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《巴克莱-美股-保险业-美国保险业二季度要点和展望-2017.8.11-barclays-us insurance 2q recap outlook p&c mixed; solid underlying life insurer results》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、EquityResearch11August2017USInsuranceEARNINGSREVIEW2QRecap/Outlook:P&CMixed;SolidU.S.Insurance/LifeUnderlyingLifeInsurerResultsPOSITIVEUnchangedCommercialre/insurers’2Qearningsweremixed.UnderlyingtrendsgenerallyU.S.Insurance/Non-Lifeweakenedforthecommercial
2、linesinsurers,reinsurers,andbrokersasthepricingcycleNEUTRALremainsunfavorable.CommercialP&CinsuranceandreinsurancepricingwilllikelyUnchangedfurtherweaken.Deterioratingcommercialinsuranceunderwritingprofitability,lessearningstailwindfromreservereleases,downw
3、ardpressureoninvestmentincome,andForafulllistofourratings,pricetargetandslowingsharebuybacksareonthegrowinglistofchallenges.Ontheotherhand,pure-earningschangesinthisreport,pleaseseeplaypersonallinesinsurersAllstateandProgressivecontinuetogeneratefavorableta
4、bleonpage2.resultsalongwithpricingpowerwhileGEICOandProgressivearegainingthemostU.S.Insurance/Non-Lifeautoinsurancemarketshare.JayGelb,CFALifeinsurerresultswerenoisyalthoughtheybenefitedfromelevatedalternativeasset1.212.526.1561returns.Spreadcompressionando
5、veralllownewsalesappeartobeongoingjay.gelb@barclays.comchallenges,althoughunderwritingresultshavetendedtoimprove.OnthemacroandBCI,USregulatoryfront,bondyieldsremainlowalthoughlifeinsurerregulatoryissuesSueLeeincludingnon-bankSIFIoversightarebecominglessofac
6、oncern,inourview.This+12125268190week,theDepartmentofLaborproposedanotherdelayinimplementingthefiduciarysue.lee@barclays.comstandardrule.ThiscouldultimatelyresultinamorefavorableoutcomeforthelifeandBCI,USannuitycompanies,inourview.AndrewKarp+121252690152Qre
7、sultsweremixedfortheP&Cinsurers.Catastrophelosseswereagainelevatedinandrew.karp@barclays.com2Q,whichwasanearningsheadwindformanyprimaryP&Cinsurers.ThereweresomeBCI,USbrightspotsin2Q,includingAllstate’simprovingearningpower,andChubb’spersistentstrongunderwri
8、tingresults.Asexpected,AIG’snewCEOhasmeaningfullyshiftedtheKaraMarciscanofocustogrowthratherthansharebuybacks.Also,Hartfordisreportedlynearadecision+12125269031kara.marciscano@barclays.comonwhethertose
