Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

American International Group / Equity Bottom-Up

<ul><li>American International Group Inc. (AIG) reported a solid performance for the first quarter of 2024, showing significant improvements.</li><li>Peter Zaffino, the company's Chairman and CEO, remarked on the steady growth witnessed this year, with the report indicating a 9% year-on-year increase in adjusted after-tax income, seeing it to $1.2 billion or $1.77 per diluted common share.</li><li>Some key factors driving this growth include the expansion of AIG's operations, particularly via its General Insurance underwriting segment, which experienced a 19% year-over-year increase, translating to underwriting income of $596 million in Q1 2024.</li></ul>

American International Group Inc. (AIG) reported a solid performance for the first quarter of 2024, showing significant improvements.Peter Zaffino, the company's Chairman and CEO, remarked on the steady growth witnessed this year, with the report indicating a 9% year-on-year increase in adjusted after-tax income, seeing it to $1.2 billion or $1.77 per diluted common share.Some key factors driving this growth include the expansion of AIG's operations, particularly via its General Insurance underwriting segment, which experienced a 19% year-over-year increase, translating to underwriting income of $596 million in Q1 2024.

American International Group (AIG): What Has Been Their Path to Value Creation Post-Financial Crisis? - Major Drivers

<ul><li>American Airlines Group reported an adjusted net loss of $226 million for the first quarter of 2024, with revenues reaching $12.6 billion, a record high for a first quarter.</li><li>Despite a surge in fuel expenses during the quarter which was around $100 million higher than initially anticipated, the company remains on track with its full year EPS guidance.</li><li>American Airlines benefits from robust business travel, especially from small and medium-sized enterprises.</li></ul>

American Airlines Group reported an adjusted net loss of $226 million for the first quarter of 2024, with revenues reaching $12.6 billion, a record high for a first quarter.Despite a surge in fuel expenses during the quarter which was around $100 million higher than initially anticipated, the company remains on track with its full year EPS guidance.American Airlines benefits from robust business travel, especially from small and medium-sized enterprises.

American Airlines: How Are They Strengthening Their Footprint In Latin American & Beyond! - Major Drivers

<ul><li>The American Airlines Group reported adjusted pretax profit of $257 million for the fourth quarter and approximately $2.5 billion for the full year 2023.</li><li>This result was driven by the strength of the network, demand for products, and execution by the team.</li><li>Positive indications from the group include historically strong operation with the production of record free cash flow and a strengthened balance sheet through debt reduction.</li></ul>

The American Airlines Group reported adjusted pretax profit of $257 million for the fourth quarter and approximately $2.5 billion for the full year 2023.This result was driven by the strength of the network, demand for products, and execution by the team.Positive indications from the group include historically strong operation with the production of record free cash flow and a strengthened balance sheet through debt reduction.

American Airlines: Corporate Recovery and Shift to Internet-based Channels! - Major Drivers

<ul><li>American Airlines Group delivered mixed results for the previous quarter, with revenues below the analyst consensus.</li><li>The financial results for the third quarter showcased high revenues of approximately $13.5 billion, driven by a resilient demand environment and significant travel rewards program revenue.</li><li>American Airlines experienced steady domestic demand, with international demand fueling revenue growth, particularly in the Atlantic, Caribbean, and Central America regions.</li></ul>

American Airlines Group delivered mixed results for the previous quarter, with revenues below the analyst consensus.The financial results for the third quarter showcased high revenues of approximately $13.5 billion, driven by a resilient demand environment and significant travel rewards program revenue.American Airlines experienced steady domestic demand, with international demand fueling revenue growth, particularly in the Atlantic, Caribbean, and Central America regions.

American Airlines Group: Additions of New Routes & Other Major Drivers

<ul><li>AIG delivered mixed results for the previous quarter, with revenues well below analyst expectations, but managed an earnings beat.</li><li>In the third quarter, AIG continued to achieve remarkable results, demonstrating significant progress in strategic, operational, and financial objectives across the organization.</li><li>They had adjusted after-tax income of $1.2 billion, a 92% YoY increase, and consolidated net investment income reaching $3.3 billion, a 29% YoY increase.</li></ul>

AIG delivered mixed results for the previous quarter, with revenues well below analyst expectations, but managed an earnings beat.In the third quarter, AIG continued to achieve remarkable results, demonstrating significant progress in strategic, operational, and financial objectives across the organization.They had adjusted after-tax income of $1.2 billion, a 92% YoY increase, and consolidated net investment income reaching $3.3 billion, a 29% YoY increase.

American International Group (AIG): Acquisition of UK Protection Business & Other Major Drivers

United States

Arch Capital Group Ltd. is a Bermuda-based insurance and financial services company that provides reinsurance and insurance products on a worldwide basis.

MetLife, Inc. provides individual insurance, employee benefits and financial services with operations throughout the United States and the regions of Latin America, Europe, and Asia Pacific. The Company's products include life insurance, annuities, automobile and homeowners insurance, retail banking and other financial services to individuals as well as group insurance.

Arthur J. Gallagher & Co. and its subsidiaries provide insurance brokerage, risk management, employee benefit, and other related services to clients in the United States and abroad. The Company's principal activity is the negotiation and placement of insurance for its clients. Gallagher also specializes in furnishing risk management services.

Aon PLC is a professional services provider. The Company is comprised of risk and insurance brokerage consulting. Aon's services include helping manage risk for clients, negotiating and placing insurance risk with other carriers, and advising clients related to health and benefits, retirement, compensation, strategic human capital, and human resource outsourcing.

The Travelers Companies, Inc. provides commercial and personal property and casualty insurance products and services to businesses, government units, associations, and individuals.

Prudential Financial, Inc. provides financial services throughout the United States and several locations worldwide. The Company offers a variety of products and services, including life insurance, mutual funds, annuities, pension, and retirement related services, as well as administration and asset management.

Aflac, Inc. is a general business holding company. The Company, through its subsidiaries, provides supplemental insurance to individuals in the United States and Japan.  Aflac's products include accident/disability plans, cancer expense plans, short-term disability plans, sickness and hospital indemnity plans, hospital intensive care plans, and fixed-benefit dental plans.

The Allstate Corporation, through its subsidiaries, provides property-liability insurance, as well as other types of insurance in the United States and Canada. The Company primarily sells private passenger automobile and homeowners insurance through independent and specialized brokers. Allstate also sells life insurance, annuity, and group pension products through agents.

The Hartford Financial Services Group, Inc. provides a range of insurance products.  The Company's products include property and casualty insurance, group benefits and mutual funds.  Hartford Financial is based and operates in the U.S.

Erie Indemnity Company is the management company for the Erie Insurance Exchange. The Company is also involved in the property and casualty insurance business through its wholly-owned subsidiaries and through its management of Flagship City Insurance Company. Erie Indemnity sells auto, home, life and business insurance in the United States.

MS&AD Insurance Group Holdings, Inc. is a holding company established through reorganization of Mitsui Sumitomo Insurance Company, Limited.  The Group writes marine, fire, casualty, automobile, life, and allied insurance policies. MS&AD Insurance Group also operates financial services and agencies.

China Life Insurance Company Ltd. offers a wide range of life, accident, and health insurance products and services.

China Pacific Insurance (Group) Company, Ltd. is an integrated insurance services provider. The Company offers life and property insurance products through its subsidiaries.

Cathay Financial Holding Co., Ltd. is a holding company.  Through its subsidiaries, the Company provides traditional life, health care, and accident insurances, as well as banking, security underwriting, and brokerage services.

Assicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance throughout the world.  The Company offers life, health, accident, automobile, marine, aviation, transport, fire, general liability, and credit insurance and reinsurance.

Hannover Rueck SE provides reinsurance services.  The Company offers life, health, accident, damage, property, and high risk specialty reinsurance.

Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial services. The Company offers reinsurance, insurance, and asset management services. MunichRe has subsidiaries in most major financial centers throughout the world.

Swiss Re AG offers reinsurance, insurance and insurance linked financial market products. The Company offers automobile, liability, accident, engineering, marine, aviation, life, and health insurance. Swiss Re also manages fixed-income and equity investments for itself and other insurance companies.

Sun Life Financial Inc. is an international financial services organization providing a diverse range of wealth accumulation and protection products and services.  The Company provides insurance, mutual funds, annuities, pensions, investment management, trust services, and banking services.  Sun Life serves individuals and corporate customers worldwide.

Great-West Lifeco Inc. is a financial services holding company with interests in the life insurance, health insurance, investment and retirement savings, and reinsurance businesses.  The Company serves the financial security needs of people in Canada and the United States.

American International Group, Inc. is an international insurance organization serving commercial, institutional and individual customers. AIG provides property-casualty insurance, life insurance and retirement services.

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American International Group (AIG US)

American International Group (AIG): What Has Been Their Path to Value Creation Post-Financial Crisis? - Major Drivers

American International Group Inc. (AIG) reported a solid performance for the first quarter of 2024, showing significant improvements. Peter...

Baptista Research

American Airlines: How Are They Strengthening Their Footprint In Latin American & Beyond! - Major Drivers

American Airlines Group reported an adjusted net loss of $226 million for the first quarter of 2024, with revenues reaching $12.6 billion, a...

Baptista Research

American Airlines: Corporate Recovery and Shift to Internet-based Channels! - Major Drivers

The American Airlines Group reported adjusted pretax profit of $257 million for the fourth quarter and approximately $2.5 billion for the full...

Baptista Research

American Airlines Group: Additions of New Routes & Other Major Drivers

American Airlines Group delivered mixed results for the previous quarter, with revenues below the analyst consensus. The financial results for the...

Baptista Research

American International Group (AIG): Acquisition of UK Protection Business & Other Major Drivers

AIG delivered mixed results for the previous quarter, with revenues well below analyst expectations, but managed an earnings beat. In the third...

Baptista Research

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