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    Vikram Gandhi • HSBC

    Vikram Gandhi's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership

    Vikram Gandhi's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership • Q2 2025

    Question

    Vikram Gandhi from HSBC asked about the impact of recent legislative changes to renewable energy tax breaks on deployment and exits, and for context on comments that the private credit market is "overcrowded."

    Answer

    President Connor Teskey stated they can secure legacy tax credits for their advanced U.S. renewables pipeline, a situation that favors large, well-capitalized platforms. CFO Hadley Peer Marshall clarified the "overcrowded" comment applies to commoditized sponsored direct lending, not Brookfield's focus areas of asset-backed finance and opportunistic credit, where they see better returns.

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    Vikram Gandhi's questions to Chubb Ltd (CB) leadership

    Vikram Gandhi's questions to Chubb Ltd (CB) leadership • Q2 2025

    Question

    Vikram Gandhi of HSBC asked why investment income had been flat and what would drive future growth, and also inquired about the outlook for share buybacks.

    Answer

    EVP & CFO Peter Enns attributed the flat investment income to volatile private equity returns in prior quarters. He stated the guided increase for the next quarter is driven by the full benefit of strong operating cash flows being invested. On buybacks, Enns confirmed no change in policy; Chubb will flex repurchases based on market conditions and opportunities, highlighting the new $5 billion authorization.

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    Vikram Gandhi's questions to Chubb Ltd (CB) leadership • Q2 2025

    Question

    Vikram Gandhi of HSBC asked why investment income had been flat despite portfolio growth and inquired about the forward outlook for share buybacks given changes in the business mix.

    Answer

    EVP & CFO Peter Enns explained that prior quarters were impacted by volatile private equity income and that the forward guidance for growth reflects the full benefit of strong recent operating cash flows being invested. He also stated that the capital return policy is unchanged, with the new $5 billion authorization underscoring their flexibility to repurchase shares based on market conditions.

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    Vikram Gandhi's questions to Travelers Companies Inc (TRV) leadership

    Vikram Gandhi's questions to Travelers Companies Inc (TRV) leadership • Q2 2025

    Question

    Vikram Gandhi asked about the cyber insurance market, specifically regarding any moderation in rate reductions. He also inquired about a ratings mix shift in the investment portfolio from AAA to AA and its cause.

    Answer

    Jeff Klank, President of Bond and Specialty Insurance, described the cyber market as competitive and noted Travelers is taking a disciplined pricing approach as they believe market pricing doesn't fully reflect the loss environment. CFO Dan Fry confirmed the investment portfolio shift was driven by the Moody's downgrade of U.S. government credit and is not a concern.

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    Vikram Gandhi's questions to Travelers Companies Inc (TRV) leadership • Q2 2025

    Question

    Vikram Gandhi asked about the cyber insurance market, specifically regarding any moderation in rate reductions. He also inquired about a ratings mix shift in the investment portfolio from AAA to AA and its effect on the company's capital model.

    Answer

    Jeff Klank, President of Bond and Specialty Insurance, described the cyber market as competitive but noted Travelers remains disciplined as market pricing may not fully reflect the loss environment. CFO Dan Fry confirmed the investment portfolio shift was due to the Moody's action on U.S. debt and is not a concern or a significant factor for their internal capital model.

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    Vikram Gandhi's questions to KKR & Co Inc (KKR) leadership

    Vikram Gandhi's questions to KKR & Co Inc (KKR) leadership • Q4 2024

    Question

    Vikram Gandhi asked about the rationale for the capital injections into Global Atlantic (GA) and the expected earnings run rate for the insurance segment in 2025.

    Answer

    CFO Robert Lewin clarified that 2024 capital contributions included funding from the original transaction and in-kind asset transfers. He explained that GA is intentionally shifting to longer-dated, private assets with lower initial yields, which temporarily suppresses accounting P&L. He guided for insurance operating earnings to be 'plus or minus' the Q4 level for the next couple of quarters during this transition.

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