Marsh is considering selling its Private Client Services (PCS) unit in Asia, which specialises in financial risk management and life insurance for high-net-worth individuals, reported Bloomberg, citing sources. The insurer, previously known as Marsh & McLennan, is said to be working with an adviser on the potential sale as part of efforts to refine its global asset portfolio. According to sources, the PCS business, which operates under Marsh’s Mercer subsidiary, has attracted preliminary interest from b ...

Lemonade (NYSE: LMND) is on a mission to disrupt the insurance industry by using artificial intelligence (AI) to write quotes, process claims, and calculate premiums more accurately. It only offers five insurance products (car, renters, homeowners, life, and pet insurance), but it has attracted almost 3 million customers so far. Lemonade has a plan to grow its in-force premium (IFP), which is the value of the premiums from all active policies, almost tenfold over the next decade. If the company pulls this ...

Vi e w p o i n t | 13 Feb 2026 18:25:31 ET │ 50 pages China Insurance FY25E Preview: Life NBV Robust; P&C CoR Improved; Earnings & DPS Solid Despite Challenges in 4Q25 CITI'S TAKE HK/China insurers' FY25E reporting season begins with AIA, Pru and ZhongAn on 19-March. For FY25E, we expect China life insurers to book very robust NBV LFL growth, with the top 3 CL/PA/CPIC at 38%/32%/28%, while we anticipate 35% for NCI (actual basis), 12% for Taiping Life and 70% for PICC Life. For the top 3 P&C insurers, we fo ...

Investor Update Winter 2025 Disclaimer This presentation contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectatio ...

Core Insights - Fidelity National Financial, Inc. (FNF) reported financial results for Q4 and the full year 2025, highlighting strong performance in its Title Segment and a significant special stock distribution to shareholders [1][2][3]. Financial Performance - Adjusted net earnings for Q4 2025 were $382 million, or $1.41 per share, compared to $366 million, or $1.34 per share in Q4 2024, marking an increase of 4.4% in earnings per share [4][5]. - Full year adjusted net earnings reached $1.4 billion, or $4.97 per share, up from $1.3 billion, or $4.63 per share in 2024, reflecting a 7.3% increase in earnings per share [4][5]. - Total revenue for Q4 2025 was $4.051 billion, compared to $3.621 billion in Q4 2024, representing an increase of 11.9% [9]. Title Segment Highlights - The Title Segment generated total revenue of $2.2 billion for Q4 2025, up from $2.0 billion in Q4 2024, and $8.5 billion for the full year, compared to $7.7 billion in 2024, both reflecting an 11% increase [6][9]. - Direct title premiums for Q4 2025 were $754 million, a 21% increase over Q4 2024, while agency title premiums were $840 million, a 7% increase [18]. - The adjusted pre-tax title margin was 17.5% for Q4 2025, compared to 16.6% in Q4 2024, indicating improved profitability [8][18]. F&G Segment Performance - F&G achieved record assets under management (AUM) of $73.1 billion at the end of Q4 2025, a 12% increase from the previous year [10][22]. - Gross sales for F&G were $3.4 billion in Q4 2025 and $14.6 billion for the full year, driven by strong demand for retirement savings products [10][22]. - F&G's adjusted net earnings for Q4 2025 were $104 million, down from $123 million in Q4 2024, primarily due to unfavorable mark-to-market movements [19][22]. Shareholder Returns - FNF returned approximately $170 million to shareholders in Q4 2025 through dividends and share repurchases, bringing the total for the year to approximately $800 million [10]. - A special dividend of approximately 12% ownership of F&G, valued at around $500 million, was distributed to FNF shareholders on December 31, 2025 [2][10]. Management Commentary - The Chairman highlighted the strong performance of the Title business and the strategic importance of F&G in complementing the Title Segment, emphasizing the transition to a capital-light business model [8][19]. - The CEO noted the company's focus on maintaining competitive advantages through technology and operational efficiencies, positioning the business for future growth [13][19].

Free cash flow for 2025 totaled EUR 829 million , consistent with the company’s target. Aegon proposed a final dividend of EUR 0.21 per common share, bringing the full-year dividend to EUR 0.40 per share, up 14% from 2024 and in line with its stated target. Management also pointed to EUR 400 million of share buybacks executed in the second half of 2025 and said it has begun the first half of a new EUR 400 million buyback program for 2026 that was announced at its 2025 Capital Markets Day.CEO Lard Friese sai ...

Financial Data and Key Metrics Changes - Operating capital generation before holding and funding expenses increased year-over-year to EUR 1.3 billion, ahead of target [4] - Operating results increased by 15% compared to 2024, reaching EUR 1.7 billion [5] - Free cash flow for the full year 2025 was EUR 829 million, consistent with the target [5] - Final dividend proposed at EUR 0.21 per common share, resulting in a full year 2025 dividend of EUR 0.40 per share, up 14% from EUR 0.35 per share in 2024 [5] - Operating results in the second half of 2025 increased by 11% year-on-year to EUR 858 million [14] Business Line Data and Key Metrics Changes - In the U.S., new life sales increased by 10% compared to 2024, with a 6% increase in annuity sales [9] - The number of licensed agents in the U.S. increased by 11% to nearly 96,000 [8] - Aegon UK reported net deposits driven by onboarding new schemes and regular contributions from existing schemes [10] - Aegon Asset Management generated positive third-party net deposits, although at a lower level than last year [11] Market Data and Key Metrics Changes - The U.S. operating result increased by 5% in euros, or 14% in U.S. dollars, due to business growth and favorable variances [16] - The operating results of the UK increased, benefiting from business growth and favorable markets [17] - In the international segment, new sales contributed to growth, with higher new life sales reported in Brazil, Spain, and Portugal [11] Company Strategy and Development Direction - The company is making progress with preparations for relocation to the U.S. and is implementing U.S. GAAP [7] - Aegon aims to grow the operating result of the group by around 5% per year from the EUR 1.5-EUR 1.7 run rate in 2025 [18] - The strategic review of Aegon UK is ongoing, with updates expected before summer [47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting growth ambitions for 2026 and 2027, supported by strong commercial performance [26] - The company noted that the retirement business in the U.S. is performing well despite net outflows due to market trends [92] - Management acknowledged the impact of market conditions on financial assets and the need for ongoing management actions [60] Other Important Information - The group solvency ratio remains robust at 184% [16] - Cash capital at holding decreased to EUR 1.3 billion at the end of 2025, consistent with the aim to reach around EUR 1.0 billion by the end of 2026 [25] - The company executed EUR 400 million of share buybacks in the second half of 2025 [6] Q&A Session Summary Question: Sustainability of Operating Profit - Management indicated that the second half operating result was a reasonable representation of underlying figures, benefiting from strong markets [32] Question: ASR Stake Ownership - Management confirmed no change in their position regarding the ASR stake, stating it would not be influenced by redomiciliation to the U.S. [33] Question: OCG Conditions - Management highlighted positive mortality and morbidity variances and high new business strain as factors affecting OCG [38] Question: WFG Performance - Management explained that lower margins in WFG were due to investments in leadership, technology, and training to support agent productivity [41] Question: Legal Settlements - Management confirmed that legal settlements were included in the $230 million of charges and are awaiting court approval [46] Question: Investment Credit Concerns - Management noted that ECL movements were relatively small and benign, with no significant concerns about further downgrades [76]

Core Viewpoint - TIAN RUIXIANG Holdings Ltd. has announced significant corporate actions following its annual general meeting, including an increase in authorized share capital and the implementation of a reverse share split [1][2]. Group 1: Shareholder Approvals - The shareholders approved an increase in the Company's authorized share capital to US$3,750,000,000 [1]. - The Board of Directors was granted authority to effect a reverse share split at a ratio between 1-for-2 and 1-for-5,000 [1]. Group 2: Reverse Share Split Implementation - The Board of Directors has approved a reverse share split at a ratio of 1-for-50 [2]. - Upon the effectiveness of the reverse split, every fifty existing Class A and Class B ordinary shares will be combined into one ordinary share, with fractional shares rounded up to the next whole share [3]. - Further details regarding the effective date and new CUSIP number will be disclosed in a subsequent announcement [3]. Group 3: Company Overview - TIAN RUIXIANG Holdings Ltd. is an insurance broker based in Beijing, China, operating through a variable interest entity [4]. - The company distributes a wide range of insurance products, categorized into property and casualty insurance and other types of insurance, including health and life insurance [4].

Core Viewpoint - Chubb Limited is a leading global insurance and reinsurance company with a market capitalization of approximately $130.9 billion, recognized as one of the largest property and casualty insurers worldwide [1]. Performance Summary - Over the past 52 weeks, Chubb's shares have increased by 25.5%, outperforming the S&P 500 Index, which rose by 12.9% [2]. - Year-to-date, Chubb's shares are up 7.7%, while the S&P 500 Index has experienced a slight decline [2]. - Chubb has also outperformed the State Street Financial Select Sector SPDR ETF, which has seen a 5.6% slump year-to-date [3]. Earnings Results - For Q4 2025, Chubb reported a record net income of $3.2 billion, or $8.10 per share, reflecting a year-over-year increase of about 28% [6]. - The core operating income per share for Q4 2025 was $7.52, up 24.9%, exceeding consensus expectations [6]. - The full-year 2025 net income reached a record $10.3 billion, marking an 11.2% year-over-year increase [6]. Analyst Expectations - For the fiscal year ending December 2026, analysts project Chubb's EPS to grow by 5.6% year-over-year to $26.18 [7]. - Chubb has a strong earnings surprise history, having beaten consensus estimates in the last four quarters [7]. - Among 26 analysts covering the stock, the consensus rating is a "Moderate Buy," with 10 "Strong Buy" ratings, one "Moderate Buy," 13 "Holds," one "Moderate Sell," and one "Strong Sell" [7]. Price Target Adjustments - Keefe, Bruyette & Woods recently raised its price target on Chubb Limited to $373 from $355 while maintaining an "Outperform" rating following strong Q4 2025 results [8]. - The mean price target of $338 indicates a 1.7% premium to Chubb's current price levels, while the highest price target of $385 suggests a potential upside of 15.8% [8].

Financial Data and Key Metrics Changes - Net income for full year 2025 was $2.4 billion, a 4% increase from 2024 [4] - Fourth quarter net income reached $676 million, up 67%, including $145 million after-tax from the increase in fair value of equity securities [5] - Non-GAAP operating income for the fourth quarter increased 7% to $531 million, and for the full year, it was up 5% from the previous year [5] Business Line Data and Key Metrics Changes - The property casualty combined ratio for Q4 2025 was 85.2%, lowering the full-year combined ratio to 94.9%, which is 1.5 percentage points higher than last year [5] - Commercial lines had a combined ratio of 91.1% for the year, improving by 2.1 percentage points, with net written premiums growing 7% [8] - Personal lines had a combined ratio of 103.6%, increasing by 6.1 percentage points, with net written premiums growing 14% [8] Market Data and Key Metrics Changes - Consolidated property casualty net written premiums grew 5% for the quarter, reflecting pricing discipline in the insurance marketplace [6] - Estimated average renewal price increases for most lines of business during Q4 were lower than in Q3 2025, but still considered healthy [6] - The personal line segment saw homeowner premiums in the low double-digit range and personal auto in the high single-digit range [7] Company Strategy and Development Direction - The company is focusing on intelligent automation and generative AI to improve processes and enhance the experience for independent agents [19][20] - The strategy includes maintaining pricing discipline and risk selection, even in a competitive market [60] - The company aims to continue expanding its product offerings and agency relationships while ensuring financial strength [40][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining pricing that exceeds loss costs across most lines, despite a competitive environment [26] - The company is well into the process of de-risking its personal lines, particularly in California, and is exceeding its internal expectations [43] - Management noted that while the market is becoming more competitive, they are committed to maintaining underwriting discipline [60] Other Important Information - The company returned $730 million to shareholders in 2025, including $525 million in dividends and $205 million in share repurchases [17] - The company’s book value reached a record high of $102.35 per share, with $15.9 billion of GAAP consolidated shareholders' equity [18] Q&A Session Summary Question: Concerns about commercial casualty line pricing and competition - Management acknowledged increased competition in commercial pricing but expressed confidence in their pricing strategy and risk selection [25][26] Question: Technology investments and pricing accuracy - Management confirmed that pricing sophistication is applied to both personal and commercial lines, with significant improvements noted [30] Question: Competitive environment in commercial lines - Management indicated that competition remains strong, particularly in larger accounts, but they are maintaining discipline in risk selection and pricing [36][40] Question: Update on commercial auto renewal pricing - Commercial auto rates for Q4 were up mid-single digits, with confidence that pricing exceeds loss costs [66] Question: Investment portfolio and net investment income growth - Management expects solid growth in net investment income, anticipating stable long-term rates [68]