Love Actuary #198 - Investor feedback on European insurers

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Love Actuary #198 - Investor feedback on European insurers

J P M O R G A N Europe Equity Research

17 July 2026

Love Actuary

#198 - Investor feedback on European insurers

• Investors remain largely cautious on European insurers relative to banks, European Insurance

AC and understandably so. Ahead of the bulk of 1H26 reporting, we set out Farooq Hanif

investor feedback on the sector from our recent marketing trips in continental (44 207) 742-8091

Europe, the US and our conversations with clients in the UK. From our farooq.hanif@jpmorgan.com

conversations, it appears that investors remain underweight insurers in their Kamran M Hossain

financials portfolios and overweight banks. This makes a lot of sense in the (44-20) 3493-3780

context of our own cautious view on insurers, given relative valuation and kamran.hossain@jpmorgan.com

weak earnings momentum. However, interest levels remain high, with some Bingdi Fan, CFA

investors noting the strong relative performance of banks and considering the (44-20) 7742-5336

bingdi.fan@jpmorgan.com

selective addition of some insurance to their holdings, in catalyst-driven

Nadia Claressa stocks, while maintaining an underweight stance.

(44-20) 7134-7613

• The two sub-sectors we speak the most about are the diversified composite nadia.claressa@jpmorgan.com

insurers and reinsurers, which is not surprising given their large market caps. J.P. Morgan Securities plc

Investors prefer the opportunities in composites, with AXA the most talked

Specialist Sales contact details:

about stock, given their diversified models. Investors prefer to remain on the

sidelines in reinsurance, but also note that some stocks – especially Munich Re Gigi Sparling - Specialist Sales -

European Financials

– look inexpensive versus history and peers. (44-20) 7134-0355