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    Mike Ward

    Senior Analyst and Chartered Financial Analyst (CFA) at UBS

    Michael Ward is a Senior Analyst and Chartered Financial Analyst (CFA) at UBS specializing in the insurance sector, with notable coverage of major public companies such as MetLife and Prudential Financial. He is recognized for his strong performance track record, including a 66.97% success rate and average returns of 11.8% on his stock recommendations, positioning him among industry-leading analysts. Ward began his equity research career at UBS as an Equity Research Associate and was later promoted to Senior Analyst in Zurich, where he continues to provide investment insights and sector leadership. In addition to his CFA credential, he holds industry-standard securities licenses and is listed among the primary analysts covering leading insurance companies for UBS.

    Mike Ward's questions to Unum (UNM) leadership

    Mike Ward's questions to Unum (UNM) leadership • Q2 2025

    Question

    Asked for details on the drivers of elevated claims and revised guidance in group disability, whether the lower claimant mortality in long-term care (LTC) is a one-off event, and how the company's stock appreciation affects the accretion from share buybacks.

    Answer

    The group disability benefit ratio is stable at around 62%, driven by lower recoveries and higher claim sizes, which is considered a good anchor for the year. The lower LTC claimant mortality is viewed as quarterly volatility or an anomaly, not a new trend. The impact of the higher stock price on buyback accretion was already factored into the revised EPS guidance and is not a significant headwind.

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    Mike Ward's questions to REINSURANCE GROUP OF AMERICA (RGA) leadership

    Mike Ward's questions to REINSURANCE GROUP OF AMERICA (RGA) leadership • Q1 2025

    Question

    Mike Ward asked if the new business pipeline showed more opportunity in specific areas and if the Equitable deal would shift focus internationally. He also inquired about the third-party capital pipeline and confirmed the priority of capital sources.

    Answer

    CEO Tony Cheng reiterated that the new business pipeline is strong across all three major regions and that the Equitable deal has actually spurred more client inquiries in the U.S. without diminishing international focus. CFO Axel Andre stated RGA is focused on deploying its existing Ruby Re capital to build a track record for future initiatives and confirmed that issuing common equity remains a low priority with a high hurdle rate.

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    Mike Ward's questions to PRUDENTIAL FINANCIAL (PRU) leadership

    Mike Ward's questions to PRUDENTIAL FINANCIAL (PRU) leadership • Q4 2024

    Question

    Mike Ward asked about the product lines driving the significant jump in Individual Life sales and whether the increase in estate planning cases adds earnings volatility. He also requested more clarity on the capital impact of runoff business.

    Answer

    Caroline Feeney-Pfundstein, Head of U.S. Businesses, stated that record Q4 life sales were broad-based across nearly all products. She acknowledged a benefit from estate planning activity but does not believe it adds volatility. CFO Yanela Frias clarified that while runoff business releases capital, this capital is part of the pool being reinvested to fund strong new business growth.

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