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    Wilma Burdis • Raymond James Financial

    Wilma Burdis's questions to Brighthouse Financial Inc (BHF) leadership

    Wilma Burdis's questions to Brighthouse Financial Inc (BHF) leadership • Q2 2025

    Question

    Wilma Burdis of Raymond James asked for clarification on whether recent hedging actions contributed to the modest increase in Total Adjusted Capital (TAC) in Q2. She also inquired about the company's appetite to continue its strong sales momentum.

    Answer

    Executive VP & CFO Edward Spehar clarified that the TAC increase was not due to hedging actions but rather a 'divergence' effect in the VA framework where reserves declined more than the total asset requirement in a strong market, muting the impact of the normalized statutory loss. President & CEO Eric Steigerwalt confirmed there are no changes to the company's new business strategy and that the third quarter was off to a nice start.

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    Wilma Burdis's questions to Brighthouse Financial Inc (BHF) leadership • Q1 2025

    Question

    Wilma Burdis requested more detail on the progress of hedging the legacy block and asked about the mechanics of the share repurchase program, noting the activity in April.

    Answer

    CFO Ed Spehar explained the stand-alone hedging approach for new business but declined to provide specifics on the legacy block strategy to protect the company's market position. CEO Eric Steigerwalt detailed the recent repurchase amounts ($59 million in Q1, $26 million through May 6) and reiterated that the company does not provide forward-looking guidance on buybacks.

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    Wilma Burdis's questions to Trupanion Inc (TRUP) leadership

    Wilma Burdis's questions to Trupanion Inc (TRUP) leadership • Q2 2025

    Question

    Wilma Burdis of Raymond James Financial asked for clarification on the $12 million 'other income' item that contributed to the significant net EPS beat. She also questioned how the company is thinking about future rate increases, given that margins are now at target but high inflation may persist.

    Answer

    CFO Fawwad Qureshi clarified that the income was a one-time gain from the exchange of preferred stock in their partner, Baystride, for intellectual property related to the food initiative. CEO Margi Tooth addressed the inflation question, noting a current deceleration trend. She explained that this trend is being factored into rate setting for 2026, which will lead to softer increases for members. However, as long as veterinary costs continue to rise, some level of rate increase will be necessary to honor the company's value proposition.

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    Wilma Burdis's questions to Primerica Inc (PRI) leadership

    Wilma Burdis's questions to Primerica Inc (PRI) leadership • Q2 2025

    Question

    Wilma Burdis of Raymond James Financial asked for the reasons behind the favorable expense results in Q2 and if there was a sustainable element to it. She also inquired about the company's efforts to grow its ISP-licensed sales force.

    Answer

    EVP & CFO Tracy Tan stated the lower expenses were mainly due to the timing of technology and infrastructure investments, which are expected to ramp up later in the year. CEO Glenn Williams noted that while growing the securities-licensed sales force is challenging, the company is seeing positive results from its efforts to provide resources and support for the licensing process.

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    Wilma Burdis's questions to Voya Financial Inc (VOYA) leadership

    Wilma Burdis's questions to Voya Financial Inc (VOYA) leadership • Q2 2025

    Question

    Wilma Burdis of Raymond James Financial sought more detail on the Blue Owl partnership, including how the offering works, future product plans, and potential for other alt-manager partnerships. She also asked about the fee structure and economic split for these products.

    Answer

    CEO - Voya Investment Management Matt Toms detailed that the Blue Owl partnership will focus on co-creating solutions, likely via CITs, that offer strong risk-adjusted returns net of fees for retirement plan participants. He noted that while Voya's platform is open, the primary focus is on building with Blue Owl. Regarding fees, Toms explained the model is akin to traditional active management, where the value proposition must justify the cost, and that the fee structure is still in development.

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    Wilma Burdis's questions to Equitable Holdings Inc (EQH) leadership

    Wilma Burdis's questions to Equitable Holdings Inc (EQH) leadership • Q2 2025

    Question

    Wilma Burdis of Raymond James asked if recent earnings noise was deal-related and if results would stabilize post-transaction. She also inquired about the FABN program and any potential drag from deploying proceeds.

    Answer

    CFO Robin Raju confirmed that with the RGA deal closing and reducing mortality volatility by 75%, results should become more stable and predictable. Regarding the FABN program, he stated that the in-house capabilities of AllianceBernstein allow for efficient deployment of proceeds, enabling them to achieve attractive IRRs above 15% without a drag.

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    Wilma Burdis's questions to Aflac Inc (AFL) leadership

    Wilma Burdis's questions to Aflac Inc (AFL) leadership • Q2 2025

    Question

    Wilma Burdis of Raymond James asked if the recent data breach impacted U.S. sales and whether Aflac's fixed-benefit product structure insulates it from rising cancer treatment costs, potentially increasing product attractiveness.

    Answer

    Virgil Miller, President of Aflac, confirmed the data breach had no material impact on operations or financials. An executive then explained that Aflac is exposed to the frequency of cancer diagnoses, not the severity or cost of treatment. CEO Daniel Amos added that Aflac continually updates its products to cover new treatments, which creates opportunities to sell additional coverage to existing clients.

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    Wilma Burdis's questions to Aflac Inc (AFL) leadership • Q2 2025

    Question

    Wilma Burdis asked if the data breach during the quarter caused any pause in U.S. sales. She also inquired whether Aflac is exposed to rising cancer treatment costs and if this could increase the attractiveness of its fixed-benefit products.

    Answer

    Virgil Miller, President of Aflac, stated there was no material operational or financial impact from the data breach. An unnamed executive confirmed that Aflac is primarily exposed to the frequency of diagnosis, not the severity or cost of treatment, due to the fixed-benefit nature of its products. Chairman & CEO Daniel Amos added that Aflac updates its products to cover new treatments, which helps drive additional sales to existing accounts.

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    Wilma Burdis's questions to Apollo Global Management Inc (APO) leadership

    Wilma Burdis's questions to Apollo Global Management Inc (APO) leadership • Q2 2025

    Question

    Wilma Burdis of Raymond James requested more detail on the 'other inflows' within Retirement Services, noting the mention of defined contribution plans, and asked about the outlook for this area.

    Answer

    CFO Martin Kelly identified the inflows as related to stable value products. CEO Marc Rowan elaborated on the broader strategy, emphasizing a push toward product innovation to create simpler, guaranteed lifetime income solutions. He described this as the 'Holy Grail' for the industry, aiming to eventually embed these options within 401(k) and other defined contribution structures.

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    Wilma Burdis's questions to Reinsurance Group of America Inc (RGA) leadership

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

    Question

    Wilma Burdis of Raymond James Financial asked if higher costs from advanced healthcare treatments could eventually be offset by savings in life insurance claims. She also inquired about RGA's confidence in its reserving for the remaining weakness in the excess healthcare business.

    Answer

    EVP & Global Chief Risk Officer Jonathan Porter and President & CEO Tony Cheng agreed with the premise, noting that medical advances support their diversification strategy and could benefit long-term mortality. Porter also affirmed confidence in their current reserves for earned premium, while Cheng reiterated that the block is short-term and will be repriced.

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    Wilma Burdis's questions to Ameriprise Financial Inc (AMP) leadership

    Wilma Burdis's questions to Ameriprise Financial Inc (AMP) leadership • Q2 2025

    Question

    Wilma Burdis asked for more detail on Ameriprise's forward-looking recruiting strategy and inquired about how clients are positioning their portfolios, particularly regarding annuities and their willingness to deploy cash.

    Answer

    Chairman & CEO James Cracchiolo stated that the recruiting pipeline has increased and their strategy focuses on the firm's total value proposition, not just large financial packages. He noted that clients are showing continued interest in structured annuities and variable annuities without living benefits, which Ameriprise is focused on providing as complementary retirement solutions.

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    Wilma Burdis's questions to Ameriprise Financial Inc (AMP) leadership • Q2 2025

    Question

    Wilma Burdis from Raymond James Financial asked for more details on Ameriprise's forward-looking recruiting strategy and how clients are positioning themselves, particularly regarding annuities and their willingness to deploy cash.

    Answer

    James Cracchiolo, Chairman & CEO, stated that the recruiting pipeline has increased, with a focus on the firm's total value proposition, including technology and support, rather than just large signing bonuses. He also noted that clients continue to show strong interest in structured and variable annuities without living benefits, driven by retirement and tax planning needs.

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    Wilma Burdis's questions to Prudential Financial Inc (PRU) leadership

    Wilma Burdis's questions to Prudential Financial Inc (PRU) leadership • Q4 2024

    Question

    Wilma Burdis asked about freeing capital from morbidity margins in Japan and why Prismic reinsured a recent block of business rather than a legacy one more punitive under ESR. She also asked if 2025 EPS growth would be at the low end of the 5-8% target range.

    Answer

    Vice Chairman Rob Falzon explained the reinsured block was a long-duration, dollar-denominated product that is strained under ESR, making it a perfect test case to build credibility for third-party deals. Head of International Businesses Andy Sullivan noted morbidity is within expectations. CFO Yanela Frias confirmed that due to near-term headwinds, 2025 results would likely reflect a greater impact from those headwinds than later years in the forecast period.

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    Wilma Burdis's questions to Principal Financial Group Inc (PFG) leadership

    Wilma Burdis's questions to Principal Financial Group Inc (PFG) leadership • Q3 2024

    Question

    Wilma Burdis of Raymond James asked for the drivers of Principal International's strong performance and its sustainability. She also requested an update on the capital generation outlook for the remainder of the year and into 2025.

    Answer

    CEO Dan Houston credited strong leadership and an improving macro environment in Asia. Interim CFO Joel Pitz detailed record earnings and AUM for the segment. President and COO Deanna Strable-Soethout addressed capital, expressing confidence in meeting the full-year 75%-85% free cash flow conversion target. She noted that strong Q3 generation kept capital levels stable despite significant shareholder returns and expects a strong Q4.

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