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    Vikram Gandhi

    Research Analyst at HSBC

    Vikram Gandhi is Managing Director and Head of FIG DCM Solutions at HSBC, leading research and strategic advisory for major financial institutions including AIG and KKR. He has initiated coverage on prominent U.S. non-life insurers and financial groups, demonstrating strong sector expertise and contributing investment recommendations such as a Buy rating on AIG at an $86 price target. With a track record of analyzing top-tier companies and a visible presence in major analyst forums since at least 2023, Gandhi brings extensive experience in financial institution coverage. He is noted for his leadership within HSBC’s FIG debt capital markets division and holds senior credentials, though specific securities licenses and FINRA registrations are not publicly listed.

    Vikram Gandhi's questions to Brookfield Asset Management (BAM) leadership

    Vikram Gandhi's questions to Brookfield Asset Management (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 (CB) leadership

    Vikram Gandhi's questions to Chubb (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 (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 (TRV) leadership

    Vikram Gandhi's questions to TRAVELERS COMPANIES (TRV) leadership • Q2 2025

    Question

    Vikram Gandhi of HSBC asked if there were signs of moderation in cyber insurance rate reductions. He also inquired about the reason for the downward shift in the investment portfolio's credit rating mix from AAA to AA and its impact on capital models.

    Answer

    Jeff Klank, President of Bond & Specialty Insurance, described the cyber market as competitive but noted Travelers is taking a disciplined approach as they believe market pricing doesn't fully reflect the loss environment. CFO Dan Fry confirmed the ratings shift was driven by Moody's action on U.S. government credit and stated it is not a level of concern and does not have a significant impact on their internal capital model.

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    Vikram Gandhi's questions to TRAVELERS COMPANIES (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 TRAVELERS COMPANIES (TRV) leadership • Q2 2025

    Question

    Vikram Gandhi asked about the cyber insurance market, specifically if rate reductions are moderating. He also inquired about a notable ratings shift in the investment portfolio from AAA to AA and its impact on the company's internal capital model.

    Answer

    Jeff Klank, President of Bond and Specialty, described the cyber market as competitive but noted Travelers is maintaining pricing discipline as it believes the market is not fully reflecting the loss environment. CFO Dan Fry confirmed the investment rating shift was due to the Moody's action on U.S. government debt and stated it is not a concern and does not materially impact their capital requirements.

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

    Vikram Gandhi's questions to KKR & Co. (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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