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1、EquityResearch5September2017USInsuranceSECTORUPDATEBarclaysFinancialsConferenceU.S.Insurance/LifePreview:P&Cvs.LifeInsurancePOSITIVEUnchangedWeanticipateamixedoutlookfrominsurersparticipatingintheupcomingBarclaysU.S.Insurance/Non-LifeGlobalFinancialServicesconf
2、erenceonSeptember11-13.ParticipatingUSInsurers:NEUTRALALL,HIG,MMC,TRV,ACGL,RE,LNC,UNM,ATH,AMPandBHF.UnchangedP&Cre/insurers’exposuretoHurricaneHarvey(upto$15bnofestimatedprivatemarketinsuredlossesofwhich80%arefromflooding)willbethefocusamonginvestors.OtherU.S.I
3、nsurance/Non-LifeJayGelb,CFAkeytopicsforcommercialP&Cre/insurersincludetheabilitytogeneratedecentROEsin1.212.526.1561thefaceofweakpricingandlowinterestrates.TheLifeinsurerswilllikelyfocusonplansjay.gelb@barclays.comtoimproveROEanddistributablecash.Onthemacroand
4、regulatoryfront,bondyieldsBCI,USremainlow(10-yearUSTreasuryyieldis2.13%whichisthelowestlevelsincelate2016)althoughlifeinsurerregulatoryissues,includingthefiduciarystandardruleandnon-bankSueLeeSIFIoversight,arelikelybecominglessconcerning.+12125268190sue.lee@bar
5、clays.comP&CIndustryThemes:CommercialP&Cre/insurerchallenges;includingweakBCI,UScommercialP&Cre/insurancepricing,deterioratingcommercialinsuranceunderwritingAndrewKarpprofitability,slowingreservereleases,downwardpressureoninvestmentincome,and+12125269015wanings
6、harebuybacks.Despitecontinuedpricingpressure,ongoingM&Aactivityandrew.karp@barclays.comespeciallyamongthere/insurersmeansvaluationshavelikelyfoundafloor.BCI,USMeanwhile,personallinesinsurershavestrongpricingpower.KaraMarciscanoP&CInsurerHighlights:TRVisfocusedo
7、nfixingitspersonalautobusiness,butitis+12125269031takinglongerthanweexpectedforunderwritingresultstorecover.ALLhasimprovedkara.marciscano@barclays.comBCI,USitsAllstate-brandautoinsuranceresultsandisfocusedongrowth.HIGisreportedlynearingadecisiononwhethertoselli
8、tsTalcottrun-offunitwhichwewouldexpecttoresultinEPSandbookvaluedilutionbutmodestROEaccretion.ACGL’smortgageinsuranceunithasgeneratedsolidROEsinthemid-tohigh-teensrange.REhas
