O’Neil Financial Sector Weekly

Steadfast Group (SDF.AU) – $3.5B market cap – is the largest general insurance broker network and the largest group of
insurance underwriting agencies in Australasia. Steadfast Group is focused on the intermediated general insurance market, with a
primary focus on SME. Its network has 434 general insurance brokerages in Australasia. Brokers in the network have access to
over 160 products and services, which supports its business and allow it to focus on its clients’ insurance and risk management
needs. In 2021, Steadfast network brokers and underwriting agencies generated billings of more than AUD 10B. Steadfast Group
also has an equity stake in unisonSteadfast, a global general insurance broker network with 272 brokers in 140 countries. The
company’s underwriting agencies’ GWP has increased from AUD 385M in FY15 to AUD1,480M in FY21, translating into a CAGR of
25%. H1 FY22 results: Revenue increased 19.0% y/y, while underlying EBITA grew 22.7% y/y. Underlying NPAT was up 26.4% y/y.
The company also announced an interim dividend of 5.2 cents per share, up 18.2% y/y.

O’Neil Financial Sector Weekly

Zurich Insurance Group (ZURN.CH) – market cap $68.9B – offers a wide range of property and casualty and life insurance products
and services. Its customers include individuals, small businesses, mid-sized and large companies, and multinational corporations. For
the three months ended March, the company reported P&C premium growth of 8% y/y while life annual premium equivalent was up 14%
y/y. For FY21, the group’s business operating profit rose 35% y/y to $5.7B, while ROE was 14%, in line with the company’s long-term
target. EPS had a three-year CAGR of 7.3%, above the company’s target of 5%. Technical setup: The stock is breaking out of a stageone flat base and is near its all-time high. It has an RS Rating of 93, an A/D Rating of B-, and Up/Down Volume ratio of 1.5. Click here for
the chart

O’Neil Financial Sector Weekly

QBE Insurance Group (QBE.AU; QBE AU) – $13B market cap – is one of the world’s top 20 insurance and reinsurance
companies, located in 37 countries. It underwrites general insurance and reinsurance risks and also provides investment
management. It operates through the following segments: North America (34% of 2021 GWP), International (38%), and Australia
Pacific (28%). Key takeaways from Q1 update: (i) Strong GWP growth: GWP grew 19% y/y (+22% on constant currency