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    Jimmy Bhullar • JPMorgan Chase & Co.

    Jimmy Bhullar's questions to Brighthouse Financial Inc (BHF) leadership

    Jimmy Bhullar's questions to Brighthouse Financial Inc (BHF) leadership • Q2 2025

    Question

    Jimmy Bhullar of JPMorgan Chase & Co. asked about the company's plans for stock buybacks following the pause in May and management's confidence in the company's ability to thrive as a standalone entity amidst M&A rumors. He also questioned the reasons for the recent slowdown in Shield annuity sales.

    Answer

    President & CEO Eric Steigerwalt stated that the company historically uses 10b5-1 plans for repurchases and the last one expired in May, offering no further guidance. Regarding the company's strategy, Steigerwalt expressed confidence in their premier carrier status, product innovation, and operational capabilities, while declining to comment on market rumors. Executive VP & Chief Distribution & Marketing Officer Myles Lambert attributed the Shield sales performance to a competitive but rational market and noted the company is growing off a large base while maintaining pricing discipline.

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    Jimmy Bhullar's questions to MetLife Inc (MET) leadership

    Jimmy Bhullar's questions to MetLife Inc (MET) leadership • Q2 2025

    Question

    Jimmy Bhullar of JPMorgan Chase & Co. questioned the basis for optimism on non-medical health results improving in Q3, asking if it was based on expectations or actual July trends. He also asked if Asia's weaker Q2 earnings represented a new normal.

    Answer

    Ramy Tadros, Regional President - U.S. Business, confirmed his confidence is based on both established seasonal patterns in dental and the absence of macro impacts on disability, with trends inclusive of July data supporting the outlook. Lyndon Oliver, Regional President - Asia, explained that Asia's lower earnings were driven by below-average VII and a short-term headwind from lower surrender income due to a strengthening yen, but underlying full-year earnings are expected to remain strong and in line with guidance.

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    Jimmy Bhullar's questions to MetLife Inc (MET) leadership • Q2 2025

    Question

    Jimmy Bhullar questioned the basis for management's optimism on improving non-medical health results and sought clarification on Asia's earnings power, given that Q2 earnings seemed weak despite strong sales.

    Answer

    Ramy Tadros, Regional President - U.S. Business, based his optimism on established seasonal patterns in dental, stable disability trends, and the expected normalization of voluntary product claims, noting positive signs already in July. Lyndon Oliver, Regional President - Asia, explained that Asia's lower earnings were driven by below-target variable investment income and a short-term headwind from lower surrender income due to a strengthening yen, which simultaneously boosts sales and AUM for future earnings.

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    Jimmy Bhullar's questions to Equitable Holdings Inc (EQH) leadership

    Jimmy Bhullar's questions to Equitable Holdings Inc (EQH) leadership • Q2 2025

    Question

    Jimmy Bhullar of JPMorgan Chase & Co. asked about the execution of the $500M incremental buyback, specifically whether it would be opportunistic, and how the remaining undeployed capital would be prioritized between M&A and further buybacks.

    Answer

    CFO Robin Raju confirmed the $500M buyback will be actively and opportunistically executed starting in Q3. CEO Mark Pearson and Raju both emphasized that any potential M&A or other use of the remaining capital must be highly disciplined and accretive, beating the baseline value created by share repurchases, with deployment expected by 2026.

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    Jimmy Bhullar's questions to Aflac Inc (AFL) leadership

    Jimmy Bhullar's questions to Aflac Inc (AFL) leadership • Q2 2025

    Question

    Jimmy Bhullar of JPMorgan Chase & Co. asked for an explanation for the sluggish U.S. sales growth and the outlook for the business, and also inquired if the dental product has reached a normal level of sales.

    Answer

    Virgil Miller, President of Aflac, attributed the modest sales growth to deliberate actions to improve business quality, highlighting strong persistency and expense management. He anticipates a stronger second half driven by Q4 bookings. On dental, Miller noted that while sales growth was high, it was on a small prior-year base, but performance is at the high end of his expectations. CEO Daniel Amos added that dental is a strategic door-opener for supplemental products.

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    Jimmy Bhullar's questions to Aflac Inc (AFL) leadership • Q2 2025

    Question

    Jimmy Bhullar pointed out the consistently weaker-than-expected U.S. sales growth over the last couple of years and asked for an explanation and future expectations. He also followed up on the dental product's sales performance.

    Answer

    Virgil Miller, President of Aflac, attributed the results to deliberate actions to improve business quality, evidenced by strong premium persistency and a lower expense ratio. He expects a stronger second half driven by a robust pipeline, particularly in the group life and disability business. On dental, Miller noted strong double-digit growth in H1, exceeding his high-range expectations. Chairman & CEO Daniel Amos added that dental and vision are key strategic door-openers and that early operational issues are now behind them.

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    Jimmy Bhullar's questions to Reinsurance Group of America Inc (RGA) leadership

    Jimmy Bhullar's questions to Reinsurance Group of America Inc (RGA) leadership • Q2 2025

    Question

    Jimmy Bhullar from JPMorgan Chase & Co. asked about the potential for a lag in health insurance results and if the situation could worsen before improving. He also questioned the large excess capital figure relative to traditional metrics and the lack of recent share buybacks, asking about capital priorities.

    Answer

    EVP & Global Chief Risk Officer Jonathan Porter expressed confidence in their health reserves, citing close client collaboration and the nature of large claims. President & CEO Tony Cheng and EVP & CFO Axel André addressed capital, confirming they will now consider share repurchases opportunistically as part of their 20-30% total payout target, and noted their capital metrics are consolidated across multiple regulatory frameworks.

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    Jimmy Bhullar's questions to Allstate Corp (ALL) leadership

    Jimmy Bhullar's questions to Allstate Corp (ALL) leadership • Q2 2025

    Question

    Jimmy Bhullar of JPMorgan Chase & Co. inquired about the primary tailwinds and headwinds for personal auto policies in force (PIF) growth, particularly concerning the impact of inactive brands and the potential for growth in New York and New Jersey. He also asked about the lifetime profitability of new business from the independent agent and direct channels compared to the traditional captive agent channel.

    Answer

    Tom Wilson, Chairman, President & CEO, emphasized Allstate's commitment to growth, citing the company's 28% return on equity and the success of its Transformative Growth strategy. Mario Rizzo, President of Property-Liability, added that the drag from inactive brands is diminishing and that New York and New Jersey are now profitable, with growth expected to resume upon approval of new products. Regarding profitability, Mr. Wilson stated that Allstate uses a sophisticated analytical system to ensure a positive lifetime value for all new business, regardless of the channel.

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    Jimmy Bhullar's questions to Arch Capital Group Ltd (ACGL) leadership

    Jimmy Bhullar's questions to Arch Capital Group Ltd (ACGL) leadership • Q2 2025

    Question

    Jimmy Bhullar asked to differentiate between attractive growth areas and less compelling lines based on pricing adequacy, and questioned whether a decline in interest rates would be a net positive for the MI business.

    Answer

    CEO Nicolas Papadopoulo identified casualty lines, particularly specialty E&S, as attractive growth areas where pricing exceeds loss trends, while cyber and E&S property are more challenged by competition. CFO & Treasurer François Morin explained that a modest rate drop would be a net positive for the MI business, as new production would likely outweigh a small increase in refinancing from the high-quality in-force book.

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    Jimmy Bhullar's questions to Principal Financial Group Inc (PFG) leadership

    Jimmy Bhullar's questions to Principal Financial Group Inc (PFG) leadership • Q2 2025

    Question

    Jimmy Bhullar from JPMorgan Chase & Co. asked about the outlook for asset management flows turning positive after a string of negative quarters. He also questioned if the guidance for performance fees to be flat with last year was overly conservative given the strong first half.

    Answer

    Kamal Bhatia, President & CEO of Principal Asset Management, noted that while the pipeline is strong, market volatility causes clients to defer decisions, impacting flows. He highlighted strong unfunded mandates as a positive indicator. On performance fees, he and CEO Deanna Strable explained that some Q3 fees were pulled into Q2 and that the real estate equity engine, a key historical driver, has not fully kicked in, justifying the more modest second-half outlook.

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    Jimmy Bhullar's questions to Aon PLC (AON) leadership

    Jimmy Bhullar's questions to Aon PLC (AON) leadership • Q2 2025

    Question

    Jimmy Bhullar of JPMorgan Chase & Co. inquired about the growth contribution from capital markets activities and new hires, and the company's preferred uses of free cash flow, particularly regarding large-scale M&A.

    Answer

    CEO Greg Case described the M&A environment as "better, but not back," noting that while pipelines are improving, overall growth remains broad-based. CFO Edmund Reese added that new hire contributions are on track and that strong free cash flow provides flexibility, with the primary focus on deleveraging post-NFP acquisition while remaining open to strategic M&A that meets strict financial criteria.

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    Jimmy Bhullar's questions to Aon PLC (AON) leadership • Q2 2025

    Question

    Jimmy Bhullar of JPMorgan Chase & Co. asked about the growth contributions from M&A services and new talent hires, and also inquired about Aon's appetite for large-scale M&A as a use of free cash flow.

    Answer

    CEO Greg Case described the M&A services market as "better, but not back," noting it was a tailwind but that overall growth was broad-based. CFO Edmund Reese confirmed new hire contributions are on track, projecting 30-35 basis points to full-year organic growth from the 2024 cohort. Regarding capital allocation, Reese emphasized the priority of deleveraging post-NFP but stated Aon has the flexibility to evaluate strategic M&A that meets its strict financial criteria, a disciplined approach Case reiterated.

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    Jimmy Bhullar's questions to Renaissancere Holdings Ltd (RNR) leadership

    Jimmy Bhullar's questions to Renaissancere Holdings Ltd (RNR) leadership • Q2 2025

    Question

    Jimmy Bhullar of JPMorgan questioned the confidence in sustained rate adequacy amid recent price declines and asked whether the recent aggressive pace of share buybacks is sustainable.

    Answer

    President & CEO Kevin O'Donnell asserted that while prices fluctuate, the market remains at a highly adequate level following the 2023 structural reset. EVP & CFO Robert Qutub noted that the accelerated buybacks were fueled by freeing up trapped capital and capitalizing on attractive valuations, and while the company remains opportunistic, it will be mindful of deploying capital during the wind season.

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    Jimmy Bhullar's questions to Marsh & McLennan Companies Inc (MMC) leadership

    Jimmy Bhullar's questions to Marsh & McLennan Companies Inc (MMC) leadership • Q2 2025

    Question

    Jimmy Bhullar of JPMorgan Chase & Co. asked if the slowdown in M&A and IPO activity has troughed and questioned the drivers behind Guy Carpenter's strong growth, which occurred despite a soft reinsurance pricing environment and tough prior-year comparisons.

    Answer

    President & CEO John Doyle stated it was too early to determine if M&A and IPO activity has bottomed out, reiterating the company's full-year outlook. Dean Klisura, President & CEO of Guy Carpenter, attributed the segment's 5% growth to a record new business quarter, strong international performance, significant ILS and cat bond issuance activity, and continued demand for property cat limits.

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    Jimmy Bhullar's questions to Marsh & McLennan Companies Inc (MMC) leadership • Q2 2025

    Question

    Jimmy Bhullar of JPMorgan Chase & Co. asked if the slowdown from M&A and IPO activity is troughing and questioned the drivers behind Guy Carpenter's strong growth despite a soft reinsurance pricing environment and tough comparisons.

    Answer

    President & CEO John Doyle stated it was too early to call a meaningful uptick in M&A or IPO activity. Dean Klisura, President & CEO of Guy Carpenter, attributed his segment's 5% growth to a record new business quarter, strong international performance, significant activity in the ILS and cat bond markets, and winning new M&A advisory mandates.

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