Humana Inc. (HUM), headquartered in Louisville, Kentucky, provides medical and specialty insurance products. With a market cap of $22.8 billion, the company offers coordinated health care through health maintenance organizations, point-of-service plans, and administrative services products. Shares of medicare giant have considerably underperformed the broader market over the past year. HUM has declined 32.1% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 14.4%. In 2026, H ...

US-based insurance platform Equal Parts has secured $23m in Series A funding to scale operations and pursue agency acquisitions. The round was led by Inspired Capital and is intended to support the company’s plans to purchase independent agencies, enhance its proprietary technology and expand into new regions. Alongside Inspired Capital, the round included participation from Equal Ventures, Max Ventures, Genius Ventures and lending partners. This brings the total acquisition capital raised by the group ...

Core Viewpoint - Selective Insurance Group is experiencing elevated casualty severity trends post-pandemic, with assumptions around 9% overall and closer to 10% excluding workers' compensation, indicating a shift in claims patterns that the company believes is persistent rather than temporary [1] Financial Performance and Strategy - The CFO noted a significant increase in the technology budget, which has more than doubled compared to 2023, aimed at enhancing data-driven decision-making and pricing precision [2] - The company expects improvement in underwriting performance, with a combined ratio framework indicating better results in 2026, supported by a written rate of approximately 9.5% over the last two years, exceeding trend assumptions of 7% to 7.5% [13] Reserving and Claims Management - The company has taken proactive reserving actions, particularly in General Liability for 2024 and Commercial Auto Liability for 2025, in response to emerging trends such as lawsuit abuse and social inflation [5][6] - Selective conducts independent reviews of its reserves, with findings indicating that its carried reserves are above one firm's central estimate, validating the company's reserving practices [8] Market Dynamics and Risk Factors - New Jersey has been identified as a significant driver for reserve adjustments, representing about 30% of premium in Personal Auto and 15% in Commercial Auto, with higher susceptibility to social inflation due to various judicial and regulatory factors [9][11] - The company emphasizes the importance of not overreacting to single data points, evaluating a range of factors to avoid misinterpretation of claims trends [7] Growth and Diversification - Selective is expanding its commercial lines footprint from 22 states to 36, with plans to reach 40, and has seen growth in excess and surplus lines, which now constitute 13% of the business [14] - The company is shifting its focus in Personal Lines from mass market to mass affluent customers, with average home values for new business around $1 million [14] Capital Management - Selective has been active in share repurchases, targeting a return of 20% to 25% of earnings over the long term through dividends, having returned approximately $100 million to shareholders in 2025 [16]

Core Insights - The Guangdong insurance industry achieved a premium income of 570 billion yuan in 2025, marking a year-on-year growth of 6.68%, while total claims paid reached 218.4 billion yuan, up 8.82% [2] Group 1: Industry Growth and Structure - The insurance sector in Guangdong is playing a crucial role as an economic stabilizer and is contributing significantly to the province's financial momentum [2] - The industry is experiencing steady growth alongside an ongoing optimization of its structure, enhancing its function as a "shock absorber" for the economy [2] Group 2: Support for Technological Innovation - In 2025, the insurance sector provided risk coverage of 7.44 trillion yuan for technology enterprises in fields such as new energy, chips, and biomedicine, supporting over 22,800 companies [3] - Insurance funds have invested over 200 billion yuan in more than 800 technology companies in Guangdong, addressing the financing challenges faced by high-risk, high-investment tech firms [3] Group 3: Elderly Care and Social Security - By the end of 2025, the cumulative pension funds in Guangdong reached 120 billion yuan, with a year-on-year growth rate of 8.37%, benefiting over 21 million people [4] - The commercial pension annuity insurance exceeded 20 billion yuan, accumulating risk reserves of over 79 billion yuan, serving as a vital supplement to the first and second pillars of pension systems [4] Group 4: Disaster Response and Risk Management - Guangdong's insurance industry has developed a unique "Guangdong model" for disaster response, issuing 120 million warning messages during typhoon events and successfully relocating 16,624 vehicles, reducing economic losses by over 269 million yuan [5] - In 2025, the industry paid out over 4.301 billion yuan in disaster insurance claims, including 311 million yuan for catastrophe insurance, supporting post-disaster recovery efforts [5] Group 5: Investment in Economic Development - Insurance funds invested in Guangdong reached approximately 2.6 trillion yuan in 2025, doubling since the end of the 13th Five-Year Plan, contributing to major infrastructure and emerging industries [6] - The insurance sector provided risk coverage of 296.246 billion yuan in agriculture, helping mitigate operational risks in agricultural production [6] Group 6: Regulatory Improvements - The Guangdong Financial Regulatory Bureau has implemented a comprehensive framework to address "involution" in the industry, resulting in a 1.07 percentage point decrease in comprehensive auto insurance costs [7] - The establishment of self-regulatory agreements and the development of a smart consumer protection platform have enhanced regulatory efficiency and industry accountability [7]

Core Viewpoint - Acorn Group, a UK specialist motor and home insurer, is exploring strategic options, including the potential sale of a controlling stake, amid increased M&A activity in the insurance sector [1][2]. Group 1: Company Overview - Acorn Group is known for insuring UK taxi drivers, particularly London's black cabs, and also provides coverage for vans, young drivers, and home insurance for unique situations such as properties at risk of flooding [4]. Group 2: Strategic Options - Shareholders of Acorn, including Inflexion Private Equity, are collaborating with Continuum Partners to assess interest from potential buyers, with a valuation target of £1 billion ($1.4 billion) or more [2]. - An initial public offering (IPO) is also being considered if a sale does not proceed, although discussions are ongoing and a deal may not be finalized [3]. Group 3: Market Context - The sale efforts occur during a period of heightened M&A activity in the UK insurance market, exemplified by Zurich Insurance Group's recent £8 billion acquisition of Beazley Plc and Ageas SA's acquisition of Esure for £1.3 billion [4].

Core Insights - AIG's General Insurance (GI) underwriting income increased by 48% year-over-year to $670 million in Q4 2025, up from $454 million in Q4 2024 [1] - The overall net income for AIG in 2025 was $3.1 billion, a significant recovery from a net loss of $1.4 billion in 2024 [9] Financial Performance - GI adjusted pre-tax income rose by 26% to $1.6 billion in Q4 2025, driven by higher underwriting income and net investment income [3] - For the full year 2025, GI underwriting income increased by 22% to $2.3 billion compared to $1.9 billion in 2024 [7] - Total net investment income for AIG in 2025 was $4.2 billion, down by 1% from $4.3 billion in 2024 [8] Premiums and Ratios - GI gross premiums written (GPW) remained relatively flat with a 1% increase to $8.1 billion for Q4 2025, while net premiums written (NPW) decreased by 1% to $6 billion [2] - The combined ratio for GI improved to 90.1% for the full year 2025, compared to 91.8% in 2024 [7] Strategic Initiatives - AIG returned $6.8 billion of capital to shareholders in 2025, including $5.8 billion in share repurchases and approximately $1.0 billion in dividends [12] - The company announced several strategic partnerships expected to enhance earnings and ROE in 2026, including collaborations with Blackstone and Amwins [12] Outlook - AIG entered 2026 with strong momentum, achieving enhanced terms and favorable pricing in January 1 reinsurance renewal activity [13] - The company is on track to meet or exceed its financial objectives for 2026 [13]

四是强保障。节假日期间金融机构将保障适量网点营业，满足群众基础金融服务需求。同时推进消费场 景支付便利化，注重满足老年人、外籍来华人员等群体支付需求。保险机构将针对购物餐饮、旅游出 行、体育运动等消费场景开发新产品，优化承保理赔服务。 在回应金融机构如何支持"乐购新春"活动及保护消费者权益时，郭武平指出，金融机构是活动的重要参 与者，扩内需促消费是金融服务实体经济的重要内容，也是金融工作政治性、人民性的具体体现。金融 机构将聚焦不同消费方式提供有针对性的服务： 在商品消费领域，要求金融机构加大个人消费贷款投放，合理确定贷款发放比例、期限、利率，积极支 持汽车、家电、家装等耐用消费品以旧换新，进一步发挥车险好投保平台、二手车信息服务平台的功 能，加快推进保险车型综合分级制度建设，有力促进汽车消费。 在服务消费领域，坚持促消费和惠民生有机结合，更好满足养老健康等服务消费需求，鼓励开发兼具养 老风险保障和财富管理功能的商业保险年金产品，支持开发惠及慢病患者、老年人等群体的商业医疗保 险。同时，大力推动商业长期护理保险发展。围绕文旅、体育、娱乐、教育等领域优化金融服务模式， 促进激发改善型服务消费活力。 21世纪经济 ...

AmTrust International, a global specialty insurer and subsidiary of AmTrust Financial Services, Inc., has strengthened its presence in the Australian market with the launch of its APRA licensed entity ‘AmTrust Specialty Limited’ in the country.The insurer’s decision to establish a licensed presence in Australia is a key part of its long-term strategy, demonstrating a commitment to scaling its operations and effectively competing in the market.AmTrust International has observed a steady demand for its Legal ...

February 10, 2026 09:00 PM GMT China Equity Strategy | Asia Pacific 4Q25 Pre-Announcements: A- share Deterioration Driven by Mid- and Small-Caps, While MSCI China Remained Resilient As of February 6, 2026, 2,834 A-share companies (~55% of all A-share listings, ~38% by market cap) had released 4Q25 pre-announcements, with a major deterioration, marking the worst quarter in 2025, mainly dragged by mid- and small- cap names: For MSCI China universe (based on 131 alerts, representing 23% by number of companies ...

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