will Smith and Robert Downey Jr, Ethos has received $400 million in funds so far, including proceeds from the current round.

Other investors in the company include venture capital firms Sequoia Capital, Accel, General Catalyst and GV, the venture capital arm of Google parent Alphabet Inc.

The company had raised $200 million in its previous round two months ago that had lifted its valuation to $2 billion.

Ethos, a so-called insurtech company, allows customers to apply for whole-life and term-life insurance policies online and replaces medical exams with health questions to expedite the application and approval process, as per its website.

The company said it intends to "democratize" access to life insurance for a broader demographic of U.S. families, while adding that it works to include more women and more low- and middle-income families under the umbrella of coverage.

Firms like Ethos saw a huge uptick in demand during the COVID-19 pandemic, as insurance companies were forced to rely on technology to reach customers. It witnessed a more than six-fold increase in its revenue and customer base year-over-year.

The fast-growing sector has also attracted investor interest, with online homeowners insurance seller Hippo agreeing to go public through a $5 billion blank-check merger deal earlier this year.

San Francisco-headquartered Ethos also said it plans to double employee count by the end of the year expects to issue $20 billion in life insurance coverage in 2021.

(Reporting by Sohini Podder in Bengaluru and Jane Lanhee Lee in San Francisco; editing by Uttaresh.V)


ę Reuters 2021
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Financials
Sales 2022 5 951 B 54 673 M 54 673 M
Net income 2022 1 054 B 9 684 M 9 684 M
Net Debt 2022 13 879 B 128 B 128 B
P/E ratio 2022 12,2x
Yield 2022 0,65%
Capitalization 11 712 B 107 B 108 B
EV / Sales 2022 4,30x
EV / Sales 2023 4,15x
Nbr of Employees 58 786
Free-Float 49,4%
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Number of Analysts 15
Last Close Price 6 911,00 JPY
Average target price 11 266,93 JPY
Spread / Average Target 63,0%
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Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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