asbe
Insurers and reinsurers dominated the U.S. financial stocks that climbed the most in an earnings-heavy week, while the biggest decliners consisted of two Chinese fintechs, two mortgage-related stocks, and a pet insurer.
For the financials sector as a whole, the week ended Feb. 10 was more or less a wash. The Financial Select Sector SPDR ETF (XLF) ended the week at $36.49, only $0.10 below the closing price of $36.59 on Feb. 3.
Everest Re Group (NYSE:RE) shares climbed 11% in the week that it reported growth in Q4 GAAP EPS, net investment income, and premiums earned, while its combined ration improved by 4.1 percentage points Y/Y. In addition, its CEO said the company expects reinsurance pricing momentum to continue in 2023.
F&G Annuities & Life (NYSE:FG) gained 9.5%;
Cincinnati Financial (NASDAQ:CINF) rose 8.7% even though its Q4 earnings just missed the Wall Street consensus;
Voya Financial (NYSE:VOYA) stock increased 8.7% as Q4 earnings beat the consensus; and
Reinsurance Group of America (NYSE:RGA) advanced 6.7%.
In the decliners column, Chinese fintech Lufax Holding (NYSE:LU) fell the most at 14%.
Rocket Companies (NYSE:RKT), known for its Rocket Mortgages business, also sank 14% for the week. On Thursday, long-term mortgage rates rose ahead of the Spring home-buying season.
Hong Kong-based Futu Holdings (NASDAQ:FUTU) dropped 12%;
UWM Holdings (NYSE:UWMC), known as United Wholesale Mortgage, also got stung by higher mortgage rates and slid 12%.
Pet insurer Trupanion (NASDAQ:TRUP) also fell 12%.
SA contributor Geoffrey Seiler took a look at the headwinds Trupanion faces.