-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：Chubb公佈的第一季營運每股收益為6.82美元，較去年同期的3.68美元成長85%，高於我們先前預測的6.60美元和市場普遍預期的6.61美元。淨已賺保費成長12.1%（以固定匯率計算成長9.5%），超過我們先前5%-8%的成長預期。同時，財產險和意外險綜合比率顯著改善，從95.7%降至84.0%，反映出本季巨災風險較低，且基礎綜合比率也從82.3%改善至82.1%。我們認為，近11%的淨已承保保費成長（處於同業範圍的高端）對股價構成支撐。管理層將業績描述為“優秀”，但指出金融險和財產險的定價仍然疲軟。我們預計4月22日的投資者電話會議將重點討論保險市場狀況以及與美國政府合作的戰爭風險承保計劃。我們認為，CB公司優異的承保獲利能力（比產業平均高出約10個百分點）以及強勁的保費成長，將為股價上漲提供催化劑。
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Petro Rabigh Emerges From Loss in Q1; Revenue Grows
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Research Alert: CFRA Keeps Buy Opinion On Shares Of The Hartford Insurance Group, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target price by $8 to $155, valuing HIG shares at 11.3x our 2026 operating EPS estimate of $13.75 (cut by $0.45) and at 10.6x our 2027 EPS estimate of $14.65 (cut by $0.30), vs. the shares' one-year average forward multiple of 10.3x and peer average of 13x. Q1 EPS of $3.09 vs. $2.20 a year ago missed our $3.60 estimate and $3.39 consensus view. Operating revenue growth of 6.2% was in line with our 6%-10% forecast, amid 5.3% earned premium growth, 13% higher net investment income, and 7.9% fee revenue growth. Q1 written premium growth of 4% and full-year 2025 growth of 7% bode well for 2026 revenue trends as premiums are earned. Underwriting results improved significantly, with Personal Lines combined ratio improving to 87.7% from 106.1% and underlying combined ratio to 85.0% from 89.7%. Business Insurance combined ratio was stable at 94.8%. Weighing the Q1 EPS miss with HIG's decent top-line growth and discounted valuation to peers, we view the shares as undervalued.
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