US Insurance "2026: What’s the incentive?" Meredith

研报英文原文证据摘录

US Insurance "2026: What’s the incentive?" Meredith

Global Research

25 June 2026ab

US Insurance Equities

Americas2026: What’s the incentive?

Insurance

Brian Meredith

P&C ROE targets decline in 2025 Analyst

P&C ROE targets declined modestly (~30bps on avg.) across the group, reflecting a brian.meredith@ubs.com

softening pricing environment and lower interest rates, though targets remain elevated +1-212-713 2492

relative to pre-COVID levels. Target adjustments were split, with EG lowering their target Michael Ward

by ~2p.p to 15%, while TRV increased theirs by 80bps. Others that lowered their targets Analyst

include ACGL and AXS. For Life, ROE, BVPS, EPS, and value of new business (VNB) carry michael.ward@ubs.com

more weight in the long-term incentive programs for the companies. +1-212-713 3518

Justin Tucker

Long-term comp remains bulk of NEOs comp; Performance shares remain key Associate Analyst

Across the insurers we looked at, long-term compensation remains the dominant justin.tucker@ubs.com

+1-212-713 2325

component of executive pay structures. In P&C, on avg. NEOs received ~79% of total

compensation from long-term incentives, with 22 of 25 companies allocating 70% or Leandro Leite

more of pay to long-term equity. Similarly for Life, long-term compensation represented Associate Analyst

on avg. ~85% of total NEOs pay, largely unchanged from recent years. Across the leandro.leite@ubs.com

+1-212-882 5559

group, long-term incentives consistently accounted for ~80% or more of total

compensation. Over half of P&C long-term incentive programs are performance-based

with the remainder in stock options and time-based awards; Life is also largely

performance-based with the remainder in stock options and time-based awards.