Flash | 16 Nov 2025 15:22:42 ET │ 11 pages ZhongAn Online P&C Insurance (6060.HK) What's New from Citi 2025 China Conference: CoR to be Maintained at c.95~96%; ZA Bank Expands Decently CITI'S TAKE We hosted ZhongAn at our China Conference 2025, and we provide our key takeaways as below. Health/innovative/auto insurance to see ample opportunities; Aiming to maintain CoR at c.95~96% –For ZhongAn's domestic P&C insurance business, mgmt noted that health/innovative/auto insurance business is expected to see amp ...

Core Insights - Zurich Insurance Group has released a Q3 update highlighting key developments in its operations [1] Company Overview - Founded in 1872, Zurich Insurance Group is one of the largest insurers globally [1] Investment Analysis - The company is well covered by buy-side hedge professionals who conduct fundamental, income-oriented, long-term analysis across various sectors in developed markets [1]

（作者为中科创星创始合伙人，本报记者张弛采访整理） 责任编辑：杨喜亭 纵观我国科技金融的演进，从以银行信贷为主的传统间接融资，到科创板设立打通股权融资通道， 再到债券市场"科技板"推出，支持政策日趋立体与完善，日益契合新一轮科技革命对多元化、全周期金 融服务的迫切需求。然而也需承认，当前科创金融体制仍存在整体资金规模有限、风险容忍度不足等短 板。 为此，建议持续深化改革创新，着力构建功能互补、协同联动的科技金融生态体系，即推动银行、 保险等长期限、大体量资金，通过顶层设计和制度化安排，注入国家级母基金。由母基金扮演"战略蓄 水池"与"耐心资本"角色，以低成本、长周期、高风险承受能力的方式，支持市场化、专业化的风险投 资（VC）机构。再由VC机构将资金精准配置到最具创新活力的科技企业中。 债券市场"科技板"的推出，相当于在广阔的债券市场上为科创企业融资专门开辟出一条"专用车 道"。它精准回应并系统性解决了科创企业长期以来面临的三大难题：缺乏适配的融资工具、审批流程 周期长、综合融资成本高。通过这一机制的设计，金融资源得以实现精准滴灌，确保资金活水能够直接 流向国家战略引导的科技创新关键领域，显著提升金融支持实体 ...

The latest 13F from Berkshire Hathaway shows a characteristically concentrated — but unusually active — quarter for Warren Buffett. While Berkshire trimmed several long-held positions earlier in 2025, this filing reveals where capital actually flowed in. Much of the activity reflects classic Buffett behavior: doubling down on durable franchises, opportunistic value investing, and selectively adding to high-conviction compounders.Below is a breakdown of the most important net purchases visible in the filing. ...

Core Viewpoint - Major insurers are seeking to exclude artificial intelligence (AI) risks from corporate insurance policies due to the uncertainties and potential liabilities associated with AI technology [2][3][4]. Group 1: Insurers' Actions - Companies like AIG, Great American, and WR Berkley have requested U.S. regulators to allow them to offer policies that exclude liabilities related to AI tools [2]. - WR Berkley aims to block claims involving any actual or alleged use of AI, while AIG acknowledges that generative AI is a broad technology that may lead to increased claims over time [3]. - AIG has filed for generative AI exclusions but currently has no plans to implement them, although obtaining approval would allow for future implementation [3]. Group 2: Industry Perspectives - Insurers are increasingly viewing AI outputs as too uncertain to insure, with some, like Mosaic, declining to underwrite risks from large language models [4]. - The lack of clarity around liability in cases of AI-related errors raises significant concerns, as highlighted by industry experts [5][6]. - Businesses using AI tools often bear the blame for errors, as illustrated by incidents involving Virgin Money and Air Canada, where their chatbots caused reputational damage [7].

AI is too risky to insure, say people whose job is insuring risk https://t.co/11itZNiO3V ...

Core Insights - The Cigna Group is under close observation by Wall Street analysts, with recent price target adjustments reflecting cautious optimism about its new pharmacy benefit manager model [1][4] - The company reported third-quarter revenue of $69.7 billion, a 10% increase year-over-year, and adjusted earnings of $7.83 per share, up from $7.51 per share in the same quarter last year [2] - Cigna's management emphasized ongoing investments in growth and innovation despite the challenging market environment [2] Price Target Adjustments - Bernstein analyst Lance Wilkes reduced the price target for Cigna to $294 from $346 while maintaining a 'Market Perform' rating [1] - TD Cowen analyst lowered the price target to $333 from $387 but reaffirmed a 'Buy' rating [4] - JPMorgan revised its price target to $375 from $428 while maintaining an 'Overweight' rating [4] Company Overview - The Cigna Group is a Connecticut-based provider of insurance and related products, operating through its subsidiaries, Evernorth Health Services and Cigna Healthcare [5]

Core Insights - Senator Markwayne Mullin has fully exited his position in Berkshire Hathaway, with the transaction reported on November 21 for a trade executed on November 3 [1][2] - Berkshire Hathaway is currently facing significant challenges, including underwriting losses and a large cash reserve that has frustrated shareholders [3][4] - Since Mullin's sale, Berkshire shares have increased by 9.52%, indicating a missed opportunity for the senator [5] Company Performance - Berkshire Hathaway's stock has struggled this year due to various factors, including foreign-exchange impacts and a lack of major buybacks [3] - The company's cash pile has led to shareholder frustration, as many are expecting more active deployment of capital or acquisitions [4] - The upcoming leadership transition to Greg Abel in 2026 has led to a reassessment of the "Buffett premium," contributing to stock volatility [4] Senator's Trading Activity - Mullin's recent trades included selling positions in Chipotle Mexican Grill, T-Mobile, and Fiserv, with mixed post-trade performances: Chipotle up 3.94%, T-Mobile up 6.59%, and Fiserv down 1.77% [8] - The senator also made a significant purchase of Microsoft shares valued between $250,000 and $500,000, which is currently down 5.13% since the trade [8] - Mullin's trading history has drawn scrutiny due to potential conflicts of interest and the timing of his transactions [7]

Geopolitical Tensions in the Middle East - Jordanian officials reaffirm the West Bank as occupied territory under international law, condemning Israeli actions as violations and threats to regional stability [2][3] - Israeli Prime Minister Netanyahu insists on continuing military operations against Hamas, citing significant actions taken against terrorists and a volatile security situation [3] UK Economic Landscape - Over half of UK businesses are freezing investment plans due to uncertainty surrounding the upcoming Autumn Budget, particularly affecting small firms [4][5] - The S&P Global composite purchasing managers' index indicates a slowdown in UK business activity growth, consistent with a GDP stalling at a 0.1% quarterly rate in Q4 [4] - Job losses are accelerating, with employment falling at one of the steepest rates since the pandemic, prompting calls for greater policy stability [5] Insurance Industry and AI Liability - Major insurers like AIG, Great American, and WR Berkley are retreating from comprehensive AI liability coverage due to risks of multibillion-dollar claims [6][7] - AI developers such as OpenAI and Anthropic are considering using investor funds to settle potential claims, as traditional insurance markets struggle to provide adequate coverage [8] - OpenAI has secured coverage of up to $300 million for emerging AI risks, which experts argue is insufficient for potential multibillion-dollar legal actions [8]

Core Insights - The article emphasizes the potential of dividend stocks as a source of passive income for investors, highlighting their ability to provide regular income and contribute significantly to overall stock market returns [1][2]. Dividend Stocks Performance - Research indicates that dividends have accounted for 85% of the cumulative return of the S&P 500 since 1960, primarily through reinvested dividends [3]. - Dividend-paying companies have outperformed non-dividend payers over a 50-year period, with average returns of 9.2% compared to 4.3% [4]. - Companies that consistently grow their dividends have achieved annualized returns of 10.2% with lower volatility [4]. Company Profiles - **BlackRock (BLK)**: The world's largest asset manager with a market cap of $166 billion and a dividend yield of 2.04%. BlackRock has raised its dividend for 16 consecutive years, benefiting from long-term trends like growing asset prices and rising 401(k) contributions [6][9]. - **Chubb (CB)**: A leading global insurer with a market cap of $117 billion and a dividend yield of 1.26%. Chubb has increased its dividend payout for 32 consecutive years, showcasing its strong business model and capital management [10][13]. - **S&P Global (SPGI)**: A major player in credit ratings with a market cap of $149 billion and a dividend yield of 0.77%. S&P Global has raised its dividend for over 53 years and is well-positioned to benefit from rising global debt issuance [14][17]. - **Ares Capital Corporation (ARCC)**: The largest business development corporation in the U.S. with a market cap of $14 billion and a high dividend yield of 9.68%. Ares Capital has a stable portfolio and has been lending to middle-market companies for over two decades [18][22].