Sign in

    David Barma

    Vice President of Equity Research at BofA Securities

    David Barma is a Vice President of Equity Research at BofA Securities (Merrill Lynch International), specializing in the European insurance sector with coverage of companies such as Ageas, Aegon, and Swiss Life. He has established a track record of impactful investment calls, including notable rating changes and target price revisions for these firms, such as upgrading Ageas to Buy and maintaining a Buy on Aegon. Barma joined BofA/Merrill Lynch in 2023 after previous experience at Exane SA, and he is recognized for his financial acumen and analytical rigor within the industry. Holding standard professional credentials for an equity analyst at a major investment bank, Barma frequently appears in analyst coverage and recommendation tables for leading European insurers.

    David Barma's questions to AEGON (AEG) leadership

    David Barma's questions to AEGON (AEG) leadership • H1 2025

    Question

    David Barma from Bank of America inquired about the rationale for hedging only 25% of the variable annuity (VA) base fee, asking if this was an initial step. He also questioned the reiterated Operating Capital Generation (OCG) guidance, seeking to understand its reliance on equity markets and business growth given recent drags.

    Answer

    CFO Duncan Russell explained that the 25% VA base fee hedge is a new tool to stabilize capital and earnings, executed at a time of favorable equity markets. He described the 25% level as prudent, allowing Aegon to monitor its effectiveness with the potential to adjust it in the future. Regarding OCG, Mr. Russell stated the guidance was reiterated because the half-year results and quarterly run-rates support the circa €1.2 billion target. He clarified that Aegon's OCG is not particularly sensitive to equity markets, citing a previously guided sensitivity of only around $40 million for a 10% market move.

    Ask Fintool Equity Research AI

    David Barma's questions to Sampo (SAXPY) leadership

    David Barma's questions to Sampo (SAXPY) leadership • Q1 2025

    Question

    David Barma inquired about the progress of portfolio derisking in Nordic Commercial and Industrial lines, the drivers behind the higher Q1 Nordic expense ratio, and the current accident year combined ratio in the U.K. business.

    Answer

    Morten Thorsrud, an executive, explained that derisking actions are nearly complete but will impact volumes through 2025. He clarified the expense ratio increase was due to including former Topdanmark holding company costs, with underlying development on track. Executive Torbjoern Magnusson and Knut Alsaker added that U.K. margins are meeting targets and are not driven by prior-year reserve releases, which remain stable.

    Ask Fintool Equity Research AI

    David Barma's questions to NN Group NV/ADR (NNGRY) leadership

    David Barma's questions to NN Group NV/ADR (NNGRY) leadership • Q2 2023

    Question

    Asked if the mortgage sensitivity dampener is ready for implementation, questioned the drivers behind the low investment result in OCG, and inquired about the impact of slowing mortgage markets on protection sales in Europe.

    Answer

    The mortgage dampener process is still ongoing and would be implemented in H2 if the decision is made. The lower OCG investment result was driven by lower equity holdings, real estate revaluations, and tightening credit spreads. In Europe, slowing bank mortgage sales reduced high-margin credit insurance sales, but this was partly offset by tied agents, and a market recovery should boost VNB.

    Ask Fintool Equity Research AI