Sign in

    Wes Carmichael • Autonomous Research

    Wes Carmichael's questions to Brighthouse Financial Inc (BHF) leadership

    Wes Carmichael's questions to Brighthouse Financial Inc (BHF) leadership • Q2 2025

    Question

    Wes Carmichael of Autonomous Research asked about the expected timing for providing updated long-term free cash flow projections. He also requested more detail on the heightened claim severity experienced in the life and runoff segments during the quarter.

    Answer

    Executive VP & CFO Edward Spehar stated that an outlook for future results is unlikely to be provided in 2025, as the company needs to first complete its ongoing strategic initiatives. Regarding mortality, Spehar noted that claim severity was about 18% higher than normal, with the impact being roughly two-thirds in the Life segment and one-third in the Run-off segment, reiterating that mortality fluctuates quarterly.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to MetLife Inc (MET) leadership

    Wes Carmichael's questions to MetLife Inc (MET) leadership • Q2 2025

    Question

    Wes Carmichael asked for more detail on surrender activity in Japan amid a strengthening yen and inquired about the outlook for MetLife's Funding Agreement Backed Note (FABN) business.

    Answer

    Lyndon Oliver, Regional President - Asia, noted that lower surrenders in Japan create a short-term earnings headwind but are a long-term positive for AUM growth, and that higher yen interest rates are a net positive for the business. Ramy Tadros, Regional President - U.S. Business, described the FABN program as well-established and stable, welcoming overall market growth as it attracts more investors and solidifies the asset class.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to MetLife Inc (MET) leadership • Q2 2025

    Question

    Wes Carmichael of Autonomous Research asked for details on surrender activity in Japan amid a strengthening yen and the impact of higher JGB yields. He also inquired about the outlook for the Funding Agreement Backed Note (FABN) business.

    Answer

    Lyndon Oliver, Regional President - Asia, noted that lower surrenders created a short-term earnings headwind but are now back in line with expectations, and higher yen rates are a net positive, improving the economics of yen-denominated products. Ramy Tadros, Regional President - U.S. Business, described MetLife's FABN program as well-established and views the overall market growth as a net positive that attracts more investors and solidifies the asset class.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to Voya Financial Inc (VOYA) leadership

    Wes Carmichael's questions to Voya Financial Inc (VOYA) leadership • Q2 2025

    Question

    Wes Carmichael of Autonomous Research asked for an update on the $50 million strategic spend in Employee Benefits, its progress, and the expected expense timing. He also followed up on the potential for additional retirement roll-up acquisitions.

    Answer

    EVP & CFO Michael Katz confirmed the ~$50 million investment in leave management capabilities is on track, with spending modestly weighted to the second half of 2025. CEO - Workplace Solutions Jay Kaduson added that the market response is positive, with cases already sold for a 1/1/2026 launch. On M&A, CEO & Director Heather Lavallee stated that Voya will be opportunistic but disciplined regarding retirement roll-ups, maintaining a high bar for capital deployment.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to Aflac Inc (AFL) leadership

    Wes Carmichael's questions to Aflac Inc (AFL) leadership • Q2 2025

    Question

    Wes Carmichael requested more color on the Undertaking Specific Parameter (USP) adjustment to the ESR and the timeline for internal model approval. He also asked about the impact of the changing macro environment in Japan on the appetite for selling first-sector savings products.

    Answer

    An unnamed executive explained the USP adds about 30 points to the ESR and is expected to be approved by March 31, 2026, while full internal model approval is some time away. The executive also noted that higher long-end yen yields are beneficial for their long-duration savings products. Masatoshi Kuide of Aflac Japan added that while market volatility may increase interest in stable products like Sumitas, it could also increase competition, and they are prepared to revise premium rates in an agile manner.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to Aflac Inc (AFL) leadership • Q2 2025

    Question

    Wes Carmichael of Autonomous Research requested more detail on the ESR's undertaking-specific parameter (USP) adjustment and its approval timeline. He also asked if the changing macroeconomic environment in Japan was affecting Aflac's appetite for selling first-sector savings products.

    Answer

    CFO Max Brodén stated that Aflac expects the USP adjustment to be approved by March 31, 2026, and that full internal model approval is likely some time away. On savings products, Brodén noted that higher long-term yen yields are beneficial and create a competitive advantage. An Aflac Japan executive added that while market volatility may increase demand for stable products like Sumitas, it also increases competition.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to Reinsurance Group of America Inc (RGA) leadership

    Wes Carmichael's questions to Reinsurance Group of America Inc (RGA) leadership • Q2 2025

    Question

    Wes Carmichael from Autonomous Research asked if recent class action lawsuits in the PRT market are a hurdle to the expected pickup in jumbo activity. He also questioned if extra steps, like securitizations, are needed to deploy the newly recognized capital into a very large transaction.

    Answer

    President & CEO Tony Cheng acknowledged a recent market lull but expressed optimism, citing 'green shoots' in RGA's jumbo PRT pipeline. EVP & CFO Axel André clarified that the deployable capital is real and available to be put to work directly from excess capital held in their legal entities without requiring additional steps.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to Lincoln National Corp (LNC) leadership

    Wes Carmichael's questions to Lincoln National Corp (LNC) leadership • Q2 2025

    Question

    Wes Carmichael of Autonomous Research asked about the drivers behind the $104 million GAAP remeasurement gain in the Group business and its potential run-rate impact. He also requested more color on the strong sales pipeline in Retirement Plan Services (RPS) for the second half of the year and the outlook for run-rate earnings.

    Answer

    CFO Chris Nezepore explained the GAAP remeasurement gain is an expected result of favorable disability trends tracking better than long-term reserve assumptions. For RPS, CEO Ellen Cooper highlighted a 50% YoY increase in first-year sales, driven by a new stable value product, and confirmed a healthy sales pipeline for H2. Nezepore added that while stable value outflows have been a headwind, they moderated in the quarter, and the business continues to show underlying growth and expense discipline.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to Arch Capital Group Ltd (ACGL) leadership

    Wes Carmichael's questions to Arch Capital Group Ltd (ACGL) leadership • Q2 2025

    Question

    Wes Carmichael asked about the apparent return of aggregate treaties during mid-year renewals and Arch's appetite for writing that business.

    Answer

    CEO Nicolas Papadopoulo stated that Arch has not seen a material comeback of aggregate treaties. He noted that while the company has always written a very small portion of this business, its teams have not seen or supported a significant return of these structures in the market.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to Principal Financial Group Inc (PFG) leadership

    Wes Carmichael's questions to Principal Financial Group Inc (PFG) leadership • Q2 2025

    Question

    Wes Carmichael from Autonomous Research questioned the drivers behind the higher-than-expected performance fees in Investment Management and whether the full-year outlook remains in line with 2024. He also requested an update on the target date fund with an in-plan guarantee.

    Answer

    Kamal Bhatia, President & CEO of Principal Asset Management, stated that Q2 performance fees were driven by alternative debt strategies, diversifying from historical real estate equity drivers, and affirmed the full-year outlook is similar to 2024. Christopher Littlefield, President of Retirement & Income Solutions, confirmed the new target date product was launched but said it is in the 'very early innings' of client adoption.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to Hartford Insurance Group Inc (HIG) leadership

    Wes Carmichael's questions to Hartford Insurance Group Inc (HIG) leadership • Q2 2025

    Question

    Wes Carmichael of Autonomous Research followed up on the Employee Benefits segment, asking if the company would sacrifice its high margins to drive growth in the life product. He also asked for an update on the potential impact of auto parts tariffs and whether the AARP relationship influences this exposure.

    Answer

    Chairman & CEO Christopher Swift and Head of Employee Benefits Mike Fish clarified they would not sacrifice margin for growth, as they price products with a long-term 6-7% margin view. On tariffs, Swift stated he feels more optimistic, believing any 2025 impact can be absorbed within current loss picks, especially given recent agreements with Japan and Europe.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to CNO Financial Group Inc (CNO) leadership

    Wes Carmichael's questions to CNO Financial Group Inc (CNO) leadership • Q2 2025

    Question

    Wes Carmichael of Autonomous Research followed up on Medicare Supplement, asking for details on repricing actions, and also questioned the competitive landscape for fixed annuities in the middle-income market.

    Answer

    CFO Paul McDonough stated that in response to a modest rise in claims, the company is filing for average rate increases of around 10% for its Medicare Supplement products, effective in Q1 of next year. CEO Gary Bhojwani addressed competition, noting that while the broader annuity market is competitive, most players target high-net-worth clients, leaving CNO's middle-market niche less contested.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to Renaissancere Holdings Ltd (RNR) leadership

    Wes Carmichael's questions to Renaissancere Holdings Ltd (RNR) leadership • Q2 2025

    Question

    Wes Carmichael of Autonomous Research asked for qualitative color on how RenaissanceRe's Florida cat exposure has changed post-renewals and what level of industry loss might be needed to recatalyze pricing in the property cat market.

    Answer

    President & CEO Kevin O'Donnell explained that the growth in Florida brought the company's Southeast wind market share, as a percentage of equity, back to pre-Validus acquisition levels. He also opined that given higher reinsurance attachment points, an industry loss would likely need to be larger than events like Hurricanes Helene or Milton to significantly move market pricing.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to W R Berkley Corp (WRB) leadership

    Wes Carmichael's questions to W R Berkley Corp (WRB) leadership • Q2 2025

    Question

    Wes Carmichael from Autonomous Research asked about potential repositioning of the investment portfolio and the company's current view on rate adequacy in the property market.

    Answer

    President & CEO W. Robert Berkley, Jr. stated the fixed income portfolio is well-positioned and duration might be extended further if the yield curve steepens. On property, he said rates are still in a good place, but the company is being highly selective and will walk away from business if pricing becomes inadequate.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to W R Berkley Corp (WRB) leadership • Q2 2025

    Question

    Wes Carmichael of Autonomous Research inquired about potential changes to the investment portfolio strategy and the company's view on rate adequacy in the large, shared, and layered property market.

    Answer

    President & CEO W. Robert Berkley, Jr. indicated the fixed income portfolio is well-positioned, with the potential to extend duration if the yield curve steepens. He described the large account property market as increasingly competitive, stating that while pricing is still generally adequate, the company is highly selective and prepared to walk away from underpriced risk.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to W R Berkley Corp (WRB) leadership • Q1 2025

    Question

    Wes Carmichael asked if business mix had a similar impact on the expense ratio as it did on the loss ratio. He also requested more color on growth drivers within the Insurance segment beyond the previously discussed workers' compensation line.

    Answer

    Principal Financial Officer Richard Baio and Executive W. Berkley confirmed that ceding commissions from quota shares can affect the expense ratio, but it was a less significant factor in the current quarter. W. Berkley added that growth in other insurance lines is a combination of achieving necessary rate increases in areas like auto, while also growing through new exposures where market conditions and rate adequacy are favorable.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to Travelers Companies Inc (TRV) leadership

    Wes Carmichael's questions to Travelers Companies Inc (TRV) leadership • Q2 2025

    Question

    Wes Carmichael asked about the sustainability of the strong 10% premium growth in the Business Insurance middle market. He also questioned if social inflation is as pronounced in middle and small accounts as it is for national accounts.

    Answer

    Greg Tislowski, President of Business Insurance, attributed the strong middle market growth to a combination of rate, exposure, high retention, and strong new business, without providing a forward-looking forecast. Chairman and CEO Alan Schnitzer stated that while social inflation is seen across the entire book, it is probably more pronounced in larger business with larger limits.

    Ask Fintool Equity Research AI

    Wes Carmichael's questions to Travelers Companies Inc (TRV) leadership • Q2 2025

    Question

    Wes Carmichael questioned the sustainability of the strong 10% premium growth in middle market Business Insurance. He also asked if social inflation's impact is as pronounced in smaller accounts as it is in national accounts.

    Answer

    Greg Tislowski, President of Business Insurance, attributed the strong middle market growth to a combination of strong rate, exposure change, near-record retention, and active underwriters. Chairman and CEO Alan Schnitzer noted that while social inflation is likely more pronounced in larger business with higher limits, it is a factor seen across the entire book.

    Ask Fintool Equity Research AI