AAA rating: 3.8 out of 5 stars AAA is known for roadside support, and its auto insurance coverage is a strong addition. You’ll find several add-ons with AAA car insurance, including accident forgiveness options, new-car replacement after a total loss, and even rideshare coverage. The catch is price. AAA’s average insurance rates are among the highest in our comparison, and its repair and complaint metrics are more mixed than you might expect. Learn more: Best car insurance companies in the U.S. AAA a ...

今年年初，银行的债券配置超出了许多人的预期。尽管市场普遍认为 2026 年 的债券市场前景不佳，但实际上银行在增配债券。主要原因在于三大约束—— 资本金、利率和流动性——在年初得到了缓解。 首先是资本金约束，由于 1V1 指标暂时不会影响，加上跨季后资源重新规划，资本金约束在年初并未构成实 质性影响。其次是利率约束，今年银行负债成本预计大幅下降，主要由于定期 存款到期重置。例如国股行负债成本下行速度为 1~10 个 BP，而部分城商行 甚至超过 20 个 BP。因此，即使十年国债收益率为 185BP，相比去年 160BP 也显得更具吸引力。最后是流动性约束，今年一季度存款开门红超预期，使得 资金价格宽松，流动性没有出现明显紧张。 因此，在这种背景下，银行增配国 债成为可能且合理。此外，从综合 EVA 价值考虑，国债因免税且不占 RWA， 相较政金债和地方债更具优势。因此，银行选择了增配国债，并且更多地购买 7~10 年的期限品种。 二季度 39 个月封闭期产品规模约 1,200 亿，将关注剩余期限适配的 "神券"，如 240,208 和 220,209 等信用较好的五年期发行债券。 本周需关注资金面情况、地方 ...

Core Viewpoint - The Progressive Corporation (PGR) is anticipated to show improvements in both revenue and earnings for the fourth quarter of 2025, with a revenue estimate of $21.9 billion, reflecting a 7.9% year-over-year growth [1][9]. Revenue and Earnings Estimates - The Zacks Consensus Estimate for PGR's fourth-quarter revenues is $21.9 billion, indicating a 7.9% increase from the previous year [1][9]. - The consensus estimate for earnings per share (EPS) is $4.44, which represents an 8.8% year-over-year growth [2][9]. Earnings Surprise History - Progressive has a mixed earnings surprise history, beating the Zacks Consensus Estimates in two of the last four quarters, with an average surprise of 1.84% [3]. Earnings Prediction Model - The current model does not predict a definitive earnings beat for Progressive, as it lacks the necessary combination of a positive Earnings ESP and a favorable Zacks Rank [4]. - PGR has an Earnings ESP of +0.69%, with the Most Accurate Estimate at $4.47, slightly above the consensus estimate of $4.44 [5]. Factors Influencing Q4 Results - Revenue growth is expected to be driven by higher premiums, increased net investment income, and stronger fees and service revenues, particularly in personal auto products and commercial lines [6]. - The Zacks Consensus Estimate for net premiums earned is $20.9 billion, indicating a 9.3% increase from the previous year [7]. Business Performance Insights - The personal auto business is likely to benefit from growth in new and renewal applications, supported by increased advertising spend and competitive pricing [8]. - The consensus estimate for personal auto policies in force is 26.1 million [8]. Financial Metrics - PGR's combined ratio is expected to improve to 88.6%, aided by prudent underwriting practices and mild catastrophe losses [9][11]. - The consensus estimate for pretax net realized gains on securities is $84.5 million, reflecting a significant increase of 22% from the previous year [10].

Core Insights - Arthur J. Gallagher & Co. (AJG) is anticipated to show improvements in both revenue and earnings for the fourth quarter of 2025, with revenue expected to reach $3.58 billion, reflecting a 33.6% increase year-over-year [1] - The earnings consensus estimate is $2.38 per share, indicating an 11.7% year-over-year growth, although this estimate has decreased by 2.4% in the last 30 days [2] Revenue and Earnings Estimates - The Zacks Consensus Estimate for fees is projected at $1 billion, representing a 17.1% increase from the previous year [6] - Commissions are expected to be $2.2 billion, indicating a significant growth of 49.1% compared to the prior year [6] Segment Performance - The Risk Management segment is expected to benefit from excellent client retention, strong new business production, and increased customer activity, with an anticipated organic growth of about 7% and margins around 21% [7] - The Brokerage segment is projected to see organic growth of around 5%, driven by strong customer retention, new business generation, and higher renewal premiums [8] Factors Influencing Results - Increased commissions and fees, along with higher supplemental revenues and improved investment income, are likely to contribute positively to the top line [9] - Total expenses are expected to rise due to higher compensation, reimbursements, interest, amortization, and changes in estimated acquisition earnout payables [9] Earnings Prediction Model - The current model does not predict a definitive earnings beat for AJG, as the Earnings ESP stands at -1.03%, with the Most Accurate Estimate of $2.35 being lower than the consensus estimate [3][4] - AJG currently holds a Zacks Rank of 3, indicating a hold position [4]

Core Insights - The company reported strong financial performance for the third quarter, with total revenues of $1.606 billion, representing a 35.4% increase compared to the same period last year [19] - The adjusted EBITDAC margin improved to 36.6%, up 170 basis points year-over-year, driven by strong underlying margin expansion and increased contingent commissions [19] - The company completed seven acquisitions during the quarter, contributing to significant revenue growth, with the largest acquisition being Accession, which had total revenue of approximately $285 million for the stub period [8][16] Financial Performance - Total revenues for the third quarter reached $1.606 billion, a 35.4% increase year-over-year, with organic growth of 3.5% [8][19] - Adjusted earnings per share grew over 15% to $1.05, while diluted net income per share increased by 15.4% [20] - The company generated $1 billion in cash flow from operations for the first nine months of 2025, a 24% increase compared to the same period in 2024 [24] Segment Performance - The Retail segment achieved total revenue growth of 37.8%, with organic growth of 2.7%, impacted by adjustments related to employee benefits incentives [20] - The Specialty Distribution segment grew total revenues by 30%, with organic growth of 4.6%, driven by the acquisition of Accession and strong brokerage performance [22] - The EBITDAC margin for the Retail segment increased by 150 basis points to 28%, while the Specialty Distribution segment's margin decreased by 110 basis points to 43.9% due to the lower margin of Accession [21][22] Market and Economic Outlook - Economic growth is expected to remain stable, with no significant disruptors anticipated to affect admitted rates [28][29] - The company noted that casualty and auto rates are expected to continue increasing, while admitted property rates will remain competitively priced [29] - The M&A pipeline appears strong, with ongoing efforts to acquire businesses that align culturally and financially [30][31] Strategic Initiatives - The company announced a 10% increase in dividends, marking the 32nd consecutive year of dividend growth [6] - Share repurchase authorization was expanded to $1.5 billion, aimed at managing dilution and driving earnings per share growth [7] - The integration of Accession is progressing well, with expectations for synergies to be realized over a three-year period [70][71]

The upcoming report from Marsh (MRSH) is expected to reveal quarterly earnings of $1.97 per share, indicating an increase of 5.4% compared to the year-ago period. Analysts forecast revenues of $6.52 billion, representing an increase of 7.4% year over year.Over the last 30 days, there has been a downward revision of 0.3% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of th ...

Core Insights - Lemonade has announced a new insurance policy for self-driving cars, starting with Tesla's Full Self-Driving (FSD) system, leading to a significant stock market reaction with LMND shares increasing by 9% on January 21 and 13% on January 22 [1] - The company promises to reduce per-mile insurance rates by approximately 50% with FSD enabled, based on data showing a substantial decrease in accident rates when FSD is engaged [2] - Lemonade expects its insurance premiums to continue decreasing as Tesla enhances its FSD software, betting that improved autonomy will lead to lower risk assessments for policyholders [2] Company Overview - Lemonade is a tech-enabled insurance company that offers various insurance products, including auto insurance, and utilizes AI, automation, and behavioral economics to differentiate itself from traditional insurers [4] - The company has a market capitalization of around $7 billion and is based in New York [4] - LMND stock has risen by 181% over the past year, trading around $93 per share, close to its high of $99.90, significantly outperforming the S&P 500 Index [5] Valuation Insights - Despite the impressive stock performance, Lemonade remains unprofitable, trading at 10.35 times sales and over 13 times book value, which are valuations that exceed those of traditional insurance companies [6] - The unique business model of Lemonade, powered by AI underwriting and a rising loss ratio, presents a different case compared to conventional insurers [6]

南都·湾财社记者从多方面核实，阳光保险、大地保险等多家险企目前已暂停个人融资性信保业务的新 增办理。这场业务退潮背后，是哪些因素叠加作用？又将给普通消费者的融资选择带来何种影响？ 个人融资性信保业务按下"暂停键" "我想咨询一下个人信用保险产品，用于辅助贷款。"1月26日，记者以消费者身份联系阳光保险业务 员，对方回复称："这项业务我们现在做不了，建议你咨询其他公司。"同时补充说明，"后续这类个人 融资性信保业务我们都不会再开展了。" 同日，大地保险相关工作人员也向记者证实："公司自2025年12月31日起，已正式停止办理个人融资性 信保业务的新增申请，当前仅负责原有存量客户的投诉处理及后续服务维护工作。" 事实上，这场行业退潮早有征兆。据多家媒体此前报道，早在2025年初，太平洋财产保险便已暂停旗下 核心融资性信保产品"太享贷"的新增申请。公开资料显示，2016年，中国太保产险推出的"太享贷"首创 保证险行业"交易保"模式，创新性重构了银行无抵押贷款业务流程，将全流程办理时间压缩至1-2天， 大幅提升融资效率，综合融资成本仅为传统融资模式的一半，从根本上缓解了小微企业（主）续贷 中"过桥贵、融资慢、易断桥" ...

Group 1: Acquisition Details - Zurich has made a bid of £7.7 billion ($10.3 billion) for Beazley, which could be one of the largest insurance acquisitions ever [1] - Beazley is currently urging its shareholders to reject the deal, despite a surge in its share price following the announcement [1] - Beazley has previously rejected several offers from Zurich, indicating a complex negotiation history [1] Group 2: Market Position and Strategy - Zurich is the second-largest player in the UK SME market for standalone cyber insurance, holding a 7% market share in 2025, just behind Aviva [2] - The acquisition aims to reduce Zurich's reliance on the US market and strengthen its presence in the UK, where Beazley operates as a specialty insurer [3] - Zurich ranks as the fourth-largest insurer in the UK with £3.5 billion ($4.7 billion) in gross written premium (GWP) and a market share of 4.4% [4] Group 3: Growth Potential - The global cyber insurance market is projected to grow from $22.2 billion in 2025 to $35.4 billion by 2030, highlighting a significant growth opportunity [5] - Acquiring Beazley, a specialist in cyber insurance, positions Zurich to capitalize on this expanding market [5]

二、中国人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2026年1月21日，湛江金融监管分局发布批复称，《关于中国人寿保险股份有限公司湛江分公司第一营 销服务部变更营业场所的请示》(国寿人险湛呈〔2026〕2号)收悉。经审核，现批复如下： 一、同意中国人寿保险股份有限公司湛江分公司第一营销服务部将营业场所变更为：广东省湛江市经济 开发区乐山路19号恒福时代商务中心1号楼酒店16层1606-1615号房。 ...