Sign in

    Andrew Sinclair

    senior equity research analyst at Bank of America

    Andrew Sinclair is a senior equity research analyst at Bank of America, specializing in coverage of the insurance sector with a particular focus on leading companies such as Phoenix Group and Aviva. Known for his detailed analysis and industry insight, he has developed a track record of delivering actionable research on key UK-listed insurers. Sinclair began his finance career prior to joining Bank of America, and he currently plays a central role in producing research and recommendations for institutional investors. His professional credentials include deep expertise in European financials, and he maintains direct contact with company management as part of his analytical diligence.

    Andrew Sinclair's questions to PRUDENTIAL (PUK) leadership

    Andrew Sinclair's questions to PRUDENTIAL (PUK) leadership • H1 2025

    Question

    Andrew Sinclair from Bank of America asked for the timescale to bring the capital ratio back within the 175-200% target range, given it is expected to be well above. He also inquired about regional drivers for new business margin changes and details on the Mainland China participating (par) business back book, including yields and guarantees.

    Answer

    CFO Ben Bulmer explained that the company may operate slightly above the 200% range due to remittance timing, and the Board will regularly review excess capital. He noted that a seasonal shift to the agency channel in H2 would benefit margins. For China, he stated that current returns are sufficient to cover liabilities on the par book and that the business has gained approval to issue perpetual debt locally to bolster its balance sheet.

    Ask Fintool Equity Research AI

    Andrew Sinclair's questions to PRUDENTIAL (PUK) leadership • Q1 2023

    Question

    Questioned the ambition of the new business profit growth target, the strategy for penetrating India's health insurance market, and the required evolution of the health product offering.

    Answer

    Management defended the 15-20% CAGR target as thoughtful, balancing opportunities and challenges, while emphasizing the focus on quality growth and free surplus generation. For India, they are exploring all options, including organic and inorganic routes, particularly looking at stand-alone health insurers (SAHIs). The broader health strategy involves deepening payer capabilities (pricing, claims management) and expanding into adjacent services like preventative care and rehabilitation, which will require new capabilities and investment.

    Ask Fintool Equity Research AI