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    Farooq Hanif

    Managing Director and Head of Insurance Research at JPMorgan Chase & Co.

    Farooq Hanif is a Managing Director and Head of Insurance Research at JPMorgan Chase & Co., specializing in European insurance equities analysis. He has provided in-depth coverage of leading insurers such as Prudential, Aviva, Legal & General, AXA, and Zurich, gaining recognition for publishing actionable insights that have driven strong investment returns. Hanif is frequently ranked among top insurance analysts, with a record of high conviction calls documented by industry databases like Institutional Investor and TipRanks, and is known for his clear communication of complex regulatory and market developments. Beginning his analyst career at Morgan Stanley before moving to Citigroup and later joining JPMorgan in 2018, he holds key professional finance accreditations and maintains FCA authorization as a registered securities professional in the UK.

    Farooq Hanif's questions to PRUDENTIAL (PUK) leadership

    Farooq Hanif's questions to PRUDENTIAL (PUK) leadership • H1 2025

    Question

    Farooq Hanif from JPMorgan Chase & Co. asked about the potential for a significant increase in share buybacks in 2028, following an expected jump in free surplus generation. He also sought clarity on future trends for active agent numbers versus agent productivity, and the drivers behind the improvement in bank assurance margins.

    Answer

    CFO Ben Bulmer confirmed that capital generation will lead to higher free cash flow but did not provide guidance beyond 2027, emphasizing the firm's durable framework. CEO Anil Wadhwani noted that a 10% gain in agent productivity offset a decline in active agents and attributed improved bank assurance margins to a better product and geography mix, along with pricing actions.

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    Farooq Hanif's questions to PRUDENTIAL (PUK) leadership • Q1 2023

    Question

    Asked about surplus capital levels and dividend policy, potential cost efficiencies from the new operating model, agency growth targets, and exposure to China's local government financing vehicles (LGFVs).

    Answer

    The CFO stated they are "well but not excessively capitalized," with the 7-9% DPS growth guidance being a near-term view that considers the $1B strategic investment. The new operating model aims to leverage economies of scale and skill through centers of excellence, with results evidenced in expense variances. They aim to grow active agents from ~65,000 to 85,000-90,000 by 2027. Shareholder exposure to LGFVs is de minimis ($5 million), while the policyholder fund has a small, high-quality exposure of $1.1 billion at their 50% share.

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    Farooq Hanif's questions to AEGON (AEG) leadership

    Farooq Hanif's questions to AEGON (AEG) leadership • H1 2025

    Question

    Farooq Hanif from JPMorgan Chase & Co. asked for a deeper rationale behind the potential re-domiciliation to the U.S., questioning what had changed and if there was any regulatory pressure. He also asked for an assessment of how 'clean' the reported €845 million first-half operating profit was.

    Answer

    CEO Lard Friese detailed that the potential move is a logical next step in Aegon's transformation, now that the U.S. business constitutes 70% of operations and its strategy is showing clear execution success. He emphasized this was a company-led decision with no regulatory pressure. CFO Duncan Russell described the H1 operating profit as 'pretty clean,' noting that after adjusting for about €92 million in negative variances, the underlying result was strong at around €937 million, which normalizes to the guided range after accounting for FX movements and a recurring VA interest accretion.

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    Farooq Hanif's questions to AEGON (AEG) leadership • H2 2024

    Question

    Farooq Hanif asked about the potential for disposals or restructuring in the underperforming International business. He also questioned the source of recent negative surprises from onerous contracts in the US and whether more accounting-related issues could arise.

    Answer

    CEO Lars Frieser affirmed that the International businesses are core to Aegon's strategy, highlighting growth in Brazil and Spain/Portugal, despite headwinds in China. CFO Duncan Russell clarified the onerous contract impact was due to a reclassification, an internal reinsurance effect offset at the group level, and prudent assumptions on Universal Life premium variances, with no other major accounting changes anticipated.

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    Farooq Hanif's questions to AEGON (AEG) leadership • Q3 2024

    Question

    Farooq Hanif from JPMorgan Chase & Co. inquired about how the current macroeconomic environment, particularly yield movements, affects Aegon's strategy for reducing capital in U.S. financial assets and asked for clarification on how the Q3 mortality experience translates from an OCG to an IFRS basis.

    Answer

    CFO Duncan Russell explained that Aegon's plan to reduce capital in financial assets primarily relies on unilateral and bilateral actions, making it less sensitive to the macro environment, though market movements have been favorable. He noted that the plans are mostly within Aegon's control. Regarding the mortality experience, Mr. Russell stated that there were very limited IFRS variances in Q3.

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    Farooq Hanif's questions to AEGON (AEG) leadership • H1 2024

    Question

    Farooq Hanif from JPMorgan Chase & Co. asked about the drivers of the high actual-to-expected claims ratio in long-term care (LTC) and whether future rate increase approvals are already reflected in the CSM. He also questioned when Aegon might increase remittances from the U.S., given the high RBC ratio.

    Answer

    CFO Matt Rider attributed the high LTC claims ratio primarily to catching up on a claims backlog, which is now resolved. He confirmed that expected future rate increases are already factored into the CSM, with regular true-ups. Regarding U.S. remittances, he stated that while the RBC ratio is high, the capital is useful during the transformation, and any change to remittance policy would be a future decision for the new management team.

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    Farooq Hanif's questions to NN Group NV/ADR (NNGRY) leadership

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

    Question

    Inquired about the definition of 'sustainably above 200%' Solvency II given reduced sensitivities, the status of the mortgage SCR model update, the outlook for 2024 OCG, and the potential for higher CSM growth.

    Answer

    The view on the 200% Solvency II trigger has not changed, and the company is not yet 'sustainably' above it due to market impacts and upcoming reviews. It is too early to forecast 2024 OCG. CSM growth is expected to be structurally positive and is understated in H1 results due to the accounting treatment of riders and top-ups; a reclassification would show ~2% growth for H1.

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