Insurance and Diversified Financials Major changes in online distribution coming - takeaways from Google I/O 2026 and how they will likely affect our listed coverage

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Insurance and Diversified Financials Major changes in online distribution coming - takeaways from Google I/O 2026 and how they will likely affect our listed coverage

J P M O R G A N Asia Pacific Equity Research

25 May 2026

Insurance and Diversified

Financials

Major changes in online distribution coming - takeaways

from Google I/O 2026 and how they will likely affect our

listed coverage

The insurance sector has seen concern for various business models (both brokers Australia

and underwriters) from developments occuring in AI around agentic solutions and

Insurance and Diversified Financials

distribution changes affecting customer relationships. At the Google I/O 2026

conference, Google announced an extremely significant overhaul of its Search Siddharth Parameswaran AC

function, the introduction of “Personal Intelligence”, Customer agents and a new (61-2) 9003-8629

siddharth.x.parameswaran@jpmorgan.com

shopping experience (“universal cart” and agentic payments) designed to keep J.P. Morgan Securities Australia Limited

Google at the heart of web-based sales. We think all of this will fast track some of Tharan Jeyathasan

the issues investors have been worried about with these stocks, given the market (61-2) 9003-6098

power of Google to shape activities on the web. This we think will have significant tharan.jeyathasan@jpmorgan.com

implications on our consumer-facing listed universe. A full description of J.P. Morgan Securities Australia Limited

takeaways is shown overleaf. Key summary points to note are: Rishi S Parihar

(91-22) 6157-3775

• Google search is changing very significantly: (1) Google search will become rishi.parihar@jpmchase.com

a conversational, multi-modal interface similar to Gemini Chat. (2) Organic J.P. Morgan India Private Limited