Financial Data and Key Metrics Changes - Adjusted after-tax income per diluted share was $1.96, a 51% increase year-over-year [6] - Underwriting income reached $670 million, an increase of 48% year-over-year [6] - For the full year 2025, adjusted after-tax income per diluted share was $7.09, a 43% increase year-over-year [7] - Total adjusted after-tax income for the year was $4 billion, a 24% increase year-over-year [7] - The full year 2025 combined ratio was 90.1%, an improvement of 170 basis points from 2024 [46] Business Line Data and Key Metrics Changes - Global commercial net premiums written grew 3% year-over-year, totaling $17.4 billion [7] - North America Commercial grew net premiums written by 4%, with Retail Property contracting by 8% [8] - International Commercial net premiums written increased by 3%, primarily driven by Property and Global Specialty [8] - Global Personal net premiums written contracted by 3% due to higher ceded premiums under a reinsurance treaty [8] - New business in Global Commercial grew 9% year-over-year, with International new business up 10% [9] Market Data and Key Metrics Changes - North America casualty lines pricing remained favorable, with increases in the mid-teens for wholesale and excess casualty [10] - Retail property pricing was down 10%, and excess and surplus lines pricing was down 13% for the year [10] - International property pricing was up 3%, while energy pricing was down 10% due to abundant capacity [11] - Overall pricing in North America commercial renewal increased by 6%, excluding property [43] Company Strategy and Development Direction - AIG is focused on maintaining disciplined underwriting and capital management while pursuing growth through strategic transactions [12][18] - The company aims to achieve a sub-30% expense ratio by 2027, with a current expense ratio of 31.1% [9][46] - AIG is leveraging GenAI capabilities to enhance underwriting and claims processes, with plans for broader deployment in 2026 [26][30] - The company is positioned for growth through organic initiatives, strategic partnerships, and innovative capital structures [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in AIG's financial strength and liquidity to execute strategic objectives [13] - The company anticipates low- to mid-teens net premiums written growth in General Insurance for 2026 [31] - Management highlighted the importance of maintaining underwriting discipline amid competitive market conditions [10][43] - The leadership transition is expected to support AIG's strategic goals and financial guidance [32][33] Other Important Information - AIG returned $6.8 billion in capital to shareholders, including $5.8 billion in share repurchases and $1 billion in dividends [12] - The company achieved a 12.5% increase in quarterly dividends, marking the third consecutive year of significant dividend growth [12] - AIG's investment strategy has shifted towards higher-yielding assets, resulting in a net investment income increase of 8% year-over-year [11][47] Q&A Session Summary Question: Discussion on expense ratio expectations - Management indicated that the expense ratio is expected to be lower in 2026 compared to 2025, with a focus on managing corporate expenses [54][56] Question: Clarification on net premium written growth sources - Management noted that growth comes from various initiatives, including reinsurance benefits and organic growth, but did not provide specific breakdowns [58][60] Question: Additional details on casualty line margins - Management explained that additional margins in casualty lines are a result of conservative loss cost trend assumptions and macro uncertainties [66][68] Question: Breakdown of interest and dividends in investment portfolio - Management highlighted a significant transformation in the investment portfolio, with a focus on reinvesting in higher yields [70]

Financial Data and Key Metrics Changes - Adjusted after-tax income per diluted share was $1.96, a 51% increase year-over-year [6] - Underwriting income reached $670 million, an increase of 48% year-over-year [6] - Full-year adjusted after-tax income per diluted share was $7.09, a 43% increase year-over-year [7] - Global commercial net premiums written were $17.4 billion, an increase of 3% year-over-year [7] - The accident year combined ratio was 88.3%, and the calendar year combined ratio was 90.1%, both showing improvements [10][45] Business Line Data and Key Metrics Changes - North America Commercial grew net premiums written by 4% or 5% when adjusted for a large closeout transaction, with balanced growth across the portfolio [8] - International Commercial net premiums written increased by 3%, primarily driven by property and global specialty [8] - Global Personal saw a contraction of 3% in net premiums written due to higher ceded premiums [8] - New business in global commercial grew 9% year-over-year, with international new business up 10% [9] Market Data and Key Metrics Changes - North America property pricing was down 10%, and excess and surplus lines pricing was down 13% for the year [10] - International property pricing was up 3%, while energy pricing was down 10% due to abundant capacity [11] - Overall pricing in North America commercial renewal increased by 6%, with casualty pricing remaining favorable [41][42] Company Strategy and Development Direction - AIG is focused on maintaining disciplined underwriting and capital management while pursuing growth through strategic transactions and technology initiatives [12][17] - The company aims to achieve a sub-30% expense ratio by 2027, with significant progress made in reducing the expense ratio [9][35] - AIG is leveraging GenAI capabilities to enhance underwriting processes and improve operational efficiency [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in AIG's financial strength and liquidity to execute strategic objectives and growth ambitions [13] - The company anticipates low- to mid-teens net premiums written growth in General Insurance for 2026, indicating a strong start to the year [30] - Management highlighted the importance of maintaining strong relationships with reinsurance partners and achieving favorable renewal terms [14][15] Other Important Information - AIG returned $6.8 billion in capital to shareholders, including $5.8 billion in share repurchases and $1 billion in dividends [12] - The company achieved a significant milestone by delivering greater than $2 billion in underwriting income for the first time since 2008, excluding divested businesses [7] - AIG's investment strategy has shifted towards higher-yielding assets, resulting in a net investment income increase of 8% year-over-year [11] Q&A Session Summary Question: Insights on the expense ratio outlook - Management indicated that the expense ratio is expected to be lower on a run rate basis in 2026 compared to 2025, with a focus on managing corporate expenses [53][55] Question: Clarification on general insurance net premium growth - Management noted that growth comes from various initiatives, including reinsurance benefits and organic growth, but did not provide specific breakdowns [57][59] Question: Additional details on casualty line margins - Management explained that additional margin in casualty lines is a conservative approach to cover macro uncertainties, not indicative of portfolio deterioration [65][66] Question: Breakdown of interest and dividends in the investment portfolio - Management highlighted a significant transformation in the investment portfolio, with a focus on reinvesting in higher yields [67][68] Question: AI implementation and orchestration layer - Management discussed the progress in AI implementation and the focus on orchestrating multiple agents within the organization for improved efficiency [72][75]

Core Appointment - Everest Group has appointed Elias Habayeb as executive vice-president (EVP) and group chief financial officer (CFO), effective on or around 1 May 2026 [1] - Habayeb will report directly to Everest president and CEO Jim Williamson and join the company's executive leadership team [1] Transition and Experience - Mark Kociancic, the current CFO, is set to retire after five years and will continue as a special advisor during the transition period [2] - Habayeb brings over 30 years of experience in senior finance positions across the insurance and financial services sectors, most recently serving as CFO of Corebridge Financial [2][3] Previous Roles - Prior to Corebridge Financial, Habayeb held CFO roles at various divisions of American International Group (AIG), including General Insurance and Life & Retirement, where he played a key role in the IPO of Corebridge Financial [3] - He also served as CFO of AIG subsidiary International Lease Finance Corporation and was a partner in Deloitte & Touche's Capital Markets Group [3][4] Strategic Vision - Jim Williamson stated that Habayeb's experience and strategic insight will be instrumental in strengthening Everest's foundation for sustained performance [4] - The company aims to focus on core businesses to capture future opportunities and deliver consistent returns for shareholders [4] Recent Developments - Last month, Everest Group agreed to divest the renewal rights for its Global Retail Commercial Insurance portfolio to AIG [5]

Financial Data and Key Metrics Changes - Adjusted after-tax income per diluted share was $2.20, a 77% increase year-over-year [5] - Adjusted after-tax income for the quarter reached $1.2 billion, up 52% year-over-year, primarily driven by the general insurance business [5] - Underwriting income was $793 million, reflecting an 81% year-over-year increase [5] - Net investment income on an adjusted pre-tax basis was $1 billion, a 15% increase year-over-year [5] - The accident year combined ratio, as adjusted, was 88.3%, maintaining a sub-90% result for the 16th consecutive quarter [5][6] - The calendar year combined ratio improved to 86.8%, a 580 basis point improvement from the prior year quarter [6][30] Business Segment Data and Key Metrics Changes - North America commercial insurance net premiums written were flat year-over-year, but adjusted for a prior year closeout transaction, would have increased by 3% [6] - International commercial insurance net premiums written increased by 1% year-over-year, driven by Marine (up 11%) and property (up 6%) [7] - Global personal insurance net premiums written decreased by 4%, impacted by a high net worth quota share reinsurance treaty [8] Market Data and Key Metrics Changes - North America commercial renewal pricing increased by 5%, with casualty pricing showing favorable conditions [33] - International commercial overall pricing was down 2%, but property pricing increased by 4% driven by rate increases in Japan [35] Company Strategy and Development Direction - The company announced strategic investments with Convex Group, Onyx Corporation, and a transaction with Everest Group, all expected to be accretive to earnings, EPS, and ROE in the first year post-closing [4][9] - AIG aims to enhance its earnings potential and drive long-term sustainable profitable growth through these transactions [18] - The company is embedding GenAI solutions into core underwriting and claims processes to improve efficiency and decision-making [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong balance sheet and liquidity to pursue compelling opportunities [18] - The company is well-positioned to drive continued strong performance despite a dynamic macro and insurance market [43] - Management highlighted the importance of maintaining a disciplined approach to capital management while seeking strategic investments [42][55] Other Important Information - AIG returned $1.5 billion of capital to shareholders in Q3 2025 through share repurchases and dividends [42] - Book value per share increased by 6% year-over-year to $75.45, reflecting strong net income growth [43] Q&A Session Summary Question: Expected underwriting profitability from quota share and renewal rights - Management clarified that the quota share with Convex is expected to be positive due to their strong track record of profitability [44] - For the Everest renewal rights, management expects combined ratios to align closely with AIG's due to operational efficiencies [45][46] Question: Capacity for further deals - Management indicated that they are actively looking for strategic opportunities that enhance AIG's position and are open to more deals [52][53] Question: Minimum level of liquidity to maintain - Management stated that they will keep several billion dollars of liquidity on the balance sheet for prudent capital management [55] Question: Expense ratio target and potential improvements - Management acknowledged that while the target is below 30%, there may be further improvements driven by operational efficiencies and strategic acquisitions [57]

Core Insights - The Inelastic Market Hypothesis (IMH) suggests that for every $1 of capital flows, the market's aggregate value changes by approximately $5, indicating significant market volatility compared to underlying fundamentals [2][3] - The Federal Reserve's quantitative easing (QE) and the rise of passive investing have created inelastic demand in the market, distorting price signals and leading to misallocated capital [5][8] - The current market environment is characterized by a high level of kinetic energy due to concentrated capital flows into U.S. indexes, which poses risks of sudden market corrections [11][13] Market Dynamics - The price elasticity of demand in the stock market is relatively low, meaning that price increases do not significantly dampen buying demand, while price decreases do not substantially increase demand [3] - Passive investing has become a dominant driver of equity prices, with estimates suggesting that for every $1 of passive inflows, the market's aggregate value increases by approximately $3 to $8 [8] - The market is increasingly acting like a casino, with a proliferation of leveraged ETFs and options trading, which adds volatility and risk to the investment landscape [9][10] Investment Strategy - The company employs a valuation-disciplined investment process that is highly price elastic, allowing for aggressive buying during market downturns and risk shedding during periods of greed [4] - The strategy focuses on diversifying portfolios by mixing potential energy (value) with kinetic energy (momentum), particularly in sectors like healthcare and materials that offer attractive free cash flow yields [18][21] - The company has identified Amazon as a compelling investment opportunity due to its strong balance sheet and potential benefits from AI, while exiting positions in companies like Expedia due to emerging competitive threats [21][22] Performance Overview - The ClearBridge Value Strategy underperformed its benchmark, the Russell 1000 Value Index, during a period of subdued returns for value stocks [17][24] - Stock selection in the healthcare sector contributed positively to performance, while the financials sector detracted from returns due to declines in specific holdings [19][20] - The strategy continues to find opportunities in undervalued stocks with high free cash flow yields, particularly in sectors that have fallen out of favor [18][24]

Summary of Corebridge Financial (CRBD) 2025 Conference Call Company Overview - **Company**: Corebridge Financial (CRBD) - **Industry**: Life Insurance and Retirement Solutions - **Key Executives**: Kevin Hogan (CEO), Elias Hebbeyeb (CFO) Key Points and Arguments Company Performance and Strategy - Corebridge has successfully executed its strategies since its IPO three years ago, achieving a 12-14% Return on Equity (ROE) in 2024, as initially targeted [3][4] - The company has maintained a payout ratio of 60-65% and a Risk-Based Capital (RBC) ratio of 400%, while growing its business [4] - Annual sales volume has increased by approximately 30% since the IPO [5] - Corebridge has returned $6 billion to shareholders since the IPO, demonstrating strong capital management [5] Variable Annuity Transaction - Corebridge exited its entire variable annuity business, which had been in decline for eight years, through a transaction with Venerable, generating $2.1 billion in proceeds [8][10] - The transaction was seen as a significant value creation opportunity, with a multiple of around seven times earnings [10] - Proceeds from the transaction will primarily be used for shareholder buybacks and further organic growth investments [11] Expense Management - The CoreBridge Forward program has successfully reduced annual expenses by $400 million through outsourcing, IT modernization, and improved procurement practices [15][16][17] - The company aims to continue driving down unit costs through further automation and digitization [18] Market Trends and Growth Opportunities - The aging population in the U.S. is a significant driver for the annuity market, with 4 million people turning 65 annually [22][23] - There is a growing awareness among individuals about the need for self-managed retirement planning, contributing to increased demand for annuities [23] - The adviser community is becoming more professionalized, further supporting the growth of fixed income investments [24] Competitive Environment - Corebridge is currently achieving targeted margins despite increased competition in the annuity space [27] - The company has a diverse product range and strong relationships with distribution partners, allowing it to navigate competitive cycles effectively [28][29] Group Retirement Business - There is a gradual shift from spread-based to fee-based income in the group retirement business, with fee income now representing a significant portion of earnings [34][36] - Corebridge is investing in its adviser base and digital tools to enhance productivity and efficiency [37] Pension Risk Transfer Market - The pipeline for U.S. pension risk transfer remains strong, despite some slowdowns due to external volatility [43][44] - Corebridge focuses on full plan terminations, which are more economically attractive [45] Life Insurance Business - Corebridge has outperformed the market in life insurance, driven by investments in automated underwriting and a focus on middle-market products [51] - The company has a competitive advantage due to its digital capabilities and disciplined risk management [52] Collaboration with Nippon Life - Corebridge is exploring mutual commercial opportunities with Nippon Life, focusing on product development, investments, and digital technologies [53][54] Capital Deployment and M&A - Corebridge is focused on shareholder value creation through dividends and buybacks, with no immediate M&A opportunities identified [59][60] Additional Important Insights - The company has simplified its structure by divesting international subsidiaries and focusing on U.S. retirement and life insurance [6] - Corebridge's automated underwriting process allows 80% of transactions to be processed without human intervention, enhancing efficiency [52] - The company is actively exploring in-plan annuity opportunities, recognizing the potential for growth in this area [40][42]

Core Insights - WTW has appointed Nicholas Carbo as Senior Director in its Insurance Consulting & Technology (ICT) business, enhancing its expertise in annuity product development and pricing [1][2] - The ICT team will also see the addition of Poojan Shah and Erika Dochney, who bring specialized skills in reinsurance, M&A transactions, and life insurance product pricing [3][4] Company Overview - WTW is a global advisory, broking, and solutions company that provides data-driven, insight-led solutions in the areas of people, risk, and capital [7] - The Insurance Consulting and Technology business aims to innovate and transform the insurance industry by delivering advisory services and advanced technology solutions [5][6] Team Expertise - Nicholas Carbo previously served as Individual Annuity Chief Financial Actuary at Corebridge Financial, focusing on annuity assumption governance and reinsurance analysis [2] - Poojan Shah joins from PwC, specializing in reinsurance structuring and regulatory compliance, while Erika Dochney has experience in mortality experience studies and product development [3][4]

Core Insights - Blackstone's total market value of holdings reached $24.1 billion for Q1 2025, up from $22.0 billion in the previous quarter, representing a 9% increase [1][2] - The investment portfolio included 47 new stocks, 36 stocks were increased, 25 stocks were reduced, and 39 stocks were completely sold out [1][2] - The top ten holdings accounted for 68.8% of the total market value [1][2] Holdings Overview - The largest holding is Cheniere Energy Partners (CQP.US) with approximately 102 million shares valued at about $6.759 billion, making up 28.07% of the portfolio, unchanged from the previous quarter [2][3] - Corebridge Financial Inc. (CRBG.US) is the second-largest holding with around 61.96 million shares valued at approximately $1.956 billion, also unchanged [2][3] - Williams (WMB.US) ranks third with about 20.08 million shares valued at approximately $1.200 billion, reflecting a 5.94% increase in holdings [3][4] Sector Focus - The portfolio shows a strong inclination towards energy stocks, with significant positions in companies like Targa Resources (TRGP.US), Energy Transfer Equity LP (ET.US), and MPLX LP (MPLX.US) [3][4] - The top five purchases included SPDR S&P 500 ETF put options, CoreWeave (CRWV.US), Kinder Morgan (KMI.US), Hess Midstream (HESM.US), and Enbridge (ENB.US) [4][5] - The top five sales included Expand Energy, First Industrial Realty (FR.US), Western Midstream (WES.US), Energy Transfer (ET.US), and NextEra Energy (NEE.US) [5][6]

Core Insights - SB Financial Group, Inc. (SBFG) reported quarterly earnings of $0.42 per share, exceeding the Zacks Consensus Estimate of $0.40 per share, and up from $0.33 per share a year ago, representing a 5% earnings surprise [1] - The company posted revenues of $15.39 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 7.59%, compared to $13.13 million in the same quarter last year [2] - SBFG has outperformed consensus EPS estimates three times over the last four quarters and has topped consensus revenue estimates four times during the same period [2] Future Outlook - The stock's immediate price movement will depend on management's commentary during the earnings call and the sustainability of earnings expectations [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.54 on revenues of $14.6 million, and for the current fiscal year, it is $2 on revenues of $58.9 million [7] - The estimate revisions trend for SBFG is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Banks - Northeast industry, to which SBFG belongs, is currently in the top 30% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Company Overview - Assurant (AIZ) is expected to report a year-over-year decline in earnings of 37.2%, with projected earnings of $3 per share for the quarter ended March 2025 [3][12] - Revenue is anticipated to increase by 5.7% year-over-year, reaching $3.05 billion [3] Earnings Expectations - The consensus EPS estimate has been revised down by 0.77% over the last 30 days, indicating a reassessment by analysts [4] - The Most Accurate Estimate for Assurant is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +1.53%, suggesting a likelihood of beating the consensus EPS estimate [10][11] Historical Performance - Assurant has a strong track record, having beaten consensus EPS estimates in the last four quarters, with a notable surprise of +10.62% in the most recent quarter [12][13] Industry Context - Corebridge Financial (CRBG), another player in the insurance industry, is expected to report earnings of $1.15 per share, reflecting a year-over-year increase of 4.6%, but with a revenue decline of 10.9% [17] - Corebridge's consensus EPS estimate has been revised down by 2.2%, resulting in a negative Earnings ESP of -0.38% and a Zacks Rank of 4 (Sell), making it difficult to predict an earnings beat [18]