Diversified Financials – the month in charts

Research evidence excerpt

Diversified Financials – the month in charts

Equity Research

22 July 2026

European Diversified Financials

Diversified Financials – the month

in charts

Our July 2026 chartbook (attached) highlights the key European Diversified Financials

monthly data detail that saw the sector outperform Banks POSITIVE

and SXXP over the last month but still lag YTD. A broad sector European Diversified Financials

Michael Sanderson

re-rating was not sufficient to offset the sector's YTD de- +44 (0)20 3134 2487

rating, leaving only Traditional AMs multiples higher YTD. michael.sanderson@barclays.com

Barclays, UK

Grace Dargan

Monthly gains leave Financial Services ahead of Banks  Diversified Financials +44 (0)20 3555 4065

and broader market, though trailing Insurance: Monthly July 2026.pdf grace.dargan@barclays.com

Momentum continued on from June, with all financial sub- Barclays, UK

sectors and the broader market moving higher (Figure 2).

Krystal Han

Financial Services marginally outperformed Banks and the +44 (0)20 7116 1890

SXXP, but lagged Insurance. On a YTD basis, Financial services and Insurance are broadly in line, krystal.han@barclays.com

with both lagging slightly behind the broader market and significantly underperforming the Barclays, UK

Banks sector (Figure 3). On a year to date basis, Financial Services have de-rated, in line with the

Hafsa Yasir

broader market, notably falling behind the re-ratings enjoyed by both the other financials +44 (0)20 7116 3644

sectors of Banks and Insurance (Figure 4). Within these dynamics, our sector coverage ended hafsa.yasir@barclays.com

broadly positive over the month (Figure 7), supported by re-rating across all sub-sectors in Barclays, UK

recent few weeks, although most of these sub-sectors (with the exception of Traditional

Claudia Gaspari