Group 1: Market Overview - The Nasdaq has reached all-time highs, marking its eighth consecutive session of gains, driven by strength in technology and the "Mag-7" companies [1] - There is a growing concentration in the S&P 500, which is perceived as a low-risk investment but is heavily weighted towards technology mega-caps [2] Group 2: Investment Opportunities - The company is focusing on investments in firms with lower expectations, resulting in price-to-earnings (P/E) multiples that are less than half of the S&P 500 average, with some holdings at single-digit P/E ratios [3] - Specific companies highlighted include Corbridge Financial, trading at approximately six times expected earnings, and Delta Airlines at about seven times expected earnings [4] Group 3: Corbridge Financial - Corbridge Financial operates in the retirement services sector and is noted for its share repurchase strategy, which could significantly enhance earnings per share over the next 5 to 7 years [6] - The competitive landscape is acknowledged, but the current valuation suggests potential for growth without requiring high earnings multiples [5] Group 4: Delta Airlines - Delta Airlines is favored due to its strong management and balance sheet compared to other major airlines, alongside robust demand for travel, which allows for increased ticket prices [9] - The current pricing environment is seen as favorable for major airlines, enabling them to restore normal margins [9] Group 5: Merck - Merck is recognized for its strong vaccine franchises and animal health business, which are expected to remain profitable [11] - The company is also exploring combinations of Keytruda with other drugs to target specific cancers, with a reasonable chance of success in its pipeline [12]

Summary of Great-West Lifeco FY Conference Call Company Overview - **Company**: Great-West Lifeco (OTCPK:GRWF.F) - **Date of Conference**: September 08, 2025 Key Industry Insights - **Industry Focus**: Retirement and wealth management sectors in the U.S. and Canada - **Market Position**: Second largest retirement provider in the U.S. after significant consolidation and strategic transactions [5][6] Core Strategic Points - **Portfolio Transformation**: The company has shifted its focus towards capital-light businesses, which now constitute about two-thirds of its operations, including retirement, wealth, and group benefits [7][8] - **Earnings Growth Target**: The earnings growth target has been raised from 8% to a range of 8% to 10%, with a return on equity (ROE) target increased from 16%-17% to 19% plus [7][76] - **Capital Generation**: The company aims to generate over 580% of capital as a percentage of earnings over the medium term, emphasizing strong capital generation capabilities [7][30] Operational Focus - **Wealth Business Expansion**: The primary focus over the next two to three years is to expand the wealth business in the U.S., with a target to increase rollover capture rates by 30% [10][11] - **Cost Efficiency**: The company has a cost advantage, able to reduce costs by 30%-40% when integrating new books onto its platform [14][15] - **Diversified Revenue Streams**: Approximately 50% of revenues are asset-based fees, with an additional 25%-30% from transactional fees, providing a diversified revenue profile [19][21] Competitive Landscape - **Market Share Gains**: The company has successfully captured $135 billion in plan flows from competitors over the last three to four years, indicating strong organic growth [26][27] - **Pricing Strategy**: While there is some price competition, the company believes it often wins on service and capability rather than price alone [29] International Operations - **Canada**: The company is a leading group benefits provider in Canada, focusing on small and medium sectors while also moving into larger markets [49][50] - **UK Market**: The company is targeting growth in bulk annuities and pension risk transfer, with a focus on small to mid-sized transactions [58][63] Future Outlook - **M&A Strategy**: The company remains open to opportunistic acquisitions, particularly in the retirement sector, while maintaining strict price discipline [31][34] - **Productivity Initiatives**: Investments are being made to improve efficiency, particularly in Canada, with a goal to reduce the efficiency ratio from 56%-57% to below 50% [69][70] - **Technological Advancements**: The company is modernizing its tech platform to enable AI integration, which is expected to drive further efficiencies [68][70] Conclusion - Great-West Lifeco is strategically positioned for growth in the retirement and wealth management sectors, with a focus on capital-light businesses, strong capital generation, and a commitment to enhancing customer experience and operational efficiency. The company is well-prepared for potential market consolidation and is actively pursuing opportunities to expand its market share.

Here are three stocks with buy rank and strong value characteristics for investors to consider today, September 2nd:  Jackson Financial (JXN) : This company which is a U.S. retirement services provider, supported by its diverse portfolio of differentiated products, carries a Zacks Rank #1 (Strong Buy), and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 5.9% over the last 60 days.Jackson Financial has a price-to-earnings ratio (P/E) of 4.83 compared with 10.60 for the ind ...

Financial Data and Key Metrics Changes - Record Fee Related Earnings (FRE) of $627 million, a 22% year-over-year increase [7] - Management fee growth of 21% year-over-year [7] - Record Asset Under Management (AUM) of $840 billion, a 22% year-over-year increase [54] - Strong inflows of $61 billion across the firm, with record organic inflows of $49 billion [48] Business Line Data and Key Metrics Changes - Asset Management: AUM increased by 22% year-over-year to $840 billion, with fee-generating AUM growing 22% to $638 billion [54] - Retirement Services: $21 billion of inflows in Q2, the second highest on record [57] - Credit business: Core opportunistic credit returned 9% over the latest twelve months, with a 23% quarter-over-quarter increase [10] Market Data and Key Metrics Changes - Strong demand for retirement services products driven by demographic trends [15] - Inflows from Athene reached $21 billion, the second highest result on record [51] - Significant origination activity in Europe, with a focus on infrastructure investments [43] Company Strategy and Development Direction - Focus on origination and maintaining high-quality spread in a competitive environment [18][19] - Expansion into the UK market through strategic partnerships and acquisitions [24][79] - Emphasis on innovation in product offerings to meet evolving market demands [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's health and growth potential despite current market challenges [64][67] - Anticipation of continued strong performance in the Retirement Services segment due to favorable demographic trends [15][57] - Expectation of significant opportunities in private credit and infrastructure financing [45][46] Other Important Information - The company is on track to achieve higher margins over time as it scales its operations [57] - The acquisition of Bridge Investment Group is expected to close in early September, with modest FRE contributions anticipated for 2025 [59] Q&A Session Summary Question: Credit spread dynamics and impact on insurance business - Management noted that while credit spreads have tightened, they are originating new business at historical rates of return, maintaining profitability [63][64] Question: Potential FRE impacts from Athora PIC acquisition - Management expects the transaction to be accretive to Athora's valuation and FRE over time, creating a significant origination ecosystem in the UK market [74][76] Question: Scalability of ABC following ADS success - Management indicated strong early approvals for ABC and believes it can follow the success of ADS, leveraging their first-mover advantage [82][84] Question: Drivers of recent origination and deployment growth - Management highlighted the power of their integrated origination platform and the ability to provide diverse financing solutions as key drivers of growth [86][90] Question: Outlook for inflows in Retirement Services - Management emphasized the development of stable value products as a growth area for Athene's business [94][96]

Financial Data and Key Metrics Changes - Record Fee Related Earnings (FRE) of $627 million, a 22% year-over-year increase [6][54] - Management fee growth of 21% year-over-year [6] - Record Asset Under Management (AUM) of $840 billion, a 22% year-over-year increase [54] - Strong inflows of $61 billion across the firm, with record AUM [7][49] Business Line Data and Key Metrics Changes - Credit business performed well with core opportunistic credit returning 9% over the latest twelve months and 23% quarter-over-quarter [8] - Private equity business showed strong performance with Fund 10 net IRR at 23% and Fund 9 at 16.6% [9][10] - Retirement Services saw $21 billion of inflows, marking the second strongest organic quarter [14][58] Market Data and Key Metrics Changes - Significant demand for retirement services products driven by demographic trends [14][22] - Inflows from Athene reached $21 billion, with strong performance in fixed index annuities [52] - The annuity market has expanded significantly compared to previous years [14] Company Strategy and Development Direction - Focus on origination and maintaining high-quality spread in a competitive environment [17][33] - Expansion into European markets with strategic investments and partnerships [24][43] - Emphasis on innovation in product offerings to meet evolving market demands [35][98] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's health and future growth potential despite current market challenges [66][68] - Anticipation of regulatory changes that could enhance market opportunities, particularly in the UK [81] - Management highlighted the importance of adapting to market conditions and innovating to maintain competitive advantage [67][68] Other Important Information - The company is on track to exceed its 2025 goals with strong momentum across all metrics [54][56] - The acquisition of Bridge Investment Group is expected to close in early September, with anticipated contributions to FRE in 2026 [59] Q&A Session Summary Question: Credit spread dynamics and impact on insurance business - Management noted that while credit spreads have tightened, they are successfully pivoting origination to maintain spreads and profitability [62][64] - The business is healthy, and as previous high-profit business runs off, a meaningful increase in SRE is expected [65][66] Question: Potential FRE impacts from Athora PIC acquisition - Management expects the transaction to be accretive to Athora's valuation and FRE over time, creating a significant origination ecosystem in the UK [76][78] Question: Scalability of ABC following ADS success - Management indicated strong early approvals and a clear path for ABC to follow ADS's success, leveraging their origination capabilities [84][86] Question: Drivers of recent earnings power and throughput - The integrated toolbox approach and increased leverage in direct lending have significantly accelerated origination capabilities [88][90] Question: Outlook for inflows in Retirement Services - Management is focusing on developing capabilities in stable value products, which are expected to drive growth in the future [94][96]

Core Viewpoint - Athene has appointed Grant Kvalheim as the new Chief Executive Officer, effective July 1, 2025, as part of a leadership transition aligned with its five-year growth plan [1][3]. Leadership Changes - Grant Kvalheim, a 14-year veteran of Athene, will take over as CEO, having previously served as President [1][4]. - Jim Belardi, co-founder of Athene, has been named Executive Chairman and will continue as Chief Investment Officer [1]. - Mike Downing and Sean Brennan have been elevated to Co-Presidents of Athene USA, with Downing also serving as Chief Operating Officer and Brennan as Chief Commercial Officer [2][5]. Strategic Focus - The leadership appointments are part of Athene's strategy to capitalize on market opportunities and drive growth, particularly in response to the growing retirement crisis in the U.S. [3][4]. - Kvalheim emphasized the need for guaranteed lifetime income and plans to expand market share and innovation [4]. Company Background - Athene is a leading retirement services company with over $380 billion in total assets as of March 31, 2025, and operates in the U.S., Bermuda, Canada, and Japan [7]. - The company focuses on providing financial security through retirement income and savings products, as well as serving corporate clients [7].

Core Insights - Asure Software has announced a strategic partnership with PensionBee to enhance retirement savings solutions for employees of Asure's payroll and HR clients [1][2][3] - The collaboration aims to simplify the process of rolling over 401(k) and IRA accounts into a single, manageable retirement savings plan [1][2] - This partnership aligns with Asure's mission to provide big-company benefits to small and mid-sized organizations, promoting financial wellness [2][3] Company Overview - Asure Software (NASDAQ: ASUR) specializes in cloud-based Human Capital Management (HCM) software solutions, offering services such as HR, payroll, and benefits administration [5] - PensionBee (LON: PBEE) is a digital-first retirement provider managing approximately $8 billion in assets and serving over 275,000 customers globally [6] Partnership Details - The partnership allows employees to consolidate their retirement accounts into a streamlined account, enhancing the management and growth of their savings [2][4] - Asure's marketplace partnership with PensionBee is designed to democratize financial wellness, making retirement savings solutions accessible to smaller enterprises [3][4]

Core Viewpoint - Athene Holding Ltd. will redeem all outstanding shares of its 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C, along with the corresponding depositary shares on June 30, 2025 [1][2]. Group 1: Redemption Details - The Series C Preferred Stock will be redeemed on the upcoming dividend payment date, with all 24,000,000 depositary shares being redeemed [2]. - The redemption price for the depositary shares is set at $25.00 per share, equivalent to $25,000 per share of Series C Preferred Stock [3]. - No further dividends will be declared or paid following the redemption date, and the regular quarterly dividend will be paid separately to holders of record on June 15, 2025 [3]. Group 2: Company Overview - Athene is a leading retirement services company with over $380 billion in total assets as of March 31, 2025, and operates in the United States, Bermuda, Canada, and Japan [5]. - The company focuses on providing financial security through a range of retirement income and savings products, also serving as a solutions provider to corporations [5].

Core Viewpoint - Athene Holding Ltd. has declared preferred stock dividends for its non-cumulative preferred stock, which will be payable on June 30, 2025, to holders of record as of June 15, 2025 [1]. Company Overview - Athene is a leading retirement services company with over $380 billion in total assets as of March 31, 2025, and operates in the United States, Bermuda, Canada, and Japan [3]. - The company focuses on providing financial security through a range of retirement income and savings products, and also serves as a solutions provider to corporations [3]. Dividend Details - The quarterly dividend for Series A Preferred Stock is $396.875 per share, translating to $0.396875 per depositary share [4]. - The quarterly dividend for Series B Preferred Stock is $351.5625 per share, translating to $0.3515625 per depositary share [4]. - The quarterly dividend for Series C Preferred Stock is $398.4375 per share, translating to $0.3984375 per depositary share [4]. - The quarterly dividend for Series D Preferred Stock is $304.6875 per share, translating to $0.3046875 per depositary share [4]. - The quarterly dividend for Series E Preferred Stock is $484.375 per share, translating to $0.484375 per depositary share [4]. Stock Listings - Depositary shares for Series A, B, C, D, and E Preferred Stocks are listed on the New York Stock Exchange under the ticker symbols "ATHPrA," "ATHPrB," "ATHPrC," "ATHPrD," and "ATHPrE," respectively [2].

Financial Data and Key Metrics Changes - The company generated record fee-related earnings (FRE) of $559 million, representing a 21% increase year over year [6][44] - Spread-related earnings (SRE) excluding notable items were $826 million, with adjusted net income of $1.1 billion or $1.82 per share [5][45] - Assets under management (AUM) increased by 17% year over year to $785 billion, with record inflows of $43 billion in the quarter [6][34] Business Line Data and Key Metrics Changes - The credit business showed strong performance with origination of $56 billion, a nearly 30% growth year over year [31] - Private equity fund performance was highlighted, with Fund 10 achieving a net IRR of 19%, significantly outperforming industry peers [15] - In retirement services, the company raised $26 billion in the first quarter, driven by strong demand for guaranteed income products [18][38] Market Data and Key Metrics Changes - The company noted a tightening of BBB corporate spreads below 100 basis points, a level not seen since 1998 [12] - The equity market saw significant concentration, with 10 stocks in the S&P 500 accounting for 40% of the index [11] - The company experienced increased competition in retail sales of fixed annuities, despite tighter spreads [17] Company Strategy and Development Direction - The company emphasized a focus on origination as a source of excess return, willing to reduce leverage and wait for favorable market conditions [8][10] - The strategy includes a pivot towards private assets, with expectations of increased demand from traditional asset managers [22][24] - The company is actively pursuing partnerships with traditional asset managers to integrate private assets into their offerings [88][90] Management's Comments on Operating Environment and Future Outlook - Management described the current market as volatile but expressed confidence in the company's positioning and ability to navigate challenges [27][41] - The outlook for the company remains positive, with expectations of continued strong performance in capital formation and asset origination [34][40] - Management acknowledged potential headwinds from competitive pressures and interest rate changes but remains focused on long-term growth [47][60] Other Important Information - The company announced the acquisition of Bridge Investment Group for approximately $1.5 billion, expected to enhance its real estate capabilities [49] - The company has $64 billion of dry powder available for investment, positioning it well for future opportunities [14] Q&A Session Summary Question: Can you break down the lower SRE and the conditions that could make you less conservative? - Management explained that they underwrite based on spread and ROE, with a focus on maintaining a mid-teens ROE. They are currently prioritizing cash and lower-risk assets to prepare for wider spreads in the future [55][61] Question: How are flows in the AAA channel and the durability of April flows? - Management reported strong momentum in the wealth channel, with AAA flows remaining stable and a positive outlook for the rest of the year [67][68] Question: What is the outlook for institutional demand amid market volatility? - Management expressed optimism about institutional demand, noting that they have historically under-earned their fair share and see significant opportunities for growth [72][78] Question: How does the company view the potential backlash from foreign LPs reducing allocations to U.S. markets? - Management acknowledged the risk but emphasized that the U.S. capital markets remain essential for global funding needs, suggesting that Apollo is well-positioned to navigate these dynamics [102][104]