Business Strategy - Allianz Partners is considering potential job cuts [1] - The company aims to increase the use of AI [1] Industry Trend - The insurance industry is exploring AI adoption [1]

Financial Performance - Vienna Insurance Group (VIG) reported a profit before tax of €872.8 million for Q1–Q3 2025, marking a 31% increase compared to the same period last year [1] - Insurance service revenue rose by 8.6% to €9.7 billion, driven by growth across all business lines and segments [1] - Gross written premiums (GWP) increased to €12.46 billion, also up 8.6% year-on-year [2] Segment Performance - Health insurance premiums grew by 12.1%, motor third-party liability premiums rose by 11.9%, and life insurance without profit participation increased by 11.8% [2] - The net combined ratio improved to 92.1%, a 2.2 percentage point enhancement from last year's 94.3% [2] Claims and Acquisitions - A significant factor for the improved combined ratio was a reduction in weather-related claims, which were approximately €160 million compared to around €338 million the previous year [3] - In October 2025, VIG announced a voluntary offer to acquire up to 100% of Nürnberger's share capital, with institutional shareholders agreeing to tender shares representing about 64.4% of Nürnberger's share capital prior to the announcement [3] Acquisition Progress - As of November 24, 2025, VIG had secured 11,333,375 shares, accounting for approximately 98.38% of Nürnberger's share capital and voting rights [4] - The completion of the deal is anticipated in the second half of 2026, pending customary conditions and regulatory approval [4] Strategic Outlook - VIG's CEO highlighted 2025 as a remarkable year, expecting an exceptional year-end result and improving the financial outlook for the year [5] - The acquisition of Nürnberger is noted as the largest transaction in VIG's history, aimed at diversifying into the German market and supporting long-term profitable growth in Central and Eastern Europe [6] - Based on the performance in the first three quarters, VIG has revised its full-year pre-tax profit forecast for 2025 to between €1.10 billion and €1.15 billion [6]

Core Insights - Five stocks have been added to the Zacks Rank 1 (Strong Buy) List, indicating strong potential for investment Group 1: Company Earnings Estimates - West Bancorporation, Inc. (WTBA) has seen a 7.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - James River Group Holdings, Ltd. (JRVR) has experienced a 10.5% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Commercial Metals Company (CMC) has reported a 12.5% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Pan American Silver Corp. (PAAS) has seen a 9.2% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Agnico Eagle Mines Limited (AEM) has experienced nearly an 8% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3]

Group 1 - The Financial Stability Board (FSB) has added Zurich Insurance, Swiss Re, and Swiss Life to its list of insurers required to prepare resolution plans in case of insolvency, increasing the total from 13 to 17 insurers [1] - The aim of these resolution plans is to better equip companies and regulators to manage potential emergencies or collapses, following the advocacy for such plans after the 2007-09 financial crisis [2] - The insurance sector initially opposed the move, arguing that the risk of contagion is lower for insurers compared to banks [3] Group 2 - The FSB set its work programme for 2026 during a plenary session in Saudi Arabia, ahead of the G20 leaders' meeting, with the US chairing the G20 next year [4] - The plenary reviewed recent regulatory changes in major economies and identified the rapid growth and complexity of private credit markets as a priority for 2025 [5] - Ongoing monitoring of crypto-assets and stablecoins was called for by the FSB, highlighting concerns regarding risks and regulatory challenges for multi-jurisdiction issuers [6]

Group 1 - Radian Group Inc.'s subsidiary, Radian Guaranty, has agreed to a $373 million excess of loss reinsurance arrangement with highly rated third-party providers [1][2] - The reinsurance agreement is part of Radian's broader risk distribution strategy to manage capital and mitigate risk, covering policies written from 2016 to 2021 [2] - The agreement is expected to close in December 2025, with an effective date of December 1st, 2025 [2] Group 2 - In September 2025, Radian Group acquired Inigo Limited, a Lloyd's specialty insurer, in a transaction valued at $1.7 billion, primarily in cash [3] - The acquisition was funded using Radian's available liquidity and capital from its subsidiaries, leading to a 'BBB-' rating on Radian and an 'A-' rating on Radian Guaranty being placed on CreditWatch with a developing outlook by S&P Global Ratings [3] - The rationale behind the acquisition was to enhance business diversification and create growth opportunities beyond its US mortgage insurance operations [4]

Core Viewpoint - The Conference of the International Trade and Investment Advisory Council for Shandong Province 2025 focused on enhancing Shandong's role as a hub for high-standard international cooperation through discussions on green, low-carbon, and high-quality development [4]. Group 1: Conference Overview - The conference was held on November 24, 2025, in Jinan, Shandong Province, and was organized by the China Council for the Promotion of International Trade (CCPIT) Shandong Sub-council [4]. - Over 50 international advisors and delegates from more than 10 countries participated, including representatives from the United States, Germany, Britain, Italy, Mexico, Malaysia, Singapore, and Kenya [4]. Group 2: Advisory Mechanism and Reports - Seven new advisors were appointed during the conference, expanding Shandong's international think tank [5]. - A total of 18 advisory reports were submitted, covering areas such as green and low-carbon initiatives, biopharmaceuticals, digital economy, and cross-border economic cooperation [7]. - The advisory mechanism has engaged prominent figures from the global business community since its launch in December 2021 [8]. Group 3: Policy Recommendations and Implementation - Advisors have submitted over 50 policy recommendations addressing Shandong's key development priorities, contributing to energy consumption reductions and the growth of green industries [10]. - The mechanism has facilitated trade and investment projects, with significant investments including 10 billion yuan from Singapore RGE Group for a Lyocell fiber production base and 3.5 billion yuan projected from ERGO International for insurance sector partnerships [11].

来源：金融界AI电报 中国人民银行党委委员、副行长陶玲在学习时报刊文指出，为适应改革需要，需要加快推进银行业监督 管理法、商业银行法、保险法、信托法等的修订工作，促进金融机构和金融行业规范健康发展。进一步 深化金融改革开放，修订外汇管理条例，完善外汇和跨境人民币管理体制，加强本外币一体化管理。制 定公司债券管理条例，健全分类趋同、规则统一的债券市场法律制度。推进数字金融新兴领域立法，提 高金融法治与金融实践的适应性。 ...

制图:李斌(即梦AI生成) 11月25日，深圳金融监管局召开新闻发布会，通报2025年1月至10月深圳银行业保险业的运行情况，系 统介绍深圳辖内银行业、保险业在稳外贸、促消费方面的政策落地情况与阶段性成果。南都湾财社记者 现场获悉，作为经济高质量发展的重要支撑，深圳金融的精准发力已显现实效:今年前10个月，深圳市 中资银行新发放外贸企业贷款7635.66亿元，同比增长9.83%；个人消费贷款余额8352.88亿元，同比增 长4.95%。 各项贷款余额9.91万亿 同比增长4.92% 深圳金融监管局统计数据显示，截至2025年10月末，深圳金融监管局监管的银行业资产总额达14.36万 亿元，同比增长4.37%；负债总额13.97万亿元，同比增长4.44%。各项贷款余额9.91万亿元，同比增长 4.92%；各项存款余额10.00万亿元，同比增长4.95%。资产、负债、存贷款规模均稳居全国大中城市第 三位。 保险业同样表现亮眼。前10个月，深圳保险业实现原保险保费收入1910.45亿元，规模位列全国大中城 市第三，同比增长12.20%，增速在一线城市中居首。其中，财产险公司原保险保费收入531.54亿元，同 比增长 ...

Core Viewpoint - Apollo Global Management's CEO Marc Rowan argues that concerns regarding systemic risks from private assets in retirement and insurance portfolios are exaggerated, emphasizing that most private credit held by insurers and pension funds is rated investment grade [1][2]. Group 1: Private Credit and Transparency - Rowan highlights that private credit offers lenders direct access to borrowers' management, countering claims that this asset class lacks transparency compared to traditional loans [1]. - Apollo's exchange-traded private credit fund with State Street provides daily price updates, showcasing the firm's commitment to transparency in its investment-grade private credit business, which has traded $6 billion recently [2]. Group 2: Industry Dynamics and Risks - Alternative asset managers, including Apollo, have increasingly acquired insurers to secure a stable source of long-term capital, with Apollo's insurance arm, Athene, investing in products created by its asset-management division, giving it a first-mover advantage [3]. - Recent scrutiny has arisen regarding the close ties between private equity and insurers, particularly following credit losses from firms like First Brands Group and Tricolor Holdings, raising concerns about the financial industry's stability [3]. Group 3: Economic Outlook and Capital Shortfalls - Economists at the Bank for International Settlements estimate that publicly traded North American life insurers could face a capital shortfall of approximately $150 billion in a severe economic downturn, a figure that has more than tripled over the past two decades [4]. - UBS Group AG Chairman Colm Kelleher expressed concerns about looming systemic risks in the insurance business, which Rowan refuted during Apollo's third-quarter earnings call, stating that Athene does not rely on certain ratings agencies under scrutiny [5].

Strategic Priorities - The company is focusing on three to four strategic priorities that are essential for its growth and development [1] - There is a strong emphasis on reflecting on past accomplishments and planning for future initiatives [2] Asset Management Business - The company has achieved significant growth in its asset management sector, becoming Canada's largest asset manager with over $1.6 trillion in assets under management [3] - A recent organizational change has been made to formalize the asset management pillar under common leadership, which aims to enhance synergies between the asset management and insurance segments of the business [3]