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    Bob Hong

    Research Analyst at Morgan Stanley

    Bob Hong is an Executive Director and Senior Analyst at Morgan Stanley, specializing in equity research within the financial technology and payments sector. He covers leading companies such as Mastercard, Visa, Global Payments, and Fidelity National Information Services, and is recognized for the accuracy of his earnings forecasts and stock recommendations, achieving a success rate of approximately 67% on TipRanks with average returns per rating of over 8%. Bob began his Wall Street career in the mid-2000s, with prior experience at Barclays and Citigroup before joining Morgan Stanley in 2016, quickly rising through the ranks due to his analytical rigor and industry insight. He is a registered representative with FINRA and holds Series 7, 63, 86, and 87 securities licenses, further underscoring his credentials as a trusted voice in fintech equity research.

    Bob Hong's questions to ALLSTATE (ALL) leadership

    Bob Hong's questions to ALLSTATE (ALL) leadership • Q4 2024

    Question

    Bob Hong asked if there is a predictable lag, perhaps 6-9 months, between achieving state-level profitability and resuming growth. He also inquired about the risk of adverse selection and the sustainability of the auto combined ratio as industry competition for growth intensifies.

    Answer

    CEO Thomas Wilson acknowledged the general logic that profitability must precede growth but cautioned against a simple formulaic extrapolation, as each state's competitive landscape is unique. Regarding the competitive environment, Wilson stated that the auto market was already highly competitive in 2024 and that Allstate is well-equipped to compete. He also contrasted this with the homeowners market, where he sees a significant growth opportunity as competitors retreat, and noted the goal is to have this growth properly valued by investors.

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