Love Actuary #190: Recent feedback from investors on European insurers

Research evidence excerpt

Love Actuary #190: Recent feedback from investors on European insurers

J P M O R G A N Europe Equity Research

22 May 2026

Love Actuary

#190: Recent feedback from investors on European

insurers

• In this latest Love Actuary we set out recent investor feedback on the European Insurance

AC sector from our meetings with investors in the UK, US and Europe. We took Farooq Hanif

a cautious view on the sector at the start of 2026, and we note that European (44 207) 742-8091

insurers have underperformed the market and banks YTD. However, over the farooq.hanif@jpmorgan.com

past three months, during a period of substantial geopolitical and market Kamran M Hossain

volatility, we note that insurers have outperformed the market, and the sector’s (44-20) 3493-3780

P/E relative has climbed back up to historically high levels. With some kamran.hossain@jpmorgan.com

exceptions (e.g. Hiscox and Admiral), this recovery has been mainly driven by Nadia Claressa

life insurance focused companies. There has been continued investor interest (44-20) 7134-7613

nadia.claressa@jpmorgan.com

in the sector, given its ‘idiosyncratic' and perceived defensive nature, although

Bingdi Fan, CFA we believe within Financials investors are mostly underweight in Insurance

(44-20) 7742-5336

relative to Banks. bingdi.fan@jpmorgan.com

• Key themes: reinsurance pricing, M&A, catalyst driven stories. Investors J.P. Morgan Securities plc

are not yet prepared to look through the negative reinsurance pricing cycle,

Specialist Sales contact details:

even though we believe that Munich Re is looking inexpensive now and

already discounting a bearish outlook for revenues and profitability relative to Gigi Sparling - Specialist Sales -

European Financials

reinsurance peers.