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    Jimmy Bhullar

    Managing Director and Senior Equity Analyst at JPMorgan Chase & Co.

    Jimmy Bhullar is a Managing Director and Senior Equity Analyst at JPMorgan Chase & Co., specializing in the Financial Services sector with a notable focus on life insurance companies. His coverage universe includes major firms such as Aflac, American International Group (AIG), Assurant, Hartford Financial Services, Lincoln National, MetLife, Principal Financial Group, Prudential Financial, and Reinsurance Group of America. Bhullar has issued over 500 stock recommendations, maintaining an impressive average price target met ratio of over 80% and a potential upside averaging above 18%, with best-performing calls like Arch Capital Group yielding rapid and positive returns. He began issuing public recommendations in the early 2000s, with a tenure at JPMorgan spanning more than a decade, and holds key industry credentials including FINRA registration and relevant securities licenses.

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

    Jimmy Bhullar's questions to Brighthouse Financial (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 (MET) leadership

    Jimmy Bhullar's questions to METLIFE (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 (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 (EQH) leadership

    Jimmy Bhullar's questions to Equitable Holdings (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 (AFL) leadership

    Jimmy Bhullar's questions to AFLAC (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 AFLAC (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 PROGRESSIVE CORP/OH/ (PGR) leadership

    Jimmy Bhullar's questions to PROGRESSIVE CORP/OH/ (PGR) leadership • Q2 2025

    Question

    Jimmy Bhullar of JPMorgan Chase & Co. asked for an assessment of the competitive environment in personal auto as peers shift toward growth. He also inquired about the long-term impact of autonomous vehicle technology on the total addressable market for auto insurance.

    Answer

    Tricia Griffith, CEO, President & Director, acknowledged the environment is increasingly competitive but stated Progressive thrives in such conditions and will maintain its goal of growing as fast as possible at its target profit margin. On autonomous technology, she noted that while it reduces claim frequency, this is often offset by higher severity (repair costs), and slow fleet turnover means there is still a large addressable market for the next 5-10 years.

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    Jimmy Bhullar's questions to REINSURANCE GROUP OF AMERICA (RGA) leadership

    Jimmy Bhullar's questions to REINSURANCE GROUP OF AMERICA (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 (ALL) leadership

    Jimmy Bhullar's questions to ALLSTATE (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 (ACGL) leadership

    Jimmy Bhullar's questions to ARCH CAPITAL GROUP (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 Unum (UNM) leadership

    Jimmy Bhullar's questions to Unum (UNM) leadership • Q2 2025

    Question

    Inquired whether Unum is seeing the disability market become more competitive with some pricing pressure, as peers have suggested, and asked if there are any external metrics that can help predict the need for future long-term care (LTC) reserve increases.

    Answer

    Management described the disability market as consistently competitive but did not signal a major shift, emphasizing their focus on capabilities over price. For LTC, they noted that while they provide several metrics (NPR, earnings, rate increase progress), the reserve review process is too complex for any single external indicator to reliably predict the outcome.

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    Jimmy Bhullar's questions to PRINCIPAL FINANCIAL GROUP (PFG) leadership

    Jimmy Bhullar's questions to PRINCIPAL FINANCIAL GROUP (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 (AON) leadership

    Jimmy Bhullar's questions to Aon (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 Aon (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 GLOBE LIFE (GL) leadership

    Jimmy Bhullar's questions to GLOBE LIFE (GL) leadership • Q2 2025

    Question

    Jimmy Bhullar of JPMorgan Chase & Co. sought to quantify the earnings guidance increase, asking how much was a one-time Q3 impact versus ongoing earnings improvement. He also inquired about the sustainability of the recovery in direct-to-consumer sales and the potential EPS impact from the Bermuda entity's future cash flow.

    Answer

    Executive VP & CFO Thomas Kalmbach and Co-Chairman & Co-CEO Frank Svoboda attributed the guidance lift to ongoing favorable mortality, lower admin expenses, and Q2 share repurchases. Co-Chairman & Co-CEO J. Matthew Darden confirmed the direct-to-consumer turnaround is sustainable due to technology improving lead conversion. Kalmbach affirmed that using the $200M future cash flow for buybacks would imply a roughly two-percentage-point uptick in growth.

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    Jimmy Bhullar's questions to GLOBE LIFE (GL) leadership • Q2 2025

    Question

    Jimmy Bhullar from JPMorgan Chase & Co. sought to quantify the drivers behind the raised earnings guidance, asking how much was attributable to the one-time Q3 reserve release versus ongoing earnings improvement. He also inquired if the recent uptick in direct-to-consumer sales marks a sustainable recovery and asked for confirmation on the potential EPS growth impact from the Bermuda entity's cash flow benefits.

    Answer

    Executive VP & CFO Thomas Kalmbach confirmed that ongoing favorable mortality and some health segment benefits contribute to the improved outlook, with fourth-quarter life margins expected around 41%. Co-Chairman & Co-CEO Frank Svoboda added that lower admin expenses and higher share repurchases also contributed. Co-Chairman & Co-CEO J. Matthew Darden stated the DTC sales improvement is a sustainable recovery driven by new technology. Kalmbach affirmed Bhullar's thinking on the potential buyback impact from Bermuda cash flows was correct.

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    Jimmy Bhullar's questions to GLOBE LIFE (GL) leadership • Q2 2025

    Question

    Jimmy Bhullar of JPMorgan Chase & Co. questioned the components of the increased earnings guidance, the sustainability of the turnaround in direct-to-consumer sales, and the potential EPS growth impact from the Bermuda entity's future cash flow benefits.

    Answer

    Executive VP & CFO Thomas Kalmbach attributed the guidance increase to ongoing favorable mortality trends, not just the one-time Q3 assumption update, and confirmed the potential EPS impact from using Bermuda cash flows for buybacks was calculated correctly. Co-Chairman & Co-CEO J. Matthew Darden stated the direct-to-consumer sales improvement is the start of a recovery, driven by new technology enhancing lead conversion and enabling higher marketing spend.

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    Jimmy Bhullar's questions to RENAISSANCERE HOLDINGS (RNR) leadership

    Jimmy Bhullar's questions to RENAISSANCERE HOLDINGS (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 (MMC) leadership

    Jimmy Bhullar's questions to MARSH & MCLENNAN COMPANIES (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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    Jimmy Bhullar's questions to MARSH & MCLENNAN COMPANIES (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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