# Insurance Brokers — company-by-company sector analysis

> Insurance Brokers: Aon plc owns the largest revenue base; Ethos Technologies Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Insurance Brokers has underperformed S&P 500 by 27.7% over 52 weeks and 20.4% over 13 weeks. 4 of 13 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 13 beat the sector itself. Aon plc leads with income of $17,486 million, based on 12 of 15 comparable companies through Mar 2026.

### Is the Insurance Brokers sector outperforming S&P 500?

Insurance Brokers has underperformed S&P 500 by 27.7% over 52 weeks and 20.4% over 13 weeks. 4 of 13 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 13 beat the sector itself.

### Which Insurance Brokers company is largest by income?

Aon plc leads with income of $17,486 million, based on 12 of 15 comparable companies through Mar 2026.

### Which Insurance Brokers company is growing fastest?

Ethos Technologies Inc. has the fastest current income growth at 67%, across 12 of 15 comparable companies.

### Which Insurance Brokers company has the strongest 4-Factor Sector Score?

TWFG, Inc. ranks first at 63.5/100 with 70% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Insurance Brokers company has the lowest comparable P/BV-to-ROE?

SelectQuote, Inc. has the lowest comparable P/BV ÷ ROE at 0.03, among 10 of 15 companies that pass the metric’s comparability rules.

### How much history does this Insurance Brokers comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Insurance Brokers has underperformed S&P 500 by 27.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 20.4%. 4 of 13 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. The Baldwin Insurance Group, Inc. is the strongest against the sector itself at +10.2%.

13-week sector return versus NIFTY 500: 20%
52-week sector return versus NIFTY 500: -28%
Stocks leading NIFTY: 4/13
Stocks leading sector: 5/13

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 15
Combined market value: ₹3.3 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. TWFG, Inc. (TWFG): 64/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 26.6/35 | Capital efficiency 15.4/25 | Valuation 5.3/20 | Relative strength 16.2/20
   - Exact sum: 26.6 + 15.4 + 5.3 + 16.2 = 63.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Aon plc (AON): 56/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 19.5/35 | Capital efficiency 17.7/25 | Valuation 6.9/20 | Relative strength 12.3/20
   - Exact sum: 19.5 + 17.7 + 6.9 + 12.3 = 56.4
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
3. SelectQuote, Inc. (SLQT): 51/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 25.5/35 | Capital efficiency 13.4/25 | Valuation 8.6/20 | Relative strength 3.0/20
   - Exact sum: 25.5 + 13.4 + 8.6 + 3 = 50.5
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -43.6% and the one-year return is -56.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. The Baldwin Insurance Group, Inc. (BWIN): 50/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 14.9/35 | Capital efficiency 6.0/25 | Valuation 9.8/20 | Relative strength 19.5/20
   - Exact sum: 14.9 + 6 + 9.8 + 19.5 = 50.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Arthur J. Gallagher & Co. (AJG): 48/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 17.9/35 | Capital efficiency 10.6/25 | Valuation 6.5/20 | Relative strength 13.1/20
   - Exact sum: 17.9 + 10.6 + 6.5 + 13.1 = 48.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Brown & Brown, Inc. (BRO): 48/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 18.6/35 | Capital efficiency 13.5/25 | Valuation 8.1/20 | Relative strength 7.3/20
   - Exact sum: 18.6 + 13.5 + 8.1 + 7.3 = 47.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Marsh & McLennan Companies, Inc. (MRSH): 46/100 — Mixed-negative evidence; evidence 60%
   - Growth & earnings 16.7/35 | Capital efficiency 15.5/25 | Valuation 6.6/20 | Relative strength 7.2/20
   - Exact sum: 16.7 + 15.5 + 6.6 + 7.2 = 46
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. CorVel Corporation (CRVL): 41/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 16.0/35 | Capital efficiency 18.3/25 | Valuation 5.1/20 | Relative strength 2.0/20
   - Exact sum: 16 + 18.3 + 5.1 + 2 = 41.4
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
9. Willis Towers Watson Public Limited Company (WTW): 39/100 — Mixed-negative evidence; evidence 67%
   - Growth & earnings 16.7/35 | Capital efficiency 10.9/25 | Valuation 4.3/20 | Relative strength 6.8/20
   - Exact sum: 16.7 + 10.9 + 4.3 + 6.8 = 38.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Erie Indemnity Company (ERIE): 36/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 12.7/35 | Capital efficiency 16.5/25 | Valuation 4.4/20 | Relative strength 2.2/20
   - Exact sum: 12.7 + 16.5 + 4.4 + 2.2 = 35.8
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
11. Accelerant Holdings (ARX): 34/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 12.8/35 | Capital efficiency 5.5/25 | Valuation 9.6/20 | Relative strength 6.0/20
   - Exact sum: 12.8 + 5.5 + 9.6 + 6 = 33.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Crawford & Company (CRD-A): 29/100 — Adverse evidence; evidence 70%
   - Growth & earnings 8.0/35 | Capital efficiency 8.4/25 | Valuation 3.8/20 | Relative strength 9.1/20
   - Exact sum: 8 + 8.4 + 3.8 + 9.1 = 29.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Goosehead Insurance, Inc. (GSHD): 62/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 20.8/35 | Capital efficiency 13.3/25 | Valuation 9.8/20 | Relative strength 18.4/20
   - Exact sum: 20.8 + 13.3 + 9.8 + 18.4 = 62.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Neptune Insurance Holdings Inc. (NP): 51/100 — Thin evidence · provisional; evidence 28%
   - Growth & earnings 16.2/35 | Capital efficiency 14.5/25 | Valuation 9.8/20 | Relative strength 10.0/20
   - Exact sum: 16.2 + 14.5 + 9.8 + 10 = 50.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Ethos Technologies Inc. (LIFE): 37/100 — Thin evidence · provisional; evidence 44%
   - Growth & earnings 12.6/35 | Capital efficiency 4.8/25 | Valuation 9.8/20 | Relative strength 10.0/20
   - Exact sum: 12.6 + 4.8 + 9.8 + 10 = 37.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Income Scale & Growth Durability

What the numbers say: Aon plc is the scale leader at $17,486 million, 16.8% ahead of Arthur J. Gallagher & Co.. Ethos Technologies Inc.'s growth is 67% from a $486 million base, with 9 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Aon plc is the scale benchmark; Ethos Technologies Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Aon plc's growth falls below Ethos Technologies Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Aon plc · $17,486 million | 16.8% versus #2 · Arthur J. Gallagher & Co. | 8/8 recent comparable periods | 12/15 companies · 249 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. Aon plc (AON): ₹17.5K Cr
2. Arthur J. Gallagher & Co. (AJG): ₹15.0K Cr
3. Willis Towers Watson Public Limited Company (WTW): ₹9.9K Cr
4. Brown & Brown, Inc. (BRO): ₹6.3K Cr
5. Erie Indemnity Company (ERIE): ₹4.1K Cr

### Income growth — fastest growers
1. Ethos Technologies Inc. (LIFE): 67%
2. Accelerant Holdings (ARX): 54%
3. Brown & Brown, Inc. (BRO): 29%
4. TWFG, Inc. (TWFG): 26%
5. Arthur J. Gallagher & Co. (AJG): 25%

### 20-quarter Income history
- MRSH: Sep 2021 ₹4.6K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹5.5K Cr | Jun 2022 ₹5.4K Cr | Sep 2022 ₹4.8K Cr | Dec 2022 ₹5.0K Cr | Mar 2023 ₹5.9K Cr | Jun 2023 ₹5.9K Cr | Sep 2023 ₹5.4K Cr | Dec 2023 ₹5.6K Cr | Mar 2024 ₹6.5K Cr | Jun 2024 ₹6.2K Cr | Sep 2024 ₹5.7K Cr | Dec 2024 ₹6.1K Cr | Mar 2025 ₹7.1K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹6.6K Cr | Mar 2026 ₹7.6K Cr | Jun 2026 —
- AON: Sep 2021 ₹2.7K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- AJG: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹4.8K Cr | Jun 2026 —
- WTW: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- BRO: Sep 2021 ₹770 Cr | Dec 2021 ₹738 Cr | Mar 2022 ₹904 Cr | Jun 2022 ₹839 Cr | Sep 2022 ₹925 Cr | Dec 2022 ₹895 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- ERIE: Sep 2021 ₹688 Cr | Dec 2021 ₹636 Cr | Mar 2022 ₹672 Cr | Jun 2022 ₹726 Cr | Sep 2022 ₹741 Cr | Dec 2022 ₹701 Cr | Mar 2023 ₹752 Cr | Jun 2023 ₹840 Cr | Sep 2023 ₹859 Cr | Dec 2023 ₹818 Cr | Mar 2024 ₹881 Cr | Jun 2024 ₹990 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹924 Cr | Mar 2025 ₹989 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹951 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- NP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹34 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- BWIN: Sep 2021 ₹136 Cr | Dec 2021 ₹159 Cr | Mar 2022 ₹243 Cr | Jun 2022 ₹232 Cr | Sep 2022 ₹259 Cr | Dec 2022 ₹246 Cr | Mar 2023 ₹330 Cr | Jun 2023 ₹297 Cr | Sep 2023 ₹306 Cr | Dec 2023 ₹285 Cr | Mar 2024 ₹380 Cr | Jun 2024 ₹340 Cr | Sep 2024 ₹339 Cr | Dec 2024 ₹330 Cr | Mar 2025 ₹413 Cr | Jun 2025 ₹379 Cr | Sep 2025 ₹365 Cr | Dec 2025 ₹347 Cr | Mar 2026 ₹532 Cr | Jun 2026 —
- ARX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹70 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹101 Cr | Mar 2024 ₹128 Cr | Jun 2024 ₹130 Cr | Sep 2024 ₹154 Cr | Dec 2024 ₹191 Cr | Mar 2025 ₹178 Cr | Jun 2025 ₹219 Cr | Sep 2025 ₹267 Cr | Dec 2025 ₹248 Cr | Mar 2026 ₹273 Cr | Jun 2026 —
- CRVL: Sep 2021 ₹158 Cr | Dec 2021 ₹165 Cr | Mar 2022 ₹171 Cr | Jun 2022 ₹176 Cr | Sep 2022 ₹177 Cr | Dec 2022 ₹179 Cr | Mar 2023 ₹185 Cr | Jun 2023 ₹190 Cr | Sep 2023 ₹196 Cr | Dec 2023 ₹202 Cr | Mar 2024 ₹207 Cr | Jun 2024 ₹212 Cr | Sep 2024 ₹224 Cr | Dec 2024 ₹228 Cr | Mar 2025 ₹232 Cr | Jun 2025 ₹235 Cr | Sep 2025 ₹240 Cr | Dec 2025 ₹236 Cr | Mar 2026 ₹249 Cr | Jun 2026 —
- GSHD: Sep 2021 ₹42 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹71 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹93 Cr | Jun 2026 —
- TWFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹40 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹70 Cr | Mar 2026 ₹73 Cr | Jun 2026 —
- LIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹59 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹110 Cr | Mar 2026 ₹193 Cr | Jun 2026 —
- CRD-A: Sep 2021 ₹298 Cr | Dec 2021 ₹303 Cr | Mar 2022 ₹288 Cr | Jun 2022 ₹304 Cr | Sep 2022 ₹306 Cr | Dec 2022 ₹333 Cr | Mar 2023 ₹328 Cr | Jun 2023 ₹338 Cr | Sep 2023 ₹342 Cr | Dec 2023 ₹321 Cr | Mar 2024 ₹313 Cr | Jun 2024 ₹327 Cr | Sep 2024 ₹343 Cr | Dec 2024 ₹358 Cr | Mar 2025 ₹323 Cr | Jun 2025 ₹335 Cr | Sep 2025 ₹333 Cr | Dec 2025 ₹320 Cr | Mar 2026 ₹320 Cr | Jun 2026 —
- SLQT: Sep 2021 ₹156 Cr | Dec 2021 ₹194 Cr | Mar 2022 ₹274 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹162 Cr | Dec 2022 ₹319 Cr | Mar 2023 ₹299 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹233 Cr | Dec 2023 ₹405 Cr | Mar 2024 ₹376 Cr | Jun 2024 ₹307 Cr | Sep 2024 ₹292 Cr | Dec 2024 ₹481 Cr | Mar 2025 ₹408 Cr | Jun 2025 ₹345 Cr | Sep 2025 ₹329 Cr | Dec 2025 ₹537 Cr | Mar 2026 ₹431 Cr | Jun 2026 —

### 20-quarter Income growth history
- MRSH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.2% | Sep 2022 4.1% | Dec 2022 -2.2% | Mar 2023 6.8% | Jun 2023 9.2% | Sep 2023 13% | Dec 2023 11% | Mar 2024 9.3% | Jun 2024 5.9% | Sep 2024 5.9% | Dec 2024 9.2% | Mar 2025 9.1% | Jun 2025 12% | Sep 2025 11% | Dec 2025 8.7% | Mar 2026 7.6% | Jun 2026 —
- AON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.4% | Sep 2022 -0.2% | Dec 2022 1.6% | Mar 2023 5.5% | Jun 2023 6.5% | Sep 2023 9.5% | Dec 2023 7.8% | Mar 2024 5.1% | Jun 2024 18% | Sep 2024 26% | Dec 2024 23% | Mar 2025 16% | Jun 2025 11% | Sep 2025 7.4% | Dec 2025 3.7% | Mar 2026 6.5% | Jun 2026 —
- AJG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.6% | Sep 2022 -4.4% | Dec 2022 2.8% | Mar 2023 11% | Jun 2023 20% | Sep 2023 22% | Dec 2023 20% | Mar 2024 20% | Jun 2024 14% | Sep 2024 13% | Dec 2024 12% | Mar 2025 14% | Jun 2025 16% | Sep 2025 20% | Dec 2025 34% | Mar 2026 28% | Jun 2026 —
- WTW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.9% | Sep 2022 -1.0% | Dec 2022 0.6% | Mar 2023 3.9% | Jun 2023 6.3% | Sep 2023 11% | Dec 2023 7.1% | Mar 2024 4.3% | Jun 2024 4.9% | Sep 2024 5.7% | Dec 2024 4.2% | Mar 2025 -5.0% | Jun 2025 -0.2% | Sep 2025 -0.0% | Dec 2025 -3.3% | Mar 2026 8.5% | Jun 2026 —
- BRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 20% | Dec 2022 21% | Mar 2023 23% | Jun 2023 23% | Sep 2023 13% | Dec 2023 12% | Mar 2024 12% | Jun 2024 11% | Sep 2024 10% | Dec 2024 15% | Mar 2025 12% | Jun 2025 8.2% | Sep 2025 34% | Dec 2025 36% | Mar 2026 36% | Jun 2026 —
- ERIE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.8% | Sep 2022 7.7% | Dec 2022 10% | Mar 2023 12% | Jun 2023 16% | Sep 2023 16% | Dec 2023 17% | Mar 2024 17% | Jun 2024 18% | Sep 2024 16% | Dec 2024 13% | Mar 2025 12% | Jun 2025 7.1% | Sep 2025 6.7% | Dec 2025 2.9% | Mar 2026 2.3% | Jun 2026 —
- NP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 29% | Dec 2025 38% | Mar 2026 31% | Jun 2026 —
- BWIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 93% | Sep 2022 90% | Dec 2022 55% | Mar 2023 36% | Jun 2023 28% | Sep 2023 18% | Dec 2023 16% | Mar 2024 15% | Jun 2024 14% | Sep 2024 11% | Dec 2024 16% | Mar 2025 8.7% | Jun 2025 11% | Sep 2025 7.7% | Dec 2025 5.2% | Mar 2026 29% | Jun 2026 —
- ARX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 44% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 89% | Mar 2025 39% | Jun 2025 68% | Sep 2025 73% | Dec 2025 30% | Mar 2026 53% | Jun 2026 —
- CRVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 12% | Dec 2022 8.5% | Mar 2023 8.2% | Jun 2023 8.0% | Sep 2023 11% | Dec 2023 13% | Mar 2024 12% | Jun 2024 12% | Sep 2024 14% | Dec 2024 13% | Mar 2025 12% | Jun 2025 11% | Sep 2025 7.1% | Dec 2025 3.5% | Mar 2026 7.3% | Jun 2026 —
- GSHD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 38% | Dec 2022 43% | Mar 2023 41% | Jun 2023 30% | Sep 2023 22% | Dec 2023 11% | Mar 2024 10% | Jun 2024 13% | Sep 2024 9.9% | Dec 2024 49% | Mar 2025 19% | Jun 2025 21% | Sep 2025 15% | Dec 2025 12% | Mar 2026 22% | Jun 2026 —
- TWFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 15% | Jun 2024 18% | Sep 2024 10% | Dec 2024 33% | Mar 2025 17% | Jun 2025 13% | Sep 2025 21% | Dec 2025 35% | Mar 2026 35% | Jun 2026 —
- LIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 61% | Jun 2025 51% | Sep 2025 34% | Dec 2025 64% | Mar 2026 103% | Jun 2026 —
- CRD-A: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.8% | Sep 2022 2.7% | Dec 2022 9.9% | Mar 2023 14% | Jun 2023 11% | Sep 2023 12% | Dec 2023 -3.6% | Mar 2024 -4.6% | Jun 2024 -3.3% | Sep 2024 0.3% | Dec 2024 12% | Mar 2025 3.2% | Jun 2025 2.5% | Sep 2025 -2.9% | Dec 2025 -11% | Mar 2026 -0.9% | Jun 2026 —
- SLQT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -82% | Sep 2022 3.9% | Dec 2022 64% | Mar 2023 9.1% | Jun 2023 186% | Sep 2023 44% | Dec 2023 27% | Mar 2024 26% | Jun 2024 284% | Sep 2024 25% | Dec 2024 19% | Mar 2025 8.5% | Jun 2025 12% | Sep 2025 13% | Dec 2025 12% | Mar 2026 5.6% | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Aon plc leads with $4,007 million of TTM profit, 138.9% above Willis Towers Watson Public Limited Company. SelectQuote, Inc. shows ≥100% on the scoring scale (2966.7% uncapped) growth from a $92 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Aon plc sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Aon plc · $4,007 million | 138.9% versus #2 · Willis Towers Watson Public Limited Company | 5/8 recent comparable periods | 12/15 companies · 249 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. Aon plc (AON): ₹4.0K Cr
2. Willis Towers Watson Public Limited Company (WTW): ₹1.7K Cr
3. Arthur J. Gallagher & Co. (AJG): ₹1.6K Cr
4. Brown & Brown, Inc. (BRO): ₹1.2K Cr
5. Erie Indemnity Company (ERIE): ₹571 Cr

### Profit growth — fastest growers
1. SelectQuote, Inc. (SLQT): 100%
2. TWFG, Inc. (TWFG): 66%
3. Aon plc (AON): 54%
4. Brown & Brown, Inc. (BRO): 11%
5. CorVel Corporation (CRVL): 9.1%

### 20-quarter Net profit history
- MRSH: Sep 2021 ₹542 Cr | Dec 2021 ₹807 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹978 Cr | Sep 2022 ₹552 Cr | Dec 2022 ₹471 Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹738 Cr | Dec 2023 ₹765 Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹752 Cr | Dec 2024 ₹801 Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹757 Cr | Dec 2025 ₹834 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- AON: Sep 2021 ₹-891 Cr | Dec 2021 ₹873 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹514 Cr | Sep 2022 ₹418 Cr | Dec 2022 ₹666 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹575 Cr | Sep 2023 ₹467 Cr | Dec 2023 ₹507 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹538 Cr | Sep 2024 ₹355 Cr | Dec 2024 ₹734 Cr | Mar 2025 ₹982 Cr | Jun 2025 ₹594 Cr | Sep 2025 ₹470 Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- AJG: Sep 2021 ₹239 Cr | Dec 2021 ₹121 Cr | Mar 2022 ₹439 Cr | Jun 2022 ₹285 Cr | Sep 2022 ₹256 Cr | Dec 2022 ₹136 Cr | Mar 2023 ₹487 Cr | Jun 2023 ₹236 Cr | Sep 2023 ₹283 Cr | Dec 2023 ₹-40 Cr | Mar 2024 ₹613 Cr | Jun 2024 ₹285 Cr | Sep 2024 ₹314 Cr | Dec 2024 ₹259 Cr | Mar 2025 ₹709 Cr | Jun 2025 ₹366 Cr | Sep 2025 ₹274 Cr | Dec 2025 ₹154 Cr | Mar 2026 ₹823 Cr | Jun 2026 —
- WTW: Sep 2021 ₹907 Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹125 Cr | Jun 2022 ₹114 Cr | Sep 2022 ₹192 Cr | Dec 2022 ₹593 Cr | Mar 2023 ₹206 Cr | Jun 2023 ₹96 Cr | Sep 2023 ₹139 Cr | Dec 2023 ₹623 Cr | Mar 2024 ₹194 Cr | Jun 2024 ₹142 Cr | Sep 2024 ₹-1.7K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹239 Cr | Jun 2025 ₹332 Cr | Sep 2025 ₹306 Cr | Dec 2025 ₹736 Cr | Mar 2026 ₹303 Cr | Jun 2026 —
- BRO: Sep 2021 ₹146 Cr | Dec 2021 ₹102 Cr | Mar 2022 ₹220 Cr | Jun 2022 ₹145 Cr | Sep 2022 ₹161 Cr | Dec 2022 ₹145 Cr | Mar 2023 ₹236 Cr | Jun 2023 ₹190 Cr | Sep 2023 ₹176 Cr | Dec 2023 ₹269 Cr | Mar 2024 ₹293 Cr | Jun 2024 ₹259 Cr | Sep 2024 ₹239 Cr | Dec 2024 ₹211 Cr | Mar 2025 ₹334 Cr | Jun 2025 ₹234 Cr | Sep 2025 ₹229 Cr | Dec 2025 ₹268 Cr | Mar 2026 ₹427 Cr | Jun 2026 —
- ERIE: Sep 2021 ₹90 Cr | Dec 2021 ₹55 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹84 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹118 Cr | Sep 2023 ₹131 Cr | Dec 2023 ₹111 Cr | Mar 2024 ₹125 Cr | Jun 2024 ₹164 Cr | Sep 2024 ₹160 Cr | Dec 2024 ₹152 Cr | Mar 2025 ₹138 Cr | Jun 2025 ₹175 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹150 Cr | Jun 2026 —
- NP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- BWIN: Sep 2021 ₹-25 Cr | Dec 2021 ₹-44 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹-47 Cr | Dec 2022 ₹-91 Cr | Mar 2023 ₹-26 Cr | Jun 2023 ₹-44 Cr | Sep 2023 ₹-32 Cr | Dec 2023 ₹-62 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹-31 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹-35 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-30 Cr | Dec 2025 ₹-44 Cr | Mar 2026 ₹-2 Cr | Jun 2026 —
- ARX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-26 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹-21 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹-1.4K Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹-4 Cr | Jun 2026 —
- CRVL: Sep 2021 ₹158 Cr | Dec 2021 ₹165 Cr | Mar 2022 ₹171 Cr | Jun 2022 ₹176 Cr | Sep 2022 ₹177 Cr | Dec 2022 ₹179 Cr | Mar 2023 ₹185 Cr | Jun 2023 ₹190 Cr | Sep 2023 ₹196 Cr | Dec 2023 ₹202 Cr | Mar 2024 ₹207 Cr | Jun 2024 ₹212 Cr | Sep 2024 ₹224 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹235 Cr | Sep 2025 ₹240 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- GSHD: Sep 2021 ₹5 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- TWFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- LIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹-166 Cr | Jun 2026 —
- CRD-A: Sep 2021 ₹11 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹-15 Cr | Dec 2022 ₹-14 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- SLQT: Sep 2021 ₹-48 Cr | Dec 2021 ₹-138 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹-105 Cr | Sep 2022 ₹-42 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹-48 Cr | Sep 2023 ₹-31 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹-31 Cr | Sep 2024 ₹-45 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹-30 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹40 Cr | Jun 2026 —

### 20-quarter Profit growth history
- MRSH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 1.9% | Dec 2022 -42% | Mar 2023 15% | Jun 2023 7.1% | Sep 2023 34% | Dec 2023 62% | Mar 2024 14% | Jun 2024 8.9% | Sep 2024 1.9% | Dec 2024 4.7% | Mar 2025 -0.8% | Jun 2025 8.0% | Sep 2025 0.7% | Dec 2025 4.1% | Mar 2026 -16% | Jun 2026 —
- AON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 — | Dec 2022 -24% | Mar 2023 3.0% | Jun 2023 12% | Sep 2023 12% | Dec 2023 -24% | Mar 2024 1.3% | Jun 2024 -6.4% | Sep 2024 -24% | Dec 2024 45% | Mar 2025 -10% | Jun 2025 10% | Sep 2025 32% | Dec 2025 132% | Mar 2026 26% | Jun 2026 —
- AJG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 7.1% | Dec 2022 12% | Mar 2023 11% | Jun 2023 -17% | Sep 2023 11% | Dec 2023 -129% | Mar 2024 26% | Jun 2024 21% | Sep 2024 11% | Dec 2024 — | Mar 2025 16% | Jun 2025 28% | Sep 2025 -13% | Dec 2025 -41% | Mar 2026 16% | Jun 2026 —
- WTW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -39% | Sep 2022 -79% | Dec 2022 -75% | Mar 2023 65% | Jun 2023 -16% | Sep 2023 -28% | Dec 2023 5.1% | Mar 2024 -5.8% | Jun 2024 48% | Sep 2024 -1,303% | Dec 2024 100% | Mar 2025 23% | Jun 2025 134% | Sep 2025 — | Dec 2025 -41% | Mar 2026 27% | Jun 2026 —
- BRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.3% | Sep 2022 10% | Dec 2022 42% | Mar 2023 7.3% | Jun 2023 31% | Sep 2023 9.3% | Dec 2023 86% | Mar 2024 24% | Jun 2024 36% | Sep 2024 36% | Dec 2024 -22% | Mar 2025 14% | Jun 2025 -9.7% | Sep 2025 -4.2% | Dec 2025 27% | Mar 2026 28% | Jun 2026 —
- ERIE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.3% | Sep 2022 -6.7% | Dec 2022 18% | Mar 2023 25% | Jun 2023 48% | Sep 2023 56% | Dec 2023 71% | Mar 2024 45% | Jun 2024 39% | Sep 2024 22% | Dec 2024 37% | Mar 2025 10% | Jun 2025 6.7% | Sep 2025 14% | Dec 2025 -59% | Mar 2026 8.7% | Jun 2026 —
- NP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 -67% | Mar 2026 -30% | Jun 2026 —
- BWIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -158% | Jun 2023 -359% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -36% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -108% | Jun 2026 —
- ARX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 300% | Jun 2025 — | Sep 2025 -15,289% | Dec 2025 -95% | Mar 2026 -150% | Jun 2026 —
- CRVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 12% | Dec 2022 8.5% | Mar 2023 8.2% | Jun 2023 8.0% | Sep 2023 11% | Dec 2023 13% | Mar 2024 12% | Jun 2024 12% | Sep 2024 14% | Dec 2024 -88% | Mar 2025 -87% | Jun 2025 11% | Sep 2025 7.1% | Dec 2025 0.0% | Mar 2026 19% | Jun 2026 —
- GSHD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 -40% | Dec 2022 200% | Mar 2023 — | Jun 2023 250% | Sep 2023 267% | Dec 2023 67% | Mar 2024 — | Jun 2024 57% | Sep 2024 18% | Dec 2024 380% | Mar 2025 50% | Jun 2025 -27% | Sep 2025 0.0% | Dec 2025 -13% | Mar 2026 167% | Jun 2026 —
- TWFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 40% | Jun 2024 0.0% | Sep 2024 -13% | Dec 2024 60% | Mar 2025 0.0% | Jun 2025 29% | Sep 2025 43% | Dec 2025 100% | Mar 2026 86% | Jun 2026 —
- LIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 33% | Jun 2025 100% | Sep 2025 -24% | Dec 2025 150% | Mar 2026 -1,483% | Jun 2026 —
- CRD-A: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -50% | Sep 2022 -236% | Dec 2022 -800% | Mar 2023 120% | Jun 2023 33% | Sep 2023 — | Dec 2023 — | Mar 2024 -73% | Jun 2024 13% | Sep 2024 -25% | Dec 2024 — | Mar 2025 133% | Jun 2025 -11% | Sep 2025 33% | Dec 2025 -217% | Mar 2026 -29% | Jun 2026 —
- SLQT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3,600% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -17% | Mar 2024 0.0% | Jun 2024 — | Sep 2024 — | Dec 2024 179% | Mar 2025 189% | Jun 2025 — | Sep 2025 — | Dec 2025 30% | Mar 2026 54% | Jun 2026 —

## Funding Base & Its Composition

What the numbers say: There is not enough comparable evidence to name a reliable deposits leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/15 companies · 0 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases

### Borrowings — largest borrowings
1. Marsh & McLennan Companies, Inc. (MRSH): ₹22.4K Cr
2. Aon plc (AON): ₹15.3K Cr
3. Arthur J. Gallagher & Co. (AJG): ₹13.4K Cr
4. Brown & Brown, Inc. (BRO): ₹8.1K Cr
5. Willis Towers Watson Public Limited Company (WTW): ₹6.9K Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- MRSH: Sep 2021 ₹13.0K Cr | Dec 2021 ₹13.2K Cr | Mar 2022 ₹13.9K Cr | Jun 2022 ₹13.9K Cr | Sep 2022 ₹13.3K Cr | Dec 2022 ₹13.5K Cr | Mar 2023 ₹15.0K Cr | Jun 2023 ₹14.6K Cr | Sep 2023 ₹15.6K Cr | Dec 2023 ₹15.4K Cr | Mar 2024 ₹15.4K Cr | Jun 2024 ₹15.4K Cr | Sep 2024 ₹14.8K Cr | Dec 2024 ₹21.9K Cr | Mar 2025 ₹22.4K Cr | Jun 2025 ₹21.6K Cr | Sep 2025 ₹21.4K Cr | Dec 2025 ₹21.4K Cr | Mar 2026 ₹22.5K Cr | Jun 2026 ₹22.4K Cr
- AON: Sep 2021 ₹9.2K Cr | Dec 2021 ₹10.2K Cr | Mar 2022 ₹11.0K Cr | Jun 2022 ₹11.1K Cr | Sep 2022 ₹11.5K Cr | Dec 2022 ₹11.5K Cr | Mar 2023 ₹12.0K Cr | Jun 2023 ₹12.0K Cr | Sep 2023 ₹11.9K Cr | Dec 2023 ₹11.8K Cr | Mar 2024 ₹17.1K Cr | Jun 2024 ₹18.3K Cr | Sep 2024 ₹17.8K Cr | Dec 2024 ₹17.7K Cr | Mar 2025 ₹18.3K Cr | Jun 2025 ₹18.0K Cr | Sep 2025 ₹17.4K Cr | Dec 2025 ₹15.9K Cr | Mar 2026 ₹15.3K Cr | Jun 2026 —
- AJG: Sep 2021 ₹5.8K Cr | Dec 2021 ₹6.6K Cr | Mar 2022 ₹6.5K Cr | Jun 2022 ₹6.8K Cr | Sep 2022 ₹6.6K Cr | Dec 2022 ₹6.4K Cr | Mar 2023 ₹7.2K Cr | Jun 2023 ₹7.5K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 ₹8.3K Cr | Mar 2024 ₹8.6K Cr | Jun 2024 ₹8.6K Cr | Sep 2024 ₹8.6K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹13.4K Cr | Jun 2025 ₹13.3K Cr | Sep 2025 ₹13.7K Cr | Dec 2025 ₹13.5K Cr | Mar 2026 ₹13.4K Cr | Jun 2026 —
- WTW: Sep 2021 ₹5.6K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹5.4K Cr | Jun 2022 ₹5.5K Cr | Sep 2022 ₹5.5K Cr | Dec 2022 ₹5.5K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹6.2K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹5.9K Cr | Mar 2024 ₹6.7K Cr | Jun 2024 ₹6.0K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹5.9K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹5.9K Cr | Dec 2025 ₹6.9K Cr | Mar 2026 ₹6.9K Cr | Jun 2026 —
- BRO: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹7.7K Cr | Sep 2025 ₹8.0K Cr | Dec 2025 ₹7.9K Cr | Mar 2026 ₹8.1K Cr | Jun 2026 —
- ERIE: Sep 2021 ₹94 Cr | Dec 2021 ₹94 Cr | Mar 2022 ₹93 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- BWIN: Sep 2021 ₹0 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹77 Cr | Sep 2022 ₹89 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹85 Cr | Sep 2023 ₹82 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹75 Cr | Jun 2026 —
- ARX: Sep 2021 ₹50 Cr | Dec 2021 ₹50 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹101 Cr | Dec 2022 ₹101 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹119 Cr | Dec 2023 ₹120 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹121 Cr | Dec 2024 ₹121 Cr | Mar 2025 ₹127 Cr | Jun 2025 ₹127 Cr | Sep 2025 ₹121 Cr | Dec 2025 ₹121 Cr | Mar 2026 ₹121 Cr | Jun 2026 —
- CRVL: Sep 2021 ₹38 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹21 Cr | Jun 2026 —
- GSHD: Sep 2021 ₹175 Cr | Dec 2021 ₹175 Cr | Mar 2022 ₹180 Cr | Jun 2022 ₹184 Cr | Sep 2022 ₹191 Cr | Dec 2022 ₹165 Cr | Mar 2023 ₹163 Cr | Jun 2023 ₹151 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹143 Cr | Mar 2024 ₹140 Cr | Jun 2024 ₹159 Cr | Sep 2024 ₹154 Cr | Dec 2024 ₹153 Cr | Mar 2025 ₹352 Cr | Jun 2025 ₹351 Cr | Sep 2025 ₹351 Cr | Dec 2025 ₹352 Cr | Mar 2026 ₹376 Cr | Jun 2026 ₹373 Cr
- TWFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹13 Cr | Dec 2022 ₹13 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- LIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- CRD-A: Sep 2021 ₹256 Cr | Dec 2021 ₹289 Cr | Mar 2022 ₹343 Cr | Jun 2022 ₹368 Cr | Sep 2022 ₹367 Cr | Dec 2022 ₹346 Cr | Mar 2023 ₹359 Cr | Jun 2023 ₹349 Cr | Sep 2023 ₹324 Cr | Dec 2023 ₹312 Cr | Mar 2024 ₹329 Cr | Jun 2024 ₹329 Cr | Sep 2024 ₹334 Cr | Dec 2024 ₹309 Cr | Mar 2025 ₹331 Cr | Jun 2025 ₹309 Cr | Sep 2025 ₹306 Cr | Dec 2025 ₹270 Cr | Mar 2026 ₹271 Cr | Jun 2026 —
- SLQT: Sep 2021 ₹505 Cr | Dec 2021 ₹750 Cr | Mar 2022 ₹747 Cr | Jun 2022 ₹745 Cr | Sep 2022 ₹730 Cr | Dec 2022 ₹730 Cr | Mar 2023 ₹729 Cr | Jun 2023 ₹732 Cr | Sep 2023 ₹727 Cr | Dec 2023 ₹724 Cr | Mar 2024 ₹713 Cr | Jun 2024 ₹714 Cr | Sep 2024 ₹710 Cr | Dec 2024 ₹740 Cr | Mar 2025 ₹423 Cr | Jun 2025 ₹416 Cr | Sep 2025 ₹423 Cr | Dec 2025 ₹434 Cr | Mar 2026 ₹403 Cr | Jun 2026 —

## Return On Assets

What the numbers say: Neptune Insurance Holdings Inc. leads roa at 35.4%; Goosehead Insurance, Inc. leads roa change at +1.8 percentage points.

Investor read: Neptune Insurance Holdings Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: Neptune Insurance Holdings Inc. · 35.4% | 580.8% versus #2 · CorVel Corporation | 0/2 recent comparable periods | 15/15 companies · 252 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Neptune Insurance Holdings Inc. (NP): 35%
2. CorVel Corporation (CRVL): 5.2%
3. Goosehead Insurance, Inc. (GSHD): 5.1%
4. Erie Indemnity Company (ERIE): 4.2%
5. TWFG, Inc. (TWFG): 3.2%

### ROA change — fastest improvers
1. Goosehead Insurance, Inc. (GSHD): +1.8 pp
2. SelectQuote, Inc. (SLQT): +1.2 pp
3. TWFG, Inc. (TWFG): +1.0 pp
4. Aon plc (AON): +0.2 pp
5. Willis Towers Watson Public Limited Company (WTW): +0.1 pp

### 20-quarter ROA history
- MRSH: Sep 2021 1.7% | Dec 2021 2.5% | Mar 2022 3.3% | Jun 2022 3.1% | Sep 2022 1.8% | Dec 2022 1.3% | Mar 2023 3.8% | Jun 2023 2.8% | Sep 2023 2.0% | Dec 2023 1.7% | Mar 2024 3.6% | Jun 2024 2.5% | Sep 2024 1.6% | Dec 2024 1.7% | Mar 2025 3.0% | Jun 2025 2.6% | Sep 2025 1.6% | Dec 2025 1.7% | Mar 2026 2.3% | Jun 2026 2.4%
- AON: Sep 2021 -2.6% | Dec 2021 2.6% | Mar 2022 3.3% | Jun 2022 1.6% | Sep 2022 1.5% | Dec 2022 2.9% | Mar 2023 3.5% | Jun 2023 2.1% | Sep 2023 1.8% | Dec 2023 1.9% | Mar 2024 3.0% | Jun 2024 1.2% | Sep 2024 1.2% | Dec 2024 2.2% | Mar 2025 2.5% | Jun 2025 1.4% | Sep 2025 1.3% | Dec 2025 1.9% | Mar 2026 2.7% | Jun 2026 —
- AJG: Sep 2021 1.3% | Dec 2021 0.8% | Mar 2022 1.4% | Jun 2022 0.8% | Sep 2022 0.8% | Dec 2022 0.8% | Mar 2023 1.2% | Jun 2023 0.6% | Sep 2023 0.7% | Dec 2023 0.3% | Mar 2024 1.2% | Jun 2024 0.6% | Sep 2024 0.7% | Dec 2024 1.3% | Mar 2025 1.3% | Jun 2025 0.6% | Sep 2025 0.6% | Dec 2025 0.8% | Mar 2026 1.3% | Jun 2026 —
- WTW: Sep 2021 2.3% | Dec 2021 1.5% | Mar 2022 0.4% | Jun 2022 0.3% | Sep 2022 0.4% | Dec 2022 1.7% | Mar 2023 0.7% | Jun 2023 0.4% | Sep 2023 0.5% | Dec 2023 2.2% | Mar 2024 0.7% | Jun 2024 0.6% | Sep 2024 -2.3% | Dec 2024 2.3% | Mar 2025 1.2% | Jun 2025 1.4% | Sep 2025 1.2% | Dec 2025 2.8% | Mar 2026 1.3% | Jun 2026 —
- BRO: Sep 2021 1.9% | Dec 2021 1.3% | Mar 2022 2.3% | Jun 2022 1.6% | Sep 2022 1.5% | Dec 2022 1.4% | Mar 2023 2.1% | Jun 2023 1.7% | Sep 2023 1.6% | Dec 2023 1.3% | Mar 2024 2.2% | Jun 2024 1.7% | Sep 2024 1.6% | Dec 2024 1.5% | Mar 2025 2.2% | Jun 2025 1.2% | Sep 2025 1.2% | Dec 2025 1.2% | Mar 2026 1.9% | Jun 2026 —
- ERIE: Sep 2021 3.4% | Dec 2021 2.2% | Mar 2022 3.1% | Jun 2022 3.8% | Sep 2022 3.8% | Dec 2022 2.9% | Mar 2023 3.9% | Jun 2023 4.7% | Sep 2023 5.1% | Dec 2023 4.3% | Mar 2024 4.6% | Jun 2024 6.0% | Sep 2024 5.4% | Dec 2024 4.9% | Mar 2025 4.3% | Jun 2025 5.4% | Sep 2025 5.3% | Dec 2025 3.9% | Mar 2026 4.2% | Jun 2026 —
- NP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 61% | Dec 2024 57% | Mar 2025 — | Jun 2025 — | Sep 2025 22% | Dec 2025 11% | Mar 2026 23% | Jun 2026 35%
- BWIN: Sep 2021 -1.2% | Dec 2021 -1.7% | Mar 2022 1.8% | Jun 2022 1.0% | Sep 2022 -1.1% | Dec 2022 -2.1% | Mar 2023 0.1% | Jun 2023 -0.5% | Sep 2023 0.0% | Dec 2023 -0.9% | Mar 2024 1.0% | Jun 2024 0.5% | Sep 2024 0.4% | Dec 2024 -0.2% | Mar 2025 1.6% | Jun 2025 0.9% | Sep 2025 0.1% | Dec 2025 -0.4% | Mar 2026 0.0% | Jun 2026 —
- ARX: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 -1.5% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 -0.5% | Mar 2024 — | Jun 2024 — | Sep 2024 0.4% | Dec 2024 0.4% | Mar 2025 0.2% | Jun 2025 0.4% | Sep 2025 0.1% | Dec 2025 0.1% | Mar 2026 -0.1% | Jun 2026 —
- CRVL: Sep 2021 36% | Dec 2021 37% | Mar 2022 41% | Jun 2022 42% | Sep 2022 43% | Dec 2022 43% | Mar 2023 46% | Jun 2023 46% | Sep 2023 47% | Dec 2023 48% | Mar 2024 49% | Jun 2024 47% | Sep 2024 47% | Dec 2024 4.8% | Mar 2025 5.3% | Jun 2025 43% | Sep 2025 42% | Dec 2025 4.1% | Mar 2026 5.2% | Jun 2026 —
- GSHD: Sep 2021 3.7% | Dec 2021 0.7% | Mar 2022 -2.0% | Jun 2022 1.1% | Sep 2022 1.7% | Dec 2022 1.1% | Mar 2023 0.3% | Jun 2023 2.8% | Sep 2023 3.8% | Dec 2023 2.1% | Mar 2024 -0.1% | Jun 2024 3.7% | Sep 2024 4.0% | Dec 2024 7.1% | Mar 2025 4.7% | Jun 2025 3.3% | Sep 2025 4.7% | Dec 2025 6.4% | Mar 2026 3.1% | Jun 2026 5.1%
- TWFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 14% | Dec 2023 4.2% | Mar 2024 10% | Jun 2024 9.6% | Sep 2024 1.8% | Dec 2024 2.9% | Mar 2025 2.2% | Jun 2025 2.8% | Sep 2025 2.3% | Dec 2025 4.0% | Mar 2026 3.2% | Jun 2026 —
- LIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 5.7% | Dec 2024 2.6% | Mar 2025 5.0% | Jun 2025 7.6% | Sep 2025 3.5% | Dec 2025 5.3% | Mar 2026 -31% | Jun 2026 —
- CRD-A: Sep 2021 1.5% | Dec 2021 0.3% | Mar 2022 0.7% | Jun 2022 0.8% | Sep 2022 -1.7% | Dec 2022 2.6% | Mar 2023 1.8% | Jun 2023 1.5% | Sep 2023 2.0% | Dec 2023 0.5% | Mar 2024 0.9% | Jun 2024 1.6% | Sep 2024 1.7% | Dec 2024 2.8% | Mar 2025 1.4% | Jun 2025 1.4% | Sep 2025 2.1% | Dec 2025 -0.1% | Mar 2026 1.0% | Jun 2026 —
- SLQT: Sep 2021 -3.3% | Dec 2021 -9.6% | Mar 2022 0.1% | Jun 2022 -11% | Sep 2022 -2.3% | Dec 2022 2.7% | Mar 2023 1.8% | Jun 2023 -12% | Sep 2023 -1.3% | Dec 2023 2.7% | Mar 2024 2.6% | Jun 2024 -0.1% | Sep 2024 -1.3% | Dec 2024 7.6% | Mar 2025 1.3% | Jun 2025 -1.4% | Sep 2025 -2.8% | Dec 2025 4.8% | Mar 2026 2.5% | Jun 2026 —

### 20-quarter ROA change history
- MRSH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −1.2 pp | Mar 2023 +0.5 pp | Jun 2023 −0.3 pp | Sep 2023 +0.2 pp | Dec 2023 +0.4 pp | Mar 2024 −0.2 pp | Jun 2024 −0.3 pp | Sep 2024 −0.4 pp | Dec 2024 0.0 pp | Mar 2025 −0.6 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −0.7 pp | Jun 2026 −0.2 pp
- AON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.1 pp | Dec 2022 +0.3 pp | Mar 2023 +0.2 pp | Jun 2023 +0.5 pp | Sep 2023 +0.3 pp | Dec 2023 −1.0 pp | Mar 2024 −0.5 pp | Jun 2024 −0.9 pp | Sep 2024 −0.6 pp | Dec 2024 +0.3 pp | Mar 2025 −0.5 pp | Jun 2025 +0.2 pp | Sep 2025 +0.1 pp | Dec 2025 −0.3 pp | Mar 2026 +0.2 pp | Jun 2026 —
- AJG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 0.0 pp | Mar 2023 −0.2 pp | Jun 2023 −0.2 pp | Sep 2023 −0.1 pp | Dec 2023 −0.5 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 +0.1 pp | Jun 2025 0.0 pp | Sep 2025 −0.1 pp | Dec 2025 −0.5 pp | Mar 2026 0.0 pp | Jun 2026 —
- WTW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 +0.2 pp | Mar 2023 +0.3 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.5 pp | Mar 2024 0.0 pp | Jun 2024 +0.2 pp | Sep 2024 −2.8 pp | Dec 2024 +0.1 pp | Mar 2025 +0.5 pp | Jun 2025 +0.8 pp | Sep 2025 +3.5 pp | Dec 2025 +0.5 pp | Mar 2026 +0.1 pp | Jun 2026 —
- BRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +0.1 pp | Mar 2023 −0.2 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 −0.1 pp | Mar 2024 +0.1 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +0.2 pp | Mar 2025 0.0 pp | Jun 2025 −0.5 pp | Sep 2025 −0.4 pp | Dec 2025 −0.3 pp | Mar 2026 −0.3 pp | Jun 2026 —
- ERIE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.7 pp | Mar 2023 +0.8 pp | Jun 2023 +0.9 pp | Sep 2023 +1.3 pp | Dec 2023 +1.4 pp | Mar 2024 +0.7 pp | Jun 2024 +1.3 pp | Sep 2024 +0.3 pp | Dec 2024 +0.6 pp | Mar 2025 −0.3 pp | Jun 2025 −0.6 pp | Sep 2025 −0.1 pp | Dec 2025 −1.0 pp | Mar 2026 −0.1 pp | Jun 2026 —
- NP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −38.7 pp | Dec 2025 −46.1 pp | Mar 2026 — | Jun 2026 —
- BWIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −0.4 pp | Mar 2023 −1.7 pp | Jun 2023 −1.5 pp | Sep 2023 +1.1 pp | Dec 2023 +1.2 pp | Mar 2024 +0.9 pp | Jun 2024 +1.0 pp | Sep 2024 +0.4 pp | Dec 2024 +0.7 pp | Mar 2025 +0.6 pp | Jun 2025 +0.4 pp | Sep 2025 −0.3 pp | Dec 2025 −0.2 pp | Mar 2026 −1.6 pp | Jun 2026 —
- ARX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −1.5 pp | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 +1.0 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +0.4 pp | Dec 2024 +0.9 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −0.3 pp | Dec 2025 −0.3 pp | Mar 2026 −0.3 pp | Jun 2026 —
- CRVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.6 pp | Dec 2022 +5.9 pp | Mar 2023 +5.0 pp | Jun 2023 +3.6 pp | Sep 2023 +3.9 pp | Dec 2023 +4.3 pp | Mar 2024 +3.0 pp | Jun 2024 +1.2 pp | Sep 2024 +0.2 pp | Dec 2024 −42.7 pp | Mar 2025 −43.5 pp | Jun 2025 −3.6 pp | Sep 2025 −4.7 pp | Dec 2025 −0.7 pp | Mar 2026 −0.1 pp | Jun 2026 —
- GSHD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 +0.4 pp | Mar 2023 +2.3 pp | Jun 2023 +1.7 pp | Sep 2023 +2.1 pp | Dec 2023 +1.0 pp | Mar 2024 −0.4 pp | Jun 2024 +0.9 pp | Sep 2024 +0.2 pp | Dec 2024 +5.0 pp | Mar 2025 +4.8 pp | Jun 2025 −0.4 pp | Sep 2025 +0.7 pp | Dec 2025 −0.7 pp | Mar 2026 −1.6 pp | Jun 2026 +1.8 pp
- TWFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +13.8 pp | Dec 2023 +4.2 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −12.0 pp | Dec 2024 −1.3 pp | Mar 2025 −7.8 pp | Jun 2025 −6.8 pp | Sep 2025 +0.5 pp | Dec 2025 +1.1 pp | Mar 2026 +1.0 pp | Jun 2026 —
- LIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +5.7 pp | Dec 2024 +2.6 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −2.2 pp | Dec 2025 +2.7 pp | Mar 2026 −35.8 pp | Jun 2026 —
- CRD-A: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.2 pp | Dec 2022 +2.3 pp | Mar 2023 +1.1 pp | Jun 2023 +0.7 pp | Sep 2023 +3.7 pp | Dec 2023 −2.1 pp | Mar 2024 −0.9 pp | Jun 2024 +0.1 pp | Sep 2024 −0.3 pp | Dec 2024 +2.3 pp | Mar 2025 +0.5 pp | Jun 2025 −0.2 pp | Sep 2025 +0.4 pp | Dec 2025 −2.9 pp | Mar 2026 −0.4 pp | Jun 2026 —
- SLQT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +12.3 pp | Mar 2023 +1.7 pp | Jun 2023 −0.9 pp | Sep 2023 +1.0 pp | Dec 2023 0.0 pp | Mar 2024 +0.8 pp | Jun 2024 +11.7 pp | Sep 2024 0.0 pp | Dec 2024 +4.9 pp | Mar 2025 −1.3 pp | Jun 2025 −1.3 pp | Sep 2025 −1.5 pp | Dec 2025 −2.8 pp | Mar 2026 +1.2 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Aon plc leads roe at 14.4%; Neptune Insurance Holdings Inc. leads roe change at +16 percentage points.

Investor read: Aon plc sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Aon plc · 14.4% | 65.5% versus #2 · CorVel Corporation | 2/8 recent comparable periods | 15/15 companies · 252 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Aon plc (AON): 14%
2. CorVel Corporation (CRVL): 8.7%
3. Marsh & McLennan Companies, Inc. (MRSH): 8.2%
4. Erie Indemnity Company (ERIE): 6.8%
5. SelectQuote, Inc. (SLQT): 6.6%

### ROE change — fastest improvers
1. Neptune Insurance Holdings Inc. (NP): +16.0 pp
2. Willis Towers Watson Public Limited Company (WTW): +1.0 pp
3. SelectQuote, Inc. (SLQT): +0.8 pp
4. TWFG, Inc. (TWFG): +0.6 pp
5. Goosehead Insurance, Inc. (GSHD): +0.3 pp

### 20-quarter ROE history
- MRSH: Sep 2021 5.8% | Dec 2021 7.9% | Mar 2022 11% | Jun 2022 9.2% | Sep 2022 5.6% | Dec 2022 4.3% | Mar 2023 8.7% | Jun 2023 9.1% | Sep 2023 6.9% | Dec 2023 6.6% | Mar 2024 7.6% | Jun 2024 8.9% | Sep 2024 5.9% | Dec 2024 6.2% | Mar 2025 8.3% | Jun 2025 8.3% | Sep 2025 5.2% | Dec 2025 5.8% | Mar 2026 8.2% | Jun 2026 8.2%
- AON: Sep 2021 -30% | Dec 2021 37% | Mar 2022 37% | Jun 2022 19% | Sep 2022 51% | Dec 2022 183% | Mar 2023 160% | Jun 2023 121% | Sep 2023 -81% | Dec 2023 -87% | Mar 2024 7,287% | Jun 2024 17% | Sep 2024 12% | Dec 2024 26% | Mar 2025 27% | Jun 2025 8.3% | Sep 2025 6.4% | Dec 2025 21% | Mar 2026 14% | Jun 2026 —
- AJG: Sep 2021 3.3% | Dec 2021 1.6% | Mar 2022 5.6% | Jun 2022 3.3% | Sep 2022 3.0% | Dec 2022 1.5% | Mar 2023 5.1% | Jun 2023 2.4% | Sep 2023 3.0% | Dec 2023 -0.4% | Mar 2024 5.8% | Jun 2024 2.6% | Sep 2024 2.8% | Dec 2024 3.9% | Mar 2025 4.2% | Jun 2025 2.1% | Sep 2025 1.5% | Dec 2025 1.2% | Mar 2026 3.6% | Jun 2026 —
- WTW: Sep 2021 8.2% | Dec 2021 20% | Mar 2022 1.1% | Jun 2022 1.0% | Sep 2022 1.8% | Dec 2022 5.1% | Mar 2023 1.9% | Jun 2023 0.9% | Sep 2023 1.4% | Dec 2023 6.3% | Mar 2024 2.0% | Jun 2024 1.5% | Sep 2024 -20% | Dec 2024 14% | Mar 2025 2.7% | Jun 2025 3.8% | Sep 2025 4.0% | Dec 2025 9.2% | Mar 2026 3.7% | Jun 2026 —
- BRO: Sep 2021 3.7% | Dec 2021 2.6% | Mar 2022 5.4% | Jun 2022 3.5% | Sep 2022 3.8% | Dec 2022 3.3% | Mar 2023 5.1% | Jun 2023 4.1% | Sep 2023 3.7% | Dec 2023 5.3% | Mar 2024 5.5% | Jun 2024 4.7% | Sep 2024 4.1% | Dec 2024 3.5% | Mar 2025 5.3% | Jun 2025 2.7% | Sep 2025 2.4% | Dec 2025 2.8% | Mar 2026 4.4% | Jun 2026 —
- ERIE: Sep 2021 7.1% | Dec 2021 4.4% | Mar 2022 5.4% | Jun 2022 6.2% | Sep 2022 6.4% | Dec 2022 4.7% | Mar 2023 6.1% | Jun 2023 8.2% | Sep 2023 8.7% | Dec 2023 7.1% | Mar 2024 7.8% | Jun 2024 9.7% | Sep 2024 8.9% | Dec 2024 8.3% | Mar 2025 7.3% | Jun 2025 8.7% | Sep 2025 8.6% | Dec 2025 3.0% | Mar 2026 6.8% | Jun 2026 —
- NP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -19% | Dec 2024 -19% | Mar 2025 — | Jun 2025 — | Sep 2025 -6.0% | Dec 2025 -2.5% | Mar 2026 -6.9% | Jun 2026 -14%
- BWIN: Sep 2021 -3.2% | Dec 2021 -4.5% | Mar 2022 4.4% | Jun 2022 1.6% | Sep 2022 -4.0% | Dec 2022 -7.9% | Mar 2023 -2.2% | Jun 2023 -3.7% | Sep 2023 -2.8% | Dec 2023 -5.8% | Mar 2024 3.6% | Jun 2024 -2.9% | Sep 2024 -1.4% | Dec 2024 -3.4% | Mar 2025 2.3% | Jun 2025 -0.5% | Sep 2025 -2.8% | Dec 2025 -4.2% | Mar 2026 -0.1% | Jun 2026 —
- ARX: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 -8.7% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 -6.6% | Mar 2024 — | Jun 2024 — | Sep 2024 5.1% | Dec 2024 4.2% | Mar 2025 3.2% | Jun 2025 5.4% | Sep 2025 1.3% | Dec 2025 1.2% | Mar 2026 -0.7% | Jun 2026 —
- CRVL: Sep 2021 74% | Dec 2021 78% | Mar 2022 79% | Jun 2022 81% | Sep 2022 84% | Dec 2022 88% | Mar 2023 90% | Jun 2023 92% | Sep 2023 93% | Dec 2023 95% | Mar 2024 92% | Jun 2024 90% | Sep 2024 89% | Dec 2024 8.9% | Mar 2025 9.3% | Jun 2025 77% | Sep 2025 74% | Dec 2025 7.1% | Mar 2026 8.7% | Jun 2026 —
- GSHD: Sep 2021 -8.6% | Dec 2021 -1.6% | Mar 2022 10% | Jun 2022 -5.5% | Sep 2022 -5.0% | Dec 2022 -5.0% | Mar 2023 0.4% | Jun 2023 -20% | Sep 2023 -57% | Dec 2023 -64% | Mar 2024 160% | Jun 2024 -66% | Sep 2024 315% | Dec 2024 85% | Mar 2025 -4.5% | Jun 2025 -11% | Sep 2025 -15% | Dec 2025 -34% | Mar 2026 -4.6% | Jun 2026 -11%
- TWFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 26% | Dec 2023 12% | Mar 2024 20% | Jun 2024 21% | Sep 2024 5.1% | Dec 2024 5.3% | Mar 2025 4.0% | Jun 2025 5.2% | Sep 2025 3.5% | Dec 2025 5.5% | Mar 2026 4.6% | Jun 2026 —
- LIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 7.6% | Dec 2024 3.5% | Mar 2025 7.2% | Jun 2025 11% | Sep 2025 4.9% | Dec 2025 7.3% | Mar 2026 -43% | Jun 2026 —
- CRD-A: Sep 2021 5.5% | Dec 2021 0.8% | Mar 2022 2.6% | Jun 2022 2.9% | Sep 2022 -8.0% | Dec 2022 -8.5% | Mar 2023 6.4% | Jun 2023 5.0% | Sep 2023 7.5% | Dec 2023 -0.8% | Mar 2024 1.9% | Jun 2024 5.7% | Sep 2024 5.8% | Dec 2024 4.0% | Mar 2025 4.5% | Jun 2025 4.8% | Sep 2025 7.2% | Dec 2025 -4.4% | Mar 2026 2.9% | Jun 2026 —
- SLQT: Sep 2021 -8.2% | Dec 2021 -24% | Mar 2022 -1.2% | Jun 2022 -20% | Sep 2022 -8.6% | Dec 2022 5.2% | Mar 2023 2.1% | Jun 2023 -13% | Sep 2023 -9.2% | Dec 2023 5.4% | Mar 2024 2.3% | Jun 2024 -9.3% | Sep 2024 -15% | Dec 2024 16% | Mar 2025 5.8% | Jun 2025 2.9% | Sep 2025 -7.5% | Dec 2025 15% | Mar 2026 6.6% | Jun 2026 —

### 20-quarter ROE change history
- MRSH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −3.6 pp | Mar 2023 −1.8 pp | Jun 2023 −0.1 pp | Sep 2023 +1.3 pp | Dec 2023 +2.3 pp | Mar 2024 −1.1 pp | Jun 2024 −0.2 pp | Sep 2024 −1.0 pp | Dec 2024 −0.4 pp | Mar 2025 +0.7 pp | Jun 2025 −0.6 pp | Sep 2025 −0.7 pp | Dec 2025 −0.4 pp | Mar 2026 −0.1 pp | Jun 2026 −0.1 pp
- AON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +81.4 pp | Dec 2022 +145.9 pp | Mar 2023 +122.9 pp | Jun 2023 +101.9 pp | Sep 2023 −132.1 pp | Dec 2023 −269.3 pp | Mar 2024 +7,126.7 pp | Jun 2024 −104.1 pp | Sep 2024 +92.5 pp | Dec 2024 +112.4 pp | Mar 2025 −7,259.6 pp | Jun 2025 −8.7 pp | Sep 2025 −5.3 pp | Dec 2025 −4.5 pp | Mar 2026 −12.7 pp | Jun 2026 —
- AJG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −0.1 pp | Mar 2023 −0.5 pp | Jun 2023 −0.9 pp | Sep 2023 0.0 pp | Dec 2023 −1.9 pp | Mar 2024 +0.7 pp | Jun 2024 +0.2 pp | Sep 2024 −0.2 pp | Dec 2024 +4.3 pp | Mar 2025 −1.6 pp | Jun 2025 −0.5 pp | Sep 2025 −1.3 pp | Dec 2025 −2.7 pp | Mar 2026 −0.6 pp | Jun 2026 —
- WTW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.4 pp | Dec 2022 −14.8 pp | Mar 2023 +0.8 pp | Jun 2023 −0.1 pp | Sep 2023 −0.4 pp | Dec 2023 +1.2 pp | Mar 2024 +0.1 pp | Jun 2024 +0.6 pp | Sep 2024 −21.0 pp | Dec 2024 +7.9 pp | Mar 2025 +0.7 pp | Jun 2025 +2.3 pp | Sep 2025 +23.6 pp | Dec 2025 −5.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- BRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.7 pp | Mar 2023 −0.3 pp | Jun 2023 +0.6 pp | Sep 2023 −0.1 pp | Dec 2023 +2.0 pp | Mar 2024 +0.4 pp | Jun 2024 +0.6 pp | Sep 2024 +0.4 pp | Dec 2024 −1.8 pp | Mar 2025 −0.2 pp | Jun 2025 −2.0 pp | Sep 2025 −1.7 pp | Dec 2025 −0.7 pp | Mar 2026 −0.9 pp | Jun 2026 —
- ERIE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 +0.3 pp | Mar 2023 +0.7 pp | Jun 2023 +2.0 pp | Sep 2023 +2.3 pp | Dec 2023 +2.4 pp | Mar 2024 +1.7 pp | Jun 2024 +1.5 pp | Sep 2024 +0.2 pp | Dec 2024 +1.2 pp | Mar 2025 −0.5 pp | Jun 2025 −1.0 pp | Sep 2025 −0.3 pp | Dec 2025 −5.3 pp | Mar 2026 −0.5 pp | Jun 2026 —
- NP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +13.3 pp | Dec 2025 +16.0 pp | Mar 2026 — | Jun 2026 —
- BWIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 −3.4 pp | Mar 2023 −6.6 pp | Jun 2023 −5.3 pp | Sep 2023 +1.2 pp | Dec 2023 +2.1 pp | Mar 2024 +5.8 pp | Jun 2024 +0.8 pp | Sep 2024 +1.4 pp | Dec 2024 +2.4 pp | Mar 2025 −1.3 pp | Jun 2025 +2.4 pp | Sep 2025 −1.4 pp | Dec 2025 −0.8 pp | Mar 2026 −2.4 pp | Jun 2026 —
- ARX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −8.7 pp | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 +2.1 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +5.1 pp | Dec 2024 +10.8 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −3.8 pp | Dec 2025 −3.0 pp | Mar 2026 −3.9 pp | Jun 2026 —
- CRVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.2 pp | Dec 2022 +10.1 pp | Mar 2023 +10.3 pp | Jun 2023 +11.2 pp | Sep 2023 +8.8 pp | Dec 2023 +6.9 pp | Mar 2024 +2.6 pp | Jun 2024 −2.3 pp | Sep 2024 −4.2 pp | Dec 2024 −85.6 pp | Mar 2025 −82.8 pp | Jun 2025 −12.5 pp | Sep 2025 −14.6 pp | Dec 2025 −1.8 pp | Mar 2026 −0.6 pp | Jun 2026 —
- GSHD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.6 pp | Dec 2022 −3.4 pp | Mar 2023 −9.9 pp | Jun 2023 −14.4 pp | Sep 2023 −51.5 pp | Dec 2023 −59.4 pp | Mar 2024 +160.0 pp | Jun 2024 −45.6 pp | Sep 2024 +371.4 pp | Dec 2024 +149.7 pp | Mar 2025 −164.9 pp | Jun 2025 +54.5 pp | Sep 2025 −330.0 pp | Dec 2025 −119.0 pp | Mar 2026 −0.1 pp | Jun 2026 +0.3 pp
- TWFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +26.3 pp | Dec 2023 +11.7 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −21.2 pp | Dec 2024 −6.4 pp | Mar 2025 −16.3 pp | Jun 2025 −15.3 pp | Sep 2025 −1.6 pp | Dec 2025 +0.2 pp | Mar 2026 +0.6 pp | Jun 2026 —
- LIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +7.6 pp | Dec 2024 +3.5 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −2.7 pp | Dec 2025 +3.8 pp | Mar 2026 −49.8 pp | Jun 2026 —
- CRD-A: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −13.5 pp | Dec 2022 −9.3 pp | Mar 2023 +3.8 pp | Jun 2023 +2.1 pp | Sep 2023 +15.5 pp | Dec 2023 +7.7 pp | Mar 2024 −4.5 pp | Jun 2024 +0.7 pp | Sep 2024 −1.7 pp | Dec 2024 +4.8 pp | Mar 2025 +2.6 pp | Jun 2025 −0.9 pp | Sep 2025 +1.4 pp | Dec 2025 −8.4 pp | Mar 2026 −1.6 pp | Jun 2026 —
- SLQT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +29.6 pp | Mar 2023 +3.3 pp | Jun 2023 +6.8 pp | Sep 2023 −0.6 pp | Dec 2023 +0.2 pp | Mar 2024 +0.2 pp | Jun 2024 +3.7 pp | Sep 2024 −6.0 pp | Dec 2024 +10.7 pp | Mar 2025 +3.5 pp | Jun 2025 +12.2 pp | Sep 2025 +7.7 pp | Dec 2025 −1.4 pp | Mar 2026 +0.8 pp | Jun 2026 —

## Gross NPA — Leaders & Improvers

What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/15 companies · 0 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest

### GNPA change — fastest improvers

### 20-quarter Gross NPA history

### 20-quarter GNPA change history

## Valuation Against Growth & Quality

What the numbers say: SelectQuote, Inc. has the lowest comparable P/BV ÷ ROE at 0.03×, 92.3% below Brown & Brown, Inc.. Only 10 of 15 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: SelectQuote, Inc. · 0.03× | 92.3% versus #2 · Brown & Brown, Inc. | 0/8 recent comparable periods | 10/15 companies · 163 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. SelectQuote, Inc. (SLQT): 0.0
2. Brown & Brown, Inc. (BRO): 0.4
3. Aon plc (AON): 0.5
4. Marsh & McLennan Companies, Inc. (MRSH): 0.6
5. Arthur J. Gallagher & Co. (AJG): 0.7

### P/BV — lowest P/BV
1. Neptune Insurance Holdings Inc. (NP): -19.6
2. Goosehead Insurance, Inc. (GSHD): -10.3
3. SelectQuote, Inc. (SLQT): 0.2
4. Ethos Technologies Inc. (LIFE): 1.6
5. Brown & Brown, Inc. (BRO): 1.7

### 20-quarter P/BV ÷ ROE history
- MRSH: Sep 2021 1.4 | Dec 2021 1.0 | Mar 2022 0.7 | Jun 2022 0.8 | Sep 2022 1.4 | Dec 2022 1.8 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 1.2 | Dec 2023 1.2 | Mar 2024 1.1 | Jun 2024 0.9 | Sep 2024 1.4 | Dec 2024 1.3 | Mar 2025 1.0 | Jun 2025 0.8 | Sep 2025 1.3 | Dec 2025 1.0 | Mar 2026 0.7 | Jun 2026 0.6
- AON: Sep 2021 — | Dec 2021 1.7 | Mar 2022 1.6 | Jun 2022 4.3 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 8.9 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.6 | Sep 2024 1.0 | Dec 2024 0.5 | Mar 2025 0.5 | Jun 2025 1.2 | Sep 2025 1.5 | Dec 2025 0.4 | Mar 2026 0.5 | Jun 2026 —
- AJG: Sep 2021 1.1 | Dec 2021 2.6 | Mar 2022 0.7 | Jun 2022 1.2 | Sep 2022 1.4 | Dec 2022 2.9 | Mar 2023 0.8 | Jun 2023 1.9 | Sep 2023 1.6 | Dec 2023 — | Mar 2024 0.8 | Jun 2024 1.9 | Sep 2024 1.8 | Dec 2024 8.4 | Mar 2025 0.9 | Jun 2025 1.7 | Sep 2025 2.3 | Dec 2025 2.4 | Mar 2026 0.7 | Jun 2026 —
- WTW: Sep 2021 0.3 | Dec 2021 0.1 | Mar 2022 2.2 | Jun 2022 2.1 | Sep 2022 1.2 | Dec 2022 0.5 | Mar 2023 1.3 | Jun 2023 2.8 | Sep 2023 1.6 | Dec 2023 0.4 | Mar 2024 1.5 | Jun 2024 1.9 | Sep 2024 — | Dec 2024 0.3 | Mar 2025 1.5 | Jun 2025 1.0 | Sep 2025 1.1 | Dec 2025 0.4 | Mar 2026 0.9 | Jun 2026 —
- BRO: Sep 2021 1.0 | Dec 2021 1.8 | Mar 2022 0.9 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 1.1 | Mar 2023 0.7 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 0.7 | Mar 2024 0.8 | Jun 2024 0.9 | Sep 2024 1.1 | Dec 2024 1.3 | Mar 2025 1.0 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 0.8 | Mar 2026 0.4 | Jun 2026 —
- ERIE: Sep 2021 1.0 | Dec 2021 1.7 | Mar 2022 1.3 | Jun 2022 1.2 | Sep 2022 1.3 | Dec 2022 1.9 | Mar 2023 1.3 | Jun 2023 0.9 | Sep 2023 1.1 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.1 | Sep 2024 1.6 | Dec 2024 1.3 | Mar 2025 1.5 | Jun 2025 1.0 | Sep 2025 0.8 | Dec 2025 2.2 | Mar 2026 0.8 | Jun 2026 —
- BWIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.6 | Dec 2025 4.3 | Mar 2026 — | Jun 2026 —
- CRVL: Sep 2021 0.2 | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.1 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 2.1 | Mar 2025 1.9 | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 1.3 | Mar 2026 0.8 | Jun 2026 —
- GSHD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 177.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.2 | Jun 2024 — | Sep 2024 0.1 | Dec 2024 0.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TWFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.1 | Dec 2024 1.2 | Mar 2025 1.5 | Jun 2025 1.3 | Sep 2025 1.5 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 —
- CRD-A: Sep 2021 0.4 | Dec 2021 2.3 | Mar 2022 0.7 | Jun 2022 0.7 | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 0.7 | Sep 2023 0.4 | Dec 2023 — | Mar 2024 1.7 | Jun 2024 0.5 | Sep 2024 0.6 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 0.6 | Sep 2025 0.4 | Dec 2025 — | Mar 2026 1.0 | Jun 2026 —
- SLQT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.1 | Mar 2023 0.4 | Jun 2023 — | Sep 2023 — | Dec 2023 0.1 | Mar 2024 0.4 | Jun 2024 — | Sep 2024 — | Dec 2024 0.1 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 — | Dec 2025 0.0 | Mar 2026 0.0 | Jun 2026 —

### 20-quarter P/BV history
- MRSH: Sep 2021 7.9 | Dec 2021 7.9 | Mar 2022 7.8 | Jun 2022 7.3 | Sep 2022 7.8 | Dec 2022 7.8 | Mar 2023 7.5 | Jun 2023 7.8 | Sep 2023 8.2 | Dec 2023 7.7 | Mar 2024 8.2 | Jun 2024 7.8 | Sep 2024 8.0 | Dec 2024 7.8 | Mar 2025 8.6 | Jun 2025 6.8 | Sep 2025 6.5 | Dec 2025 6.0 | Mar 2026 5.7 | Jun 2026 5.3
- AON: Sep 2021 28.6 | Dec 2021 60.9 | Mar 2022 58.9 | Jun 2022 83.4 | Sep 2022 -71.0 | Dec 2022 -116.5 | Mar 2023 -921.1 | Jun 2023 1,079.2 | Sep 2023 -111.1 | Dec 2023 -70.6 | Mar 2024 -498.3 | Jun 2024 10.9 | Sep 2024 12.0 | Dec 2024 12.4 | Mar 2025 12.3 | Jun 2025 9.8 | Sep 2025 9.7 | Dec 2025 8.2 | Mar 2026 7.0 | Jun 2026 —
- AJG: Sep 2021 3.7 | Dec 2021 4.2 | Mar 2022 4.1 | Jun 2022 3.9 | Sep 2022 4.2 | Dec 2022 4.4 | Mar 2023 4.2 | Jun 2023 4.6 | Sep 2023 4.7 | Dec 2023 4.5 | Mar 2024 4.8 | Jun 2024 4.9 | Sep 2024 5.1 | Dec 2024 32.6 | Mar 2025 4.0 | Jun 2025 3.6 | Sep 2025 3.4 | Dec 2025 2.9 | Mar 2026 2.3 | Jun 2026 —
- WTW: Sep 2021 2.5 | Dec 2021 2.2 | Mar 2022 2.4 | Jun 2022 2.1 | Sep 2022 2.2 | Dec 2022 2.6 | Mar 2023 2.5 | Jun 2023 2.5 | Sep 2023 2.3 | Dec 2023 2.6 | Mar 2024 3.0 | Jun 2024 2.9 | Sep 2024 4.0 | Dec 2024 3.9 | Mar 2025 4.1 | Jun 2025 3.7 | Sep 2025 4.3 | Dec 2025 3.9 | Mar 2026 3.4 | Jun 2026 —
- BRO: Sep 2021 3.8 | Dec 2021 4.7 | Mar 2022 4.7 | Jun 2022 3.8 | Sep 2022 4.0 | Dec 2022 3.5 | Mar 2023 3.4 | Jun 2023 3.9 | Sep 2023 3.8 | Dec 2023 3.6 | Mar 2024 4.3 | Jun 2024 4.2 | Sep 2024 4.6 | Dec 2024 4.5 | Mar 2025 5.2 | Jun 2025 3.2 | Sep 2025 2.6 | Dec 2025 2.1 | Mar 2026 1.7 | Jun 2026 —
- ERIE: Sep 2021 7.3 | Dec 2021 7.5 | Mar 2022 6.9 | Jun 2022 7.5 | Sep 2022 8.6 | Dec 2022 9.0 | Mar 2023 8.2 | Jun 2023 7.1 | Sep 2023 9.2 | Dec 2023 10.5 | Mar 2024 12.2 | Jun 2024 10.4 | Sep 2024 14.5 | Dec 2024 10.9 | Mar 2025 10.6 | Jun 2025 8.3 | Sep 2025 7.2 | Dec 2025 6.6 | Mar 2026 5.6 | Jun 2026 —
- NP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -17.7 | Mar 2026 -15.7 | Jun 2026 -19.6
- BWIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 4.0 | Sep 2024 5.7 | Dec 2024 4.5 | Mar 2025 5.0 | Jun 2025 4.8 | Sep 2025 3.3 | Dec 2025 2.9 | Mar 2026 2.2 | Jun 2026 —
- ARX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 4.7 | Dec 2025 5.2 | Mar 2026 4.3 | Jun 2026 —
- CRVL: Sep 2021 14.8 | Dec 2021 17.1 | Mar 2022 13.9 | Jun 2022 12.5 | Sep 2022 12.1 | Dec 2022 12.8 | Mar 2023 16.2 | Jun 2023 16.0 | Sep 2023 15.1 | Dec 2023 18.1 | Mar 2024 18.2 | Jun 2024 16.5 | Sep 2024 19.8 | Dec 2024 19.0 | Mar 2025 17.9 | Jun 2025 15.4 | Sep 2025 11.0 | Dec 2025 9.2 | Mar 2026 7.1 | Jun 2026 —
- GSHD: Sep 2021 -159.8 | Dec 2021 -187.4 | Mar 2022 -152.8 | Jun 2022 -235.8 | Sep 2022 119.4 | Dec 2022 74.1 | Mar 2023 71.0 | Jun 2023 50.7 | Sep 2023 39.1 | Dec 2023 67.7 | Mar 2024 25.0 | Jun 2024 35.0 | Sep 2024 37.3 | Dec 2024 60.3 | Mar 2025 -33.4 | Jun 2025 -34.0 | Sep 2025 -17.7 | Dec 2025 -19.0 | Mar 2026 -8.3 | Jun 2026 -10.3
- TWFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 5.7 | Dec 2024 6.2 | Mar 2025 6.1 | Jun 2025 6.6 | Sep 2025 5.2 | Dec 2025 5.2 | Mar 2026 3.8 | Jun 2026 —
- LIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.6 | Jun 2026 —
- CRD-A: Sep 2021 2.2 | Dec 2021 1.8 | Mar 2022 1.9 | Jun 2022 2.0 | Sep 2022 1.7 | Dec 2022 2.2 | Mar 2023 2.9 | Jun 2023 3.6 | Sep 2023 2.8 | Dec 2023 4.6 | Mar 2024 3.2 | Jun 2024 2.8 | Sep 2024 3.3 | Dec 2024 3.6 | Mar 2025 3.5 | Jun 2025 3.0 | Sep 2025 2.8 | Dec 2025 3.2 | Mar 2026 2.8 | Jun 2026 —
- SLQT: Sep 2021 3.3 | Dec 2021 3.0 | Mar 2022 0.9 | Jun 2022 1.0 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 0.6 | Dec 2023 0.7 | Mar 2024 1.0 | Jun 2024 1.5 | Sep 2024 1.4 | Dec 2024 2.0 | Mar 2025 1.0 | Jun 2025 0.7 | Sep 2025 0.6 | Dec 2025 0.4 | Mar 2026 0.2 | Jun 2026 —

## Market action

Crawford & Company has the strongest one-year price move in Insurance Brokers at +20.9%. The Baldwin Insurance Group, Inc. leads on Mansfield relative strength against the S&P 500 at +7.1%. 4 of 13 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Crawford & Company (CRD-A): 21%
2. Aon plc (AON): 7.9%
3. Willis Towers Watson Public Limited Company (WTW): 0.4%
4. Marsh & McLennan Companies, Inc. (MRSH): -2.8%
5. TWFG, Inc. (TWFG): -6.0%

### Strongest relative strength versus NIFTY 500
1. The Baldwin Insurance Group, Inc. (BWIN): 7.1%
2. TWFG, Inc. (TWFG): 7.0%
3. Goosehead Insurance, Inc. (GSHD): 4.7%
4. Aon plc (AON): 3.3%
5. Arthur J. Gallagher & Co. (AJG): -0.8%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

## Every company
- Marsh & McLennan Companies, Inc. (MRSH) — market value ₹91.7K Cr; latest fundamentals Jun 2026
- Aon plc (AON) — market value ₹81.4K Cr; latest fundamentals Mar 2026
- Arthur J. Gallagher & Co. (AJG) — market value ₹68.2K Cr; latest fundamentals Mar 2026
- Willis Towers Watson Public Limited Company (WTW) — market value ₹29.9K Cr; latest fundamentals Mar 2026
- Brown & Brown, Inc. (BRO) — market value ₹24.6K Cr; latest fundamentals Mar 2026
- Erie Indemnity Company (ERIE) — market value ₹12.7K Cr; latest fundamentals Mar 2026
- Neptune Insurance Holdings Inc. (NP) — market value ₹4.4K Cr; latest fundamentals Jun 2026
- The Baldwin Insurance Group, Inc. (BWIN) — market value ₹4.1K Cr; latest fundamentals Mar 2026
- Accelerant Holdings (ARX) — market value ₹3.2K Cr; latest fundamentals Mar 2026
- CorVel Corporation (CRVL) — market value ₹3.1K Cr; latest fundamentals Mar 2026
- Goosehead Insurance, Inc. (GSHD) — market value ₹2.4K Cr; latest fundamentals Jun 2026
- TWFG, Inc. (TWFG) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- Ethos Technologies Inc. (LIFE) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Crawford & Company (CRD-A) — market value ₹532 Cr; latest fundamentals Mar 2026
- SelectQuote, Inc. (SLQT) — market value ₹132 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Insurance Brokers company is the biggest?

Aon plc is the largest, with trailing-twelve-month income of $17,486 million, ahead of Arthur J. Gallagher & Co. at $14,973 million. That covers 12 of 15 companies with comparable reporting through Mar 2026.

### Which Insurance Brokers company is growing fastest?

Ethos Technologies Inc. has the fastest income growth at 67% year on year, across 12 of 15 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Insurance Brokers company makes the most profit?

Aon plc earns the most, at $4,007 million of trailing-twelve-month net profit, from 12 of 15 comparable companies. SelectQuote, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Insurance Brokers company earns the highest return on capital?

Neptune Insurance Holdings Inc. leads on return on assets at 35.4%, across 15 of 15 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Insurance Brokers stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — SelectQuote, Inc. screens cheapest at 0.03×. Only 10 of 15 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Insurance Brokers sector beating the market?

Insurance Brokers has underperformed S&P 500 by 27.7% over the last 52 weeks and 20.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 13 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Insurance Brokers stock has the strongest price momentum?

The Baldwin Insurance Group, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Insurance Brokers company scores highest for research priority?

TWFG, Inc. scores 63.5 out of 100 with 70% evidence confidence, from 26.6 points on growth and earnings, 15.4 on capital efficiency, 5.3 on valuation and 16.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Insurance Brokers companies does this comparison cover, and over what period?

It compares 15 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Insurance Brokers sector?

The 15 Insurance Brokers companies on this page carry $329,094 million of combined market value. Marsh & McLennan Companies, Inc. is the largest at $91,715 million, about 28% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Insurance Brokers sector's P/B ratio?

The median price-to-book ratio across the 15 Insurance Brokers companies on this page is 3.4×, measured on the 13 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Insurance Brokers sector performing?

4 of the 13 covered Insurance Brokers companies are beating S&P 500 on Mansfield relative strength. The sector itself is 27.7% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Insurance Brokers stocks are listed in the US?

This comparison covers 15 listed Insurance Brokers companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/insurance-brokers