QMoat Research
Quality-investing analysis, company research and long-term investment insights in Financials.
S&P Global’s Capital IQ review could sharpen its focus on high-margin franchises—or weaken valuable customer connections. Strong earnings do not yet settle the strategic question.
Platinum customers kept spending after a steep fee increase. Amex must now turn that loyalty into stronger profits while containing benefits costs and cutting jobs without weakening service.
Travelers’ profitable underwriting franchise is intact, but reserve gains, investment income and buybacks drove much of the improvement. A valuation above twice adjusted book demands durable returns.
Record assets grab attention, but organic fees and operating leverage offer better evidence of BlackRock’s moat. Acquisition adjustments and volatile gains complicate the valuation of that growing franchise.
JPMorgan is retaining more capital despite strong profits. At nearly three times tangible book, shareholders need disciplined reinvestment and durable returns—not simply a larger banking franchise.
Insurify’s AI comparison app fuels fears of broker disruption. Here’s what’s truly at risk—and why Marsh, Aon and AJG may adapt and defend.
At its Investor Day in London on Friday, Swiss Re delivered a message that mixed confidence with caution: the reinsurance giant believes it has entered 2026 with one of the strongest portfolio positions in years, yet its leadership is visibly intent on avoiding the complacency that has tripped up the industry in past cycles.