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    Taylor Scott • BofA Securities

    Taylor Scott's questions to Sun Life Financial Inc (SLF) leadership

    Taylor Scott's questions to Sun Life Financial Inc (SLF) leadership • Q1 2025

    Question

    Taylor Scott asked about the drivers behind MFS's improved flow trends and whether this momentum is sustainable. He also inquired about the factors driving strong Hong Kong sales and their sensitivity to a potential economic downturn.

    Answer

    Ted Maloney, President of MFS, and Kevin Strain, President & CEO, attributed MFS's less negative flows to a moderation in institutional outflows compared to Q4, positive fixed income and active ETF flows, and maintaining share amid an industry-wide retail outflow trend. On Hong Kong, Manjit Singh, EVP & President of Sun Life Asia, and Kevin Strain credited strong sales to significant investments in the agency force, a successful new bank partnership with Dah Sing, and a strong broker channel, highlighting the market's overall resiliency.

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    Taylor Scott's questions to Sun Life Financial Inc (SLF) leadership • Q4 2024

    Question

    Taylor Scott asked what percentage of the 1/1/24 stop-loss book's incurred loss is now paid to assess its development stage. He also inquired about the net flow outlook for both MFS and SLC Management.

    Answer

    Daniel Fishbein (executive) stated that at the end of Q4, about 70% of the experience on that cohort is in, reaching ~90% by the end of Q1. Edward Maloney (executive) noted MFS's retail outflows were consistent with the market but institutional outflows were due to a rare confluence of events, expecting a return to positive flows long-term. Stephen Peacher (executive) expects SLC fundraising to be higher in the coming year, driven by demand for private credit and real estate.

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    Taylor Scott's questions to Voya Financial Inc (VOYA) leadership

    Taylor Scott's questions to Voya Financial Inc (VOYA) leadership • Q1 2025

    Question

    Taylor Scott of Barclays inquired about the spending ramp for Voya's leave management initiative and the outlook for net flows in Wealth Solutions, particularly regarding the OneAmerica integration.

    Answer

    CFO Michael Katz confirmed the $50 million leave management spend is on track for 2025. Jay Kaduson, CEO of Workplace Solutions, highlighted the strategic importance for bundling, noting positive client feedback and the first sales for a 1/1/26 launch. Regarding flows, CEO Heather Lavallee stated that OneAmerica retention is in line with the 90% target. Kaduson added that while H1 flows were strong due to large plan wins, H2 will likely moderate, though the core full-service pipeline remains robust.

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    Taylor Scott's questions to Voya Financial Inc (VOYA) leadership • Q4 2024

    Question

    Taylor Scott, using the name Alex Scott, probed whether the 2025 investments in Health and Wealth Solutions are one-time or signal a higher expense run-rate. He also questioned the flat Q1 Wealth earnings outlook despite the OneAmerica contribution.

    Answer

    CEO Heather Lavallee positioned the leave management investment as a key strategic initiative to improve customer experience and product bundling. CFO Michael Katz stated the leave investment should be breakeven in 2026 due to offsetting revenue. For the Wealth segment's Q1 outlook, he explained that significant upfront expenses to implement over $20 billion in new plans are impacting early-year earnings, but the full-year $75 million contribution from OneAmerica remains on track.

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    Taylor Scott's questions to Corebridge Financial Inc (CRBG) leadership

    Taylor Scott's questions to Corebridge Financial Inc (CRBG) leadership • Q1 2025

    Question

    Taylor Scott inquired about the strategic partnership with Nippon Life, asking for more color on potential areas of collaboration. He also asked for a framework to understand how the asset portfolio would perform in a potential credit event.

    Answer

    CEO Kevin Hogan described the relationship with Nippon Life as very positive, noting they are taking a structured approach to identifying mutually beneficial commercial activities. Regarding the portfolio, Hogan and CFO Elias Habayeb expressed confidence in its resilience, citing its diversification, high quality (95% investment grade), liability-driven strategy, proactive stress testing, and strong covenants in private credit holdings.

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    Taylor Scott's questions to Skyward Specialty Insurance Group Inc (SKWD) leadership

    Taylor Scott's questions to Skyward Specialty Insurance Group Inc (SKWD) leadership • Q1 2025

    Question

    Taylor Scott of Alex. Brown inquired about the specific drivers behind the significant growth in the agriculture and credit insurance segments. He also asked for an assessment of the current loss cost trend environment and the potential impact of tariffs.

    Answer

    CEO Andrew Robinson attributed the agriculture growth to a diversified global portfolio strategy led by a key hire, resulting in better-than-expected performance and a strong Q3 pipeline. He noted a more defensive posture in credit insurance due to economic uncertainty. Regarding loss costs, Robinson estimated the trend at 5-6% and stated that while tariffs are a consideration, the company is more focused on broader economic factors like healthcare cost-shifting and reduced federal funding, for which it has prepared countermeasures.

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    Taylor Scott's questions to Skyward Specialty Insurance Group Inc (SKWD) leadership • Q4 2024

    Question

    Taylor Scott of Barclays asked for an update on the company's niche strategy and opportunities for 2025-2026, and specifically about its experience in the Stop Loss business amid industry pressures.

    Answer

    CEO Andrew Robinson identified energy, life sciences, and healthcare professional liability as key opportunity areas. He strongly refuted concerns about the Stop Loss market, stating industry problems do not affect their niche (sub-500 employees). He described Skyward's A&H business as performing fantastically, with an 'unbelievable' 1/1 renewal season.

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    Taylor Scott's questions to Aflac Inc (AFL) leadership

    Taylor Scott's questions to Aflac Inc (AFL) leadership • Q1 2025

    Question

    Taylor Scott asked about the customer demographics for the Sumita product, specifically if it's attracting new and younger customers, and also inquired about the net investment income (NII) trend for the remainder of the year given pressure from the floating-rate portfolio.

    Answer

    Daniel Amos, CEO, confirmed that over half of Sumita sales are to younger customers. An executive, likely Global CIO Brad Dyslin, acknowledged the NII headwind from lower SOFR but stated it's being offset by repositioning the portfolio for higher yields and deploying capital into wider spreads. Max Broden, CFO, added that the floating-rate portfolio resets on 1- and 3-month SOFR.

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    Taylor Scott's questions to Arch Capital Group Ltd (ACGL) leadership

    Taylor Scott's questions to Arch Capital Group Ltd (ACGL) leadership • Q1 2025

    Question

    Taylor Scott asked for commentary on the property cat reinsurance market, specifically the impact of ILS on pricing, and questioned Arch's capital management priorities as growth slows.

    Answer

    Executive Nicolas Alain Papadopoulo confirmed that pricing pressure is concentrated at the top of reinsurance towers, influenced by the repriced cat bond market. CFO François Morin stated that if growth moderates, Arch will likely return more excess capital to shareholders, utilizing both share buybacks and potentially special dividends.

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    Taylor Scott's questions to Arch Capital Group Ltd (ACGL) leadership • Q4 2024

    Question

    Taylor Scott of Barclays inquired about Arch's exposure to aggregate reinsurance treaties, the potential PML impact from recent wildfires, and the extent of remediation within the acquired MidCorp book of business.

    Answer

    Executive Nicolas Alain Papadopoulo stated that Arch has very limited exposure to aggregate treaties, making any PML impact from the wildfires via these covers immaterial. Regarding MidCorp, executives explained that remediation is focused on its program book, and while actions have been taken, the impact on top-line premium will become more visible in the second half of 2025.

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    Taylor Scott's questions to Unum Group (UNM) leadership

    Taylor Scott's questions to Unum Group (UNM) leadership • Q1 2025

    Question

    Taylor Scott, using the name Alex Scott, asked if Unum is seeing clients change their behavior due to macroeconomic sensitivity and for an update on reinsurer capacity and appetite for long-term care blocks.

    Answer

    CEO Richard McKenney and EVP Chris Pyne reported no negative changes in client behavior; instead, clients remain focused on attracting talent, creating opportunities for Unum. On LTC reinsurance, McKenney noted their recent transaction has generated significant market interest, and while he is optimistic about future deals, he cautioned that they take time to develop.

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    Taylor Scott's questions to Unum Group (UNM) leadership • Q3 2024

    Question

    Taylor Scott of BofA Securities inquired about the actuarial review's impact on statutory results for long-term care (LTC) and the firm's capital deployment priorities, given strong cash flow and holding company liquidity.

    Answer

    CFO Steven Zabel explained that while the GAAP review resulted in a reserve release, it does not significantly alter the statutory reserve margin view for LTC. CEO Rick McKenney reiterated capital deployment priorities: organic growth, potential M&A, dividends, and a steady, increased pace of share repurchases, noting the PCAPs dissolution is a one-time enhancement.

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    Taylor Scott's questions to Hartford Insurance Group Inc (HIG) leadership

    Taylor Scott's questions to Hartford Insurance Group Inc (HIG) leadership • Q1 2025

    Question

    Taylor Scott of Barclays asked about specific initiatives behind the pivot to growth in Personal Lines and questioned the approach to post-COVID accident year workers' comp reserves.

    Answer

    CEO Christopher Swift and Executive Melinda Thompson detailed the Personal Lines growth strategy, which includes leveraging the modern Prevail platform, increasing marketing spend, and re-engaging agents. Swift emphatically denied any problems with workers' comp reserves. CFO Beth Bombara explained their cautious approach, preferring to let reserves season before recognizing favorable development, noting Q1 releases were for 2020 and prior years.

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    Taylor Scott's questions to Hartford Insurance Group Inc (HIG) leadership • Q3 2024

    Question

    Taylor Scott from Barclays asked about property pricing dynamics, specifically why pricing in the small-to-mid market remains elevated while the larger property market is slowing. He also inquired about underlying trends for the upcoming Q4 asbestos and environmental (A&E) reserve review.

    Answer

    CEO Christopher Swift explained that property pricing in their core SME space actually accelerated during the quarter, in contrast to trends in larger markets. Executive Adin Tooker added they are monitoring the impact of recent storms and reinsurance renewals. Regarding the A&E review, both Swift and CFO Beth Bombara declined to speculate on the outcome, stating the study must be completed first.

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    Taylor Scott's questions to Renaissancere Holdings Ltd (RNR) leadership

    Taylor Scott's questions to Renaissancere Holdings Ltd (RNR) leadership • Q1 2025

    Question

    Taylor Scott asked for insight into the company's capital position and capacity for growth, and inquired about the opportunity in the mortgage business, which appeared to grow during the quarter.

    Answer

    CEO Kevin O'Donnell and CFO Bob Qutub affirmed that the company feels unconstrained by its capital and liquidity position, with strong earnings generation supporting both business growth and share repurchases. On the mortgage business, Kevin O'Donnell clarified that the premium increase was due to reporting noise and that the actual strategy has been to reduce exposure and make the book more resilient to a potential recession.

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    Taylor Scott's questions to Brown & Brown Inc (BRO) leadership

    Taylor Scott's questions to Brown & Brown Inc (BRO) leadership • Q1 2025

    Question

    Taylor Scott, on for Alex Scott, asked about the divergence in pricing trends between the large-account market and the small-to-medium enterprise (SME) market, and how Brown & Brown is exposed to these trends.

    Answer

    Executive J. Powell Brown explained that Brown & Brown is primarily a middle and upper-middle market firm. He noted that the largest accounts are the most price-competitive and historically less profitable for carriers, whereas the SME and middle market have been more profitable with better performance. He also highlighted a key difference in revenue models: large accounts are often on fees, insulating revenue from rate changes, while middle-market accounts are typically on commissions, which are directly impacted by premium fluctuations.

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    Taylor Scott's questions to Brown & Brown Inc (BRO) leadership • Q4 2024

    Question

    Taylor Scott from Barclays requested commentary on the M&A environment, particularly for larger private equity-backed companies, and the company's appetite for large-scale deals. He also asked about the geographic exposure of the lender-placed business.

    Answer

    J. Powell Brown, an executive, reaffirmed his view of ongoing industry consolidation, noting that the company prioritizes cultural fit and financial sense in all deals. He stated that Brown & Brown has managed its balance sheet conservatively to be prepared for an acquisition of any size if the right opportunity arises. He also clarified that the lender-placed business has exposure across the entire United States.

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    Taylor Scott's questions to Travelers Companies Inc (TRV) leadership

    Taylor Scott's questions to Travelers Companies Inc (TRV) leadership • Q1 2025

    Question

    Taylor Scott of Barclays asked about the drivers behind the strong net written premium growth in the international insurance business and sought to understand the slight premium decline in the middle market segment.

    Answer

    Greg Toczydlowski, President of Business Insurance, attributed the international growth to a strong Fidelis relationship and a robust quarter at Lloyd's. For the middle market, he explained the premium decline was primarily driven by the new casualty reinsurance treaty, which has a disproportionate impact on that segment due to its product mix. Alan Schnitzer, CEO, added that underlying production metrics in middle market remain very healthy.

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    Taylor Scott's questions to F&G Annuities & Life Inc (FG) leadership

    Taylor Scott's questions to F&G Annuities & Life Inc (FG) leadership • Q4 2024

    Question

    Taylor Scott of Barclays sought to understand the quantitative impact of elevated surrenders on the crediting rate to better analyze spread trends. He also asked about the market dynamics making funding agreement-backed notes (FABNs) attractive and the scale of the opportunity for F&G.

    Answer

    CFO Wendy Young stated that surrenders are expected to remain elevated in the current rate environment but did not disclose the specific financial impact on crediting rates. CEO Christopher Blunt added that while it creates near-term noise, it is value-accretive long-term. Regarding FABNs, Young explained that F&G is opportunistic, as its cost of funds is influenced by its credit rating relative to higher-rated peers. Blunt elaborated on F&G's capital allocation pecking order, prioritizing high-return FIA and PRT business over more opportunistic channels like FABNs.

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    Taylor Scott's questions to Reinsurance Group of America Inc (RGA) leadership

    Taylor Scott's questions to Reinsurance Group of America Inc (RGA) leadership • Q4 2024

    Question

    Taylor Scott followed up on the run rate assumptions, asking if the projected capital deployment assumes a drawdown of the $1.7 billion in deployable capital. He also inquired if the company's capital model, which credits diversification, could lower the required capital for longevity-based deals.

    Answer

    Chief Financial Officer Axel Philippe Andre confirmed that funding the pipeline starts with the deployable capital, which includes sources like retained earnings, third-party capital from Ruby Re, and embedded value securitizations. He noted that while longevity risk provides a diversification benefit, particularly in their internal model, the company's capital approach has been consistent and has not fundamentally changed.

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    Taylor Scott's questions to Reinsurance Group of America Inc (RGA) leadership • Q3 2024

    Question

    Taylor Scott, also known as Alex Scott, asked about the economics of the Ruby Re sidecar and its expected P&L impact. He also inquired about the potential size of the reinsurance opportunity in Japan driven by the new ESR regulatory regime.

    Answer

    CFO Axel Andre explained that Ruby Re generates fee streams from origination, administration, and asset management. President and CEO Tony Cheng added that the strategic goal is to establish a channel for future third-party capital. Regarding Japan, Tony Cheng noted the opportunity is in its early stages as companies adapt, suggesting a sustained, long-term opportunity as deals are often done in tranches over several years.

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    Taylor Scott's questions to Principal Financial Group Inc (PFG) leadership

    Taylor Scott's questions to Principal Financial Group Inc (PFG) leadership • Q4 2024

    Question

    Taylor Scott of Barclays inquired about the drivers behind the strong capital return outlook, asking if it stems from drawing down excess capital or improving free cash flow conversion. He also asked about competitive pressures on RIS fees, given the record-high margins for PFG and its peers.

    Answer

    CEO Deanna Strable and Interim CFO Joel Pitz clarified that the outsized 2025 share buyback plan is a product of a strong starting excess capital position, though lower than the prior year, combined with strong free cash flow generation. President of Retirement and Income Solutions Christopher Littlefield addressed the competitive landscape, stating that while the market is always competitive, PFG is not seeing unusual fee pressure and expects to manage the typical 2-3 basis points of compression while improving margins due to scale and complexity management.

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    Taylor Scott's questions to Prudential Financial Inc (PRU) leadership

    Taylor Scott's questions to Prudential Financial Inc (PRU) leadership • Q4 2024

    Question

    Taylor Scott asked for the drivers behind PGIM's expected low-double-digit earnings growth, given a mid-single-digit revenue forecast, implying significant margin expansion. He also inquired about the calculation and bottom-line impact of the new insurance expense ratio target.

    Answer

    Andy Sullivan, Head of PGIM, outlined a clear path to a 30% margin for the asset manager, driven by an improving fixed income and real estate cycle, traction in growth areas like private credit, and continued expense discipline. CFO Yanela Frias explained that the company will begin providing more detail to calculate the expense ratio and expects efficiencies from growth and transformation investments to drive the ratio down over time.

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    Taylor Scott's questions to Arthur J. Gallagher & Co. (AJG) leadership

    Taylor Scott's questions to Arthur J. Gallagher & Co. (AJG) leadership • Q3 2024

    Question

    Taylor Scott asked if strong reinsurance and wholesale growth implied slower core retail growth, and sought more color on the drivers of robust reinsurance growth despite flat pricing.

    Answer

    CFO Douglas Howell clarified that slower-growing lines like benefits (around 5%) and actuarial services balance out the faster-growing areas, so there is no systemic underperformance in retail. Executive J. Gallagher explained that reinsurance growth is driven by very strong client demand for consulting expertise, increased utilization, and strong primary-level growth flowing upwards.

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