26 February 2026 | 1:02PM HKT Equity Research Hong Kong Exchanges (0388.HK): 4Q25 First Take: Beat lead by higher investment income & lower opex; Buy HKEX reported 4Q25 EPS of HK$3.43, up 15% yoy, and 13%/12% above GSe/company complied consensus. Investment income was well ahead of expectations, as a result of better-than-expected corporate funds return and gains on equity investments. Excluding investment income, profit was 5% ahead of GSe, reflecting higher clearing and settlement fees, as well as lower o ...

International General Insurance Holdings Ltd. (IGI), a specialist commercial insurer and reinsurer, has generated a net income of $32.3 million, an increase of 7.7% for the fourth quarter of 2025, compared to $30 million in Q4’24, driven by continued positive underwriting results and investment income.Net income for the full year 2025 (FY’25) was $127.2 million compared to $135.2 million in FY’24.IGI’s combined ratio rose to 82% and 85.9% for Q4’25 and FY’25, respectively, compared to 77.8% and 79.9% for th ...

Gross written premiums grew more than 13% in the quarter, driven by the Accident & Health (A&H), Surety, and Specialty Programs divisions, Haushill said. Robinson added that the company grew “over 20%” in Surety, A&H, and Specialty Programs. Net written premiums grew 25% for the year, and retention of 64.9% was stable year-over-year and consistent with guidance, according to Haushill.Haushill said adjusted operating income was $49 million, or $1.17 per diluted share, while net income was $43 million, or $1. ...

Core Insights - Gladstone Investment (GAIN) has shown resilience in the business development company sector, maintaining a steady share price and a positive portfolio strategy despite challenges faced by the industry over the past year [1]. Group 1: Company Performance - Gladstone Investment is one of the few exceptions in the business development companies sector that has not struggled significantly over the last year [1]. - The company's share price has remained fairly steady, indicating stability in its market performance [1]. - The portfolio strategy employed by Gladstone Investment continues to yield positive results, contributing to its overall resilience [1]. Group 2: Investment Strategy - The article discusses a hybrid investment strategy that combines classic dividend growth stocks with business development companies, REITs, and closed-end funds to enhance investment income [1]. - This approach aims to achieve a total return that is comparable to traditional index funds, specifically the S&P [1].

Core Insights - American International Group, Inc. (AIG) reported fourth-quarter 2025 adjusted earnings per share of $1.96, exceeding the Zacks Consensus Estimate by 3.5% and reflecting a 51% year-over-year increase [1][9] - Adjusted operating revenues rose 1.5% year over year to $6.9 billion, although this figure fell short of consensus estimates by 2.2% [1][4] Financial Performance - The quarterly results were bolstered by improved underwriting results in the North America Commercial and Global Personal segments, but were partially offset by weaker premiums in the Global Personal segment and lower investment income [2][4] - Net premiums written totaled $6 billion, representing a 1% decline year over year, with growth in Global Commercial countered by a decline in Global Personal [3][11] - Total net investment income decreased by 34% year over year to $872 million, missing consensus estimates by 12.9%, primarily due to lower fair value gains and reduced income from Corebridge [4][12] Underwriting and Segment Performance - General Insurance underwriting income increased to $670 million, a 48% rise year over year, surpassing the Zacks Consensus Estimate by 11.1% [5][9] - The combined ratio for General Insurance improved by 370 basis points to 88.8, indicating stronger underwriting performance compared to the prior-year quarter [5][10] - In the North America Commercial segment, net premiums written rose 3% year over year to $2.3 billion, driven by growth in Programs and Excess Casualty [6][7] - The International Commercial segment reported net premiums written of $2.2 billion, up 5% year over year, supported by growth in Global Specialty and Casualty lines [8] Financial Position and Capital Deployment - AIG ended Q4 2025 with a cash balance of $1.27 billion and total assets of $161.25 billion, slightly down from the previous year [13] - Long-term debt increased to $9 billion, while total shareholders' equity declined to $41.1 billion [13] - The company returned approximately $567 million to shareholders through share repurchases and $242 million in dividends during the fourth quarter [15] Full-Year 2025 Overview - For the full year 2025, AIG reported total revenues of $26.8 billion, a 1.8% decline from 2024, but adjusted earnings increased by 43.2% year over year to $7.09 per share [16] - The combined ratio improved by 170 basis points to 90.1, driven by higher underwriting income and stronger net investment income within the general insurance segment [16]

Core Viewpoint - PhenixFIN Corporation reported solid investment income for the first fiscal quarter of 2026, with a weighted average yield of 12.52% on income-producing investments, despite some mark-to-market declines in equity positions due to company-specific issues [2][3]. Financial Results - Total investment income for the quarter ended December 31, 2025, was $6.7 million, with $6.5 million from portfolio interest and dividend income and $0.2 million from fee and other income [3][8]. - Total net expenses were $4.5 million, resulting in a net investment income of $2.1 million [3][17]. - The company recorded a net realized gain of $0.7 million and a net unrealized loss of $7.2 million during the quarter [3][17]. Portfolio and Investment Activities - The fair value of the investment portfolio was $295.6 million, consisting of 33 portfolio companies, with one company on non-accrual status valued at $0.0 million [4][8]. - The net asset value (NAV) as of December 31, 2025, was $155.8 million, or $77.92 per share [8][14]. Liquidity and Capital Resources - As of December 31, 2025, the company had $3.4 million in cash and cash equivalents, $57.5 million in unsecured notes due 2028, and $90.0 million outstanding under the Credit Facility [5][12].

Core Viewpoint - The current earnings season presents a challenging environment for accumulating shares of high-quality positions, yet it is seen as an opportunity to build real wealth through strategic investments [1] Investment Strategy - The company emphasizes the importance of a diversified investment approach, combining classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1] Performance Comparison - The hybrid investment strategy developed by the company aims to achieve total returns that are on par with the S&P 500, indicating a balanced approach between growth and income [1]

American Financial Group, Inc. Investor Supplement - Fourth Quarter 2025 February 3, 2026 American Financial Group, Inc. Corporate Headquarters Great American Insurance Group Tower 301 E Fourth Street Cincinnati, OH 45202 513 579 6739 | Table of Contents - Investor Supplement - Fourth Quarter 2025 | 2 | | --- | --- | | Financial Highlights | 3 | | Summary of Earnings | 4 | | Earnings Per Share Summary | 5 | | Property and Casualty Insurance Segment | | | Property and Casualty Insurance - Summary Underwritin ...

证券研究报告·公司点评报告·电池 宁德时代（300750） 盈利韧性强，份额提升，龙头地位稳固 2026 年 01 月 29 日 买入（维持） ◼ 风险提示：政策不确定，需求低于预期。 证券分析师 曾朵红 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 400,917 | 362,013 | 428,249 | 578,071 | 708,193 | | 同比（%） | 22.01 | (9.70) | 18.30 | 34.98 | 22.51 | | 归母净利润（百万元） | 44,121 | 50,745 | 70,020 | 91,363 | 113,644 | | 同比（%） | 43.58 | 15.01 | 37.98 | 30.48 | 24.39 | | EPS-最新摊薄（元/股） | 9.67 | 11.12 | 15.34 | 20.02 | 24.90 | | P/E（现价&最新摊薄） | 35.17 ...

宁德时代（300750） 盈利韧性强，份额提升，龙头地位稳固 2026 年 01 月 29 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 400,917 | 362,013 | 428,249 | 578,071 | 708,193 | | 同比（%） | 22.01 | (9.70) | 18.30 | 34.98 | 22.51 | | 归母净利润（百万元） | 44,121 | 50,745 | 70,020 | 91,363 | 113,644 | | 同比（%） | 43.58 | 15.01 | 37.98 | 30.48 | 24.39 | | EPS-最新摊薄（元/股） | 9.67 | 11.12 | 15.34 | 20.02 | 24.90 | | P/E（现价&最新摊薄） | 35.17 | 30.58 | 22.16 | 16.98 | 13.65 | [Table_Tag] [T ...