Daily Briefs

• W.R. Berkley Corporation concluded 2024 with record-breaking financial performance in both revenue and profit metrics.
• The key highlights from the earnings discussion reveal that the company achieved a remarkable return on equity of 23.6% for the year, with operating return on equity at 22.4%.
• The fourth quarter operating earnings increased by 15.5% to $453 million, translating to $1.13 per share, highlighting strong overall business performance.

• Primerica, Incorporated had a compelling fourth quarter in 2024, showcased by growth across key performance metrics.
• The company recorded an 11% increase in adjusted net operating income compared to the previous year, while adjusted operating income per share rose by 17%.
• For the entire year, these figures reflected a 14% and 20% increase, respectively.

• Waypoint REIT (WPR AU) will be deleted from the Vaneck Vectors Australian Property ETF (MVA AU) next week. There are float changes and capping changes too.
• Estimated one-way turnover is 4.3% and will result in a round-trip trade of A$49m. There are 3 stocks with over 0.5x ADV to trade from passive trackers.
• We had Waypoint REIT (WPR AU) as a delete in December, but the stock was not deleted from the index. We had it as a close delete this time.

• Enact Holdings reported a robust financial performance for 2024, driven by strong credit fundamentals and strategic execution despite facing external challenges.
• The company achieved a record adjusted operating income of $718 million for the year, a 9% increase from the previous year, translating to $4.56 per diluted share.
• Their adjusted return on equity stood at 15%, while the adjusted book value per share increased by 12% to $34.16.

The Law Debenture Corporation (LWDB) has a long-term record of outperformance versus its broad UK equity market benchmark and peers, while delivering above-average DPS growth. This continued in FY24, with the trust’s unique combination of a UK investment trust and a cash-generative professional services operating business (IPS) continuing to generate strong results. The 2024 share price total return of 15.9% was 6.4pp ahead of the benchmark, professional services underlying PBIT grew 6.4% and DPS increased by 4.7%.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: New World Development
• In the US, the February final demand PPI came in lower than expected at 0.0% m-o-m (0.3% e / 0.6% revised p) and 3.2% y-o-y (3.3% e / 3.7% revised p). PPI excluding food and energy fell 0.1% m-o-m, but was up 3.4% y-o-y (3.5% e / 3.8% revised p).
• The PPI was weighed down by a 1% decline in trade services. That said, categories that go into the PCE price index (the Fed’s preferred measure of inflation) were largely firmer, which could contribute to a high PCE print (vs. the CPI) later this month.

• American Financial Group (AFG) concluded a successful 2024 with substantial financial performance, despite some industry-related challenges.
• The company’s core net operating earnings per share were $10.75 for the year, translating to an impressive core operating return on equity (ROE) of 19.3%.
• These results stem from a diversified specialty insurance portfolio, effective capital management, and strategic investments, which helped AFG outperform many of its peers.

• Prudential Financial Inc. (PRU) recently held its quarterly earnings conference call, where they outlined their performance and strategic direction for 2024.
• The results indicated both progress and challenges as the company strives to transform into a more capital-efficient and growth-oriented enterprise.
• During the call, management announced leadership changes with Andy Sullivan stepping in as the new CEO and Caroline Feeney taking on an expanded role.

• Radian Group’s financial performance for the fourth quarter and full year 2024 illustrates a balanced execution of strategies aimed at maintaining operational efficiency and supporting shareholder value.
• The company reported net income of $604 million for the year, achieving a return on equity of 13.4%.
• This reflects robust operational outcomes supported by a high-quality mortgage insurance portfolio and effective capital management.

OUTsurance released H125 results on 14 March 2025, delivering 52% normalised EPS growth and return on equity (RoE) of 30.8%. South Africa (SA) property & casualty (P&C) delivered 32% earnings and 9% premium growth, while Youi (Australia) recorded 154% earnings and 22% premium growth. SA Life delivered 225% profit growth, while its Irish start-up made losses of ZAR246m (up 289%). Net asset value (NAV) per share was 870ZAc (large dividend payments over the period). It declared an interim dividend of 88.6c/share (up 44.8%). OUTsurance trades at a price to NAV of 7.5x, which is the highest level seen since its unbundling and superior to its peers.