Love Actuary: #200 - Looking at how much has changed since our first issue

研报英文原文证据摘录

Love Actuary: #200 - Looking at how much has changed since our first issue

J P M O R G A N Europe Equity Research

31 July 2026

Love Actuary

#200 - Looking at how much has changed since our first

issue

• Love Actuary is 200 (editions old). Love Actuary began as an idea for a European Insurance

AC weekly in late 2021 before we launched the product in May 2022. This week, Kamran M Hossain

we look back at just how much has changed in the sector since we launched. (44-20) 3493-3780

Thank you to all our weekly readers who now hopefully know more about kamran.hossain@jpmorgan.com

insurance than they might admit to their friends. Farooq Hanif

• Stock performance – Talanx at the top. Looking back at share price (44farooq.hanif@jpmorgan.com207) 742-8091

performance since May 2022, Talanx has been the strongest performer with

Nadia Claressa

the stock up 192% in the period. Among the top performers, it is difficult to (44-20) 7134-7613

pinpoint trends, with the top 3 names – Talanx, Storebrand and Generali – nadia.claressa@jpmorgan.com

having little in common, given their different business models and markets. At Bingdi Fan, CFA

the lower end of performance, the Nordic names Tryg and Sampo have lagged (44-20) 7742-5336

the sector. The other laggard to mention is Prudential, which has only bingdi.fan@jpmorgan.com

increased 15% since May 2022. However, the stock has seen its share price J.P. Morgan Securities plc

materially increase since the lows in late 2024/early 2025.

Specialist Sales contact details:

• Re-rating almost across the entire sector. The stock with the highest re-rating Gigi Sparling - Specialist Sales -

is Legal & General, which will be a surprise to many but reflects headwinds European Financials

to earnings from the change in accounting to IFRS17.