Love Actuary #191: European insurance earnings tracker 1Q26

研报英文原文证据摘录

Love Actuary #191: European insurance earnings tracker 1Q26

versified P&C primary

insurers have seen better results (e.g. major composites) given positive retail European Insurance most preferred stocks

P&C pricing trends offsetting weaker commercial P&C pricing. Life insurers

Company Rating Target Price that reported in 1Q26 (excluding most UK life insurers and Benelux insurers)

reported weaker than consensus new business profit. Earnings revisions for AXA OW € 48.0

2026E/2027E have lagged the market slightly, and based on our forecasts we Prudential OW 1,480.0p

see little scope for a major uptick in revisions. The sector remains relatively Standard Life OW 950.0p

expensive with P/E relative to the European equity market close to 10-year Hiscox OW 1,800.0p

highs, although dividend yields and capital returns look more attractive. Munich Re OW € 590.0

• Did you know? Standard Life is one of the oldest insurance brands in the Sampo OW € 11.3

world, having been established as The Standard Life Assurance Company, a Source: J.P. Morgan. As of 27/05/2026

mutual life insurer, in Scotland in 1825. While other insurers in the UK precede

Standard Life (e.g. Amicable Society, Equitable Life, Norwich Union Life, and

Sun Life Assurance were created earlier), it is the oldest UK life insurer that

remains a brand today, and is now set to become one of the largest pensions and

savings brands in the UK following the proposed Aegon UK deal.

• Quote of the week: “We have zero presence, actually, at the moment in the

Lloyd’s market...we have a company called GC&C, which is basically a virtual

entity...we want clearly to expand the company, diversify this business, which

means we are clearly going to look at the opportunity. They don’t need to be in