European Insurance Sector Snapshot: Decoding Expectations

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European Insurance Sector Snapshot: Decoding Expectations

, and the 5-year at +55.0%.

Company Performance - Breaking down the performance of the sector, this month's

performance was characterised by a strong performance across all sub-sectors, with almost

all companies rising. The leaders amongst our coverage were Sabre (+15%), Allianz (+11%)

and Swiss Re (+11%), while the only laggard was Conduit (-2%). Sabre (+15%) was the best

performing stock in our coverage, mainly driven by the strong reported growth in the first 4

months of 2026, as well as an improving UK motor insurance outlook, with prices now rising for

a sixth consecutive month. At the other end of the spectrum, Conduit (-2%) underperformed,

as top-line pressures from reinsurers continue.

Relative Strength Indicators (RSI) - Turning to the latest RSI data, several companies stand

out this month. Firstly, the UK Non-Life sub-sector screens as leading, driven by a strong

monthly performance from Sabre and Admiral, on the back of improving motor insurance

pricing conditions and investor enthusiasm before the 1H 2026 results. Secondly, Generali

screens as oversold, although this comes as a slight correction after setting an all-time

high share price in June. Thirdly, Reinsurers appear to be lagging, given pricing and top-line

pressures. Of these reinsurers, SCOR is lagging the most, driven by the recent decision in the

Covéa arbitration case, which will imply a total compensation to the latter of $488.3m.

Fundamental Expectations - Turning to consensus expectations of company fundamentals,

last month we saw only a few notable revisions. Tryg's 2026 EPS expectations fell by -10%, as

a result of the recent adverse Danish Supreme Court ruling on workers' compensation claims.