# Insurance - Diversified — company-by-company sector analysis

> Insurance - Diversified: Berkshire Hathaway Inc. owns the largest revenue base; Arch Capital Group Ltd. has the fastest current growth.

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

## Bottom line

Insurance - Diversified has underperformed S&P 500 by 2.2% over 52 weeks and 2.6% over 13 weeks. 5 of 9 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 9 beat the sector itself. Berkshire Hathaway Inc. leads with income of $375,394 million, based on 7 of 10 comparable companies through Mar 2026.

### Is the Insurance - Diversified sector outperforming S&P 500?

Insurance - Diversified has underperformed S&P 500 by 2.2% over 52 weeks and 2.6% over 13 weeks. 5 of 9 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 9 beat the sector itself.

### Which Insurance - Diversified company is largest by income?

Berkshire Hathaway Inc. leads with income of $375,394 million, based on 7 of 10 comparable companies through Mar 2026.

### Which Insurance - Diversified company is growing fastest?

Arch Capital Group Ltd. has the fastest current income growth at 8.8%, across 7 of 10 comparable companies.

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

International General Insurance Holdings Ltd. ranks first at 59.6/100 with 70% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Aegon Ltd. has the lowest comparable P/BV ÷ ROE at 0.02, among 9 of 10 companies that pass the metric’s comparability rules.

### How much history does this Insurance - Diversified 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 - Diversified has underperformed S&P 500 by 2.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 2.6%. 5 of 9 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Pelagos Insurance Capital Limited is the strongest against the sector itself at +21%.

13-week sector return versus NIFTY 500: 2.6%
52-week sector return versus NIFTY 500: -2.2%
Stocks leading NIFTY: 5/9
Stocks leading sector: 5/9

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

Companies: 10
Combined market value: ₹13.0 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. International General Insurance Holdings Ltd. (IGIC): 60/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 10.2/35 | Capital efficiency 19.8/25 | Valuation 14.9/20 | Relative strength 14.7/20
   - Exact sum: 10.2 + 19.8 + 14.9 + 14.7 = 59.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. Pelagos Insurance Capital Limited (PLGO): 58/100 — Mixed-positive evidence; evidence 67%
   - Growth & earnings 19.1/35 | Capital efficiency 9.9/25 | Valuation 8.6/20 | Relative strength 20.0/20
   - Exact sum: 19.1 + 9.9 + 8.6 + 20 = 57.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Arch Capital Group Ltd. (ACGL): 55/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 20.1/35 | Capital efficiency 10.2/25 | Valuation 9.8/20 | Relative strength 14.9/20
   - Exact sum: 20.1 + 10.2 + 9.8 + 14.9 = 55
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. The Hartford Insurance Group, Inc. (HIG): 46/100 — Mixed-negative evidence; evidence 60%
   - Growth & earnings 17.6/35 | Capital efficiency 13.5/25 | Valuation 7.7/20 | Relative strength 7.2/20
   - Exact sum: 17.6 + 13.5 + 7.7 + 7.2 = 46
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Sun Life Financial Inc. (SLF): 42/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 12.6/35 | Capital efficiency 7.6/25 | Valuation 3.8/20 | Relative strength 17.7/20
   - Exact sum: 12.6 + 7.6 + 3.8 + 17.7 = 41.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 17.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. American International Group, Inc. (AIG): 39/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 20.8/35 | Capital efficiency 8.2/25 | Valuation 5.6/20 | Relative strength 4.1/20
   - Exact sum: 20.8 + 8.2 + 5.6 + 4.1 = 38.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Berkshire Hathaway Inc. (BRK-B): 34/100 — Adverse evidence; evidence 76%
   - Growth & earnings 12.5/35 | Capital efficiency 9.5/25 | Valuation 5.0/20 | Relative strength 7.4/20
   - Exact sum: 12.5 + 9.5 + 5 + 7.4 = 34.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Brookfield Wealth Solutions Ltd. (BNT): 20/100 — Adverse evidence; evidence 67%
   - Growth & earnings 10.3/35 | Capital efficiency 5.4/25 | Valuation 3.8/20 | Relative strength 0.0/20
   - Exact sum: 10.3 + 5.4 + 3.8 + 0 = 19.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Aegon Ltd. (AEG): 66/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 18.8/35 | Capital efficiency 17.4/25 | Valuation 16.3/20 | Relative strength 13.9/20
   - Exact sum: 18.8 + 17.4 + 16.3 + 13.9 = 66.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Exzeo Group, Inc. (XZO): 56/100 — Thin evidence · provisional; evidence 47%
   - Growth & earnings 22.4/35 | Capital efficiency 18.2/25 | Valuation 5.7/20 | Relative strength 10.0/20
   - Exact sum: 22.4 + 18.2 + 5.7 + 10 = 56.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Income Scale & Growth Durability

What the numbers say: Berkshire Hathaway Inc. is the scale leader at $375,394 million, 10.8× the revenue of Sun Life Financial Inc.. Arch Capital Group Ltd.'s growth is 8.8% from a $19,777 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Berkshire Hathaway Inc. is the scale benchmark; Arch Capital Group Ltd. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Berkshire Hathaway Inc.'s growth falls below Arch Capital Group Ltd.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Berkshire Hathaway Inc. · $375,394 million | 10.8× versus #2 · Sun Life Financial Inc. | 4/8 recent comparable periods | 7/10 companies · 164 observations

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

### Income — largest
1. Berkshire Hathaway Inc. (BRK-B): ₹3.8 L Cr
2. Sun Life Financial Inc. (SLF): ₹34.8K Cr
3. American International Group, Inc. (AIG): ₹26.6K Cr
4. Arch Capital Group Ltd. (ACGL): ₹19.8K Cr
5. Brookfield Wealth Solutions Ltd. (BNT): ₹10.7K Cr

### Income growth — fastest growers
1. Arch Capital Group Ltd. (ACGL): 8.8%
2. Sun Life Financial Inc. (SLF): 3.0%
3. Berkshire Hathaway Inc. (BRK-B): 1.1%
4. American International Group, Inc. (AIG): -2.3%
5. Pelagos Insurance Capital Limited (PLGO): -4.1%

### 20-quarter Income history
- BRK-B: Sep 2021 ₹70.6K Cr | Dec 2021 ₹71.9K Cr | Mar 2022 ₹70.8K Cr | Jun 2022 ₹76.2K Cr | Sep 2022 ₹76.9K Cr | Dec 2022 ₹78.1K Cr | Mar 2023 ₹85.4K Cr | Jun 2023 ₹92.5K Cr | Sep 2023 ₹93.2K Cr | Dec 2023 ₹93.4K Cr | Mar 2024 ₹89.9K Cr | Jun 2024 ₹93.7K Cr | Sep 2024 ₹93.0K Cr | Dec 2024 ₹94.9K Cr | Mar 2025 ₹89.7K Cr | Jun 2025 ₹92.5K Cr | Sep 2025 ₹95.0K Cr | Dec 2025 ₹94.2K Cr | Mar 2026 ₹93.7K Cr | Jun 2026 —
- SLF: Sep 2021 ₹8.5K Cr | Dec 2021 ₹13.0K Cr | Mar 2022 ₹6.4K Cr | Jun 2022 ₹7.0K Cr | Sep 2022 ₹6.5K Cr | Dec 2022 ₹7.7K Cr | Mar 2023 ₹7.6K Cr | Jun 2023 ₹7.5K Cr | Sep 2023 ₹7.9K Cr | Dec 2023 ₹7.8K Cr | Mar 2024 ₹8.2K Cr | Jun 2024 ₹8.0K Cr | Sep 2024 ₹8.6K Cr | Dec 2024 ₹8.4K Cr | Mar 2025 ₹8.7K Cr | Jun 2025 ₹8.5K Cr | Sep 2025 ₹8.9K Cr | Dec 2025 ₹8.7K Cr | Mar 2026 ₹8.7K Cr | Jun 2026 —
- AIG: Sep 2021 ₹12.8K Cr | Dec 2021 ₹14.2K Cr | Mar 2022 ₹14.9K Cr | Jun 2022 ₹14.4K Cr | Sep 2022 ₹14.0K Cr | Dec 2022 ₹-12.6K Cr | Mar 2023 ₹11.0K Cr | Jun 2023 ₹7.4K Cr | Sep 2023 ₹7.3K Cr | Dec 2023 ₹6.5K Cr | Mar 2024 ₹6.8K Cr | Jun 2024 ₹6.6K Cr | Sep 2024 ₹6.8K Cr | Dec 2024 ₹7.2K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹7.1K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹6.6K Cr | Mar 2026 ₹6.7K Cr | Jun 2026 —
- HIG: Sep 2021 ₹5.7K Cr | Dec 2021 ₹5.8K Cr | Mar 2022 ₹5.4K Cr | Jun 2022 ₹5.4K Cr | Sep 2022 ₹5.6K Cr | Dec 2022 ₹6.0K Cr | Mar 2023 ₹5.9K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹6.2K Cr | Dec 2023 ₹6.4K Cr | Mar 2024 ₹6.4K Cr | Jun 2024 ₹6.5K Cr | Sep 2024 ₹6.8K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹7.2K Cr | Dec 2025 ₹7.3K Cr | Mar 2026 ₹7.2K Cr | Jun 2026 —
- ACGL: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹4.5K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- BNT: Sep 2021 ₹2.3K Cr | Dec 2021 — | Mar 2022 ₹278 Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- AEG: Sep 2021 — | Dec 2021 ₹-4.9K Cr | Mar 2022 — | Jun 2022 ₹7.4K Cr | Sep 2022 — | Dec 2022 ₹7.5K Cr | Mar 2023 — | Jun 2023 ₹6.8K Cr | Sep 2023 — | Dec 2023 ₹13.6K Cr | Mar 2024 — | Jun 2024 ₹6.9K Cr | Sep 2024 — | Dec 2024 ₹11.8K Cr | Mar 2025 — | Jun 2025 ₹7.2K Cr | Sep 2025 — | Dec 2025 ₹20.4K Cr | Mar 2026 — | Jun 2026 —
- PLGO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹318 Cr | Jun 2022 ₹330 Cr | Sep 2022 ₹433 Cr | Dec 2022 ₹429 Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹453 Cr | Sep 2023 ₹538 Cr | Dec 2023 ₹554 Cr | Mar 2024 ₹520 Cr | Jun 2024 ₹540 Cr | Sep 2024 ₹686 Cr | Dec 2024 ₹674 Cr | Mar 2025 ₹658 Cr | Jun 2025 ₹589 Cr | Sep 2025 ₹652 Cr | Dec 2025 ₹601 Cr | Mar 2026 ₹611 Cr | Jun 2026 —
- XZO: Sep 2021 ₹32 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹30 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹52 Cr | Jun 2025 — | Sep 2025 ₹55 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹56 Cr | Jun 2026 —
- IGIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹190 Cr | Sep 2022 ₹103 Cr | Dec 2022 ₹105 Cr | Mar 2023 ₹118 Cr | Jun 2023 ₹133 Cr | Sep 2023 ₹101 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹130 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹138 Cr | Dec 2024 ₹135 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹133 Cr | Sep 2025 ₹129 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹126 Cr | Jun 2026 —

### 20-quarter Income growth history
- BRK-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 9.0% | Dec 2022 8.6% | Mar 2023 21% | Jun 2023 21% | Sep 2023 21% | Dec 2023 20% | Mar 2024 5.2% | Jun 2024 1.2% | Sep 2024 -0.2% | Dec 2024 1.7% | Mar 2025 -0.2% | Jun 2025 -1.2% | Sep 2025 2.1% | Dec 2025 -0.7% | Mar 2026 4.4% | Jun 2026 —
- SLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -45% | Sep 2022 -23% | Dec 2022 -40% | Mar 2023 18% | Jun 2023 7.8% | Sep 2023 21% | Dec 2023 0.6% | Mar 2024 8.6% | Jun 2024 6.6% | Sep 2024 9.2% | Dec 2024 7.8% | Mar 2025 6.2% | Jun 2025 5.9% | Sep 2025 3.3% | Dec 2025 3.2% | Mar 2026 -0.0% | Jun 2026 —
- AIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 9.1% | Dec 2022 -189% | Mar 2023 -27% | Jun 2023 -49% | Sep 2023 -48% | Dec 2023 — | Mar 2024 -38% | Jun 2024 -12% | Sep 2024 -7.1% | Dec 2024 10.0% | Mar 2025 0.3% | Jun 2025 8.1% | Sep 2025 -5.9% | Dec 2025 -8.7% | Mar 2026 -2.0% | Jun 2026 —
- HIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.9% | Sep 2022 -1.9% | Dec 2022 3.4% | Mar 2023 9.6% | Jun 2023 13% | Sep 2023 11% | Dec 2023 6.4% | Mar 2024 8.6% | Jun 2024 7.2% | Sep 2024 9.5% | Dec 2024 7.5% | Mar 2025 6.1% | Jun 2025 7.7% | Sep 2025 7.1% | Dec 2025 6.7% | Mar 2026 6.1% | Jun 2026 —
- ACGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -14% | Sep 2022 14% | Dec 2022 33% | Mar 2023 63% | Jun 2023 43% | Sep 2023 40% | Dec 2023 29% | Mar 2024 24% | Jun 2024 34% | Sep 2024 42% | Dec 2024 14% | Mar 2025 19% | Jun 2025 23% | Sep 2025 8.2% | Dec 2025 8.5% | Mar 2026 -3.3% | Jun 2026 —
- BNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,338% | Sep 2022 -39% | Dec 2022 — | Mar 2023 323% | Jun 2023 54% | Sep 2023 11% | Dec 2023 62% | Mar 2024 111% | Jun 2024 47% | Sep 2024 94% | Dec 2024 158% | Mar 2025 5.4% | Jun 2025 4.7% | Sep 2025 -1.5% | Dec 2025 -47% | Mar 2026 -37% | Jun 2026 —
- AEG: Sep 2021 — | Dec 2021 -112% | Mar 2022 — | Jun 2022 -73% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -7.7% | Sep 2023 — | Dec 2023 82% | Mar 2024 — | Jun 2024 1.1% | Sep 2024 — | Dec 2024 -14% | Mar 2025 — | Jun 2025 4.1% | Sep 2025 — | Dec 2025 73% | Mar 2026 — | Jun 2026 —
- PLGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 545% | Jun 2023 37% | Sep 2023 24% | Dec 2023 29% | Mar 2024 -75% | Jun 2024 19% | Sep 2024 28% | Dec 2024 22% | Mar 2025 27% | Jun 2025 9.1% | Sep 2025 -5.0% | Dec 2025 -11% | Mar 2026 -7.1% | Jun 2026 —
- XZO: Sep 2021 220% | 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 73% | Jun 2025 — | Sep 2025 90% | Dec 2025 18% | Mar 2026 7.7% | Jun 2026 —
- IGIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -30% | Sep 2023 -1.9% | Dec 2023 43% | Mar 2024 10% | Jun 2024 2.3% | Sep 2024 37% | Dec 2024 -10% | Mar 2025 -0.8% | Jun 2025 -2.2% | Sep 2025 -6.5% | Dec 2025 -6.7% | Mar 2026 -2.3% | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Berkshire Hathaway Inc. leads with $72,767 million of TTM profit, 22× the profit of Sun Life Financial Inc.. Exzeo Group, Inc. shows 22.6% growth from a $65 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Berkshire Hathaway 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 profit growth signal.

Evidence: Berkshire Hathaway Inc. · $72,767 million | 22× versus #2 · Sun Life Financial Inc. | 2/8 recent comparable periods | 8/10 companies · 169 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. Berkshire Hathaway Inc. (BRK-B): ₹72.8K Cr
2. Sun Life Financial Inc. (SLF): ₹3.3K Cr
3. American International Group, Inc. (AIG): ₹3.2K Cr
4. Brookfield Wealth Solutions Ltd. (BNT): ₹483 Cr
5. Pelagos Insurance Capital Limited (PLGO): ₹377 Cr

### Profit growth — fastest growers
1. Exzeo Group, Inc. (XZO): 23%
2. American International Group, Inc. (AIG): 22%
3. International General Insurance Holdings Ltd. (IGIC): -1.6%
4. Sun Life Financial Inc. (SLF): -2.0%
5. Berkshire Hathaway Inc. (BRK-B): -11%

### 20-quarter Net profit history
- BRK-B: Sep 2021 ₹10.6K Cr | Dec 2021 ₹40.0K Cr | Mar 2022 ₹5.7K Cr | Jun 2022 ₹-43.2K Cr | Sep 2022 ₹-2.7K Cr | Dec 2022 ₹18.2K Cr | Mar 2023 ₹35.8K Cr | Jun 2023 ₹36.2K Cr | Sep 2023 ₹-12.6K Cr | Dec 2023 ₹37.8K Cr | Mar 2024 ₹12.8K Cr | Jun 2024 ₹30.5K Cr | Sep 2024 ₹26.5K Cr | Dec 2024 ₹19.8K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹12.5K Cr | Sep 2025 ₹30.9K Cr | Dec 2025 ₹19.3K Cr | Mar 2026 ₹10.2K Cr | Jun 2026 —
- SLF: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹721 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹153 Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹918 Cr | Jun 2023 ₹740 Cr | Sep 2023 ₹937 Cr | Dec 2023 ₹874 Cr | Mar 2024 ₹936 Cr | Jun 2024 ₹718 Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹217 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹778 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹810 Cr | Mar 2026 ₹529 Cr | Jun 2026 —
- AIG: Sep 2021 ₹1.7K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹-7.8K Cr | Mar 2023 ₹-87 Cr | Jun 2023 ₹841 Cr | Sep 2023 ₹701 Cr | Dec 2023 ₹862 Cr | Mar 2024 ₹797 Cr | Jun 2024 ₹475 Cr | Sep 2024 ₹481 Cr | Dec 2024 ₹947 Cr | Mar 2025 ₹698 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹524 Cr | Dec 2025 ₹731 Cr | Mar 2026 ₹763 Cr | Jun 2026 —
- HIG: Sep 2021 ₹482 Cr | Dec 2021 ₹735 Cr | Mar 2022 ₹443 Cr | Jun 2022 ₹444 Cr | Sep 2022 ₹340 Cr | Dec 2022 ₹592 Cr | Mar 2023 ₹535 Cr | Jun 2023 ₹547 Cr | Sep 2023 ₹651 Cr | Dec 2023 ₹771 Cr | Mar 2024 ₹753 Cr | Jun 2024 ₹738 Cr | Sep 2024 ₹767 Cr | Dec 2024 ₹853 Cr | Mar 2025 ₹630 Cr | Jun 2025 ₹995 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹856 Cr | Jun 2026 —
- ACGL: Sep 2021 ₹297 Cr | Dec 2021 ₹583 Cr | Mar 2022 ₹173 Cr | Jun 2022 ₹399 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹826 Cr | Mar 2023 ₹678 Cr | Jun 2023 ₹647 Cr | Sep 2023 ₹669 Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹-45 Cr | Sep 2024 ₹-36 Cr | Dec 2024 ₹-64 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹-40 Cr | Sep 2025 ₹-62 Cr | Dec 2025 ₹-61 Cr | Mar 2026 ₹-36 Cr | Jun 2026 —
- BNT: Sep 2021 ₹-6 Cr | Dec 2021 ₹-43 Cr | Mar 2022 ₹156 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹135 Cr | Dec 2022 ₹181 Cr | Mar 2023 ₹-98 Cr | Jun 2023 ₹363 Cr | Sep 2023 ₹76 Cr | Dec 2023 ₹455 Cr | Mar 2024 ₹335 Cr | Jun 2024 ₹264 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹563 Cr | Mar 2025 ₹-326 Cr | Jun 2025 ₹501 Cr | Sep 2025 ₹583 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹-609 Cr | Jun 2026 —
- AEG: Sep 2021 — | Dec 2021 ₹-13.0K Cr | Mar 2022 — | Jun 2022 ₹639 Cr | Sep 2022 — | Dec 2022 ₹260 Cr | Mar 2023 — | Jun 2023 ₹89 Cr | Sep 2023 — | Dec 2023 ₹6.8K Cr | Mar 2024 — | Jun 2024 ₹100 Cr | Sep 2024 — | Dec 2024 ₹6.2K Cr | Mar 2025 — | Jun 2025 ₹934 Cr | Sep 2025 — | Dec 2025 ₹14.5K Cr | Mar 2026 — | Jun 2026 —
- PLGO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹20 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹-91 Cr | Dec 2022 ₹123 Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹228 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹-122 Cr | Mar 2025 ₹-43 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹131 Cr | Dec 2025 ₹118 Cr | Mar 2026 ₹108 Cr | Jun 2026 —
- XZO: Sep 2021 ₹-8 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹14 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- IGIC: Sep 2021 ₹14 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹21 Cr | Jun 2026 —

### 20-quarter Profit growth history
- BRK-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -252% | Sep 2022 -125% | Dec 2022 -54% | Mar 2023 527% | Jun 2023 — | Sep 2023 — | Dec 2023 107% | Mar 2024 -64% | Jun 2024 -16% | Sep 2024 — | Dec 2024 -48% | Mar 2025 -64% | Jun 2025 -59% | Sep 2025 17% | Dec 2025 -2.5% | Mar 2026 118% | Jun 2026 —
- SLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.3% | Sep 2022 -86% | Dec 2022 -1.9% | Mar 2023 27% | Jun 2023 -27% | Sep 2023 512% | Dec 2023 -27% | Mar 2024 2.0% | Jun 2024 -3.0% | Sep 2024 52% | Dec 2024 -75% | Mar 2025 7.6% | Jun 2025 8.4% | Sep 2025 -17% | Dec 2025 273% | Mar 2026 -47% | Jun 2026 —
- AIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2,162% | Sep 2022 78% | Dec 2022 -291% | Mar 2023 -102% | Jun 2023 -75% | Sep 2023 -77% | Dec 2023 — | Mar 2024 — | Jun 2024 -44% | Sep 2024 -31% | Dec 2024 9.9% | Mar 2025 -12% | Jun 2025 141% | Sep 2025 8.9% | Dec 2025 -23% | Mar 2026 9.3% | Jun 2026 —
- HIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -51% | Sep 2022 -29% | Dec 2022 -19% | Mar 2023 21% | Jun 2023 23% | Sep 2023 91% | Dec 2023 30% | Mar 2024 41% | Jun 2024 35% | Sep 2024 18% | Dec 2024 11% | Mar 2025 -16% | Jun 2025 35% | Sep 2025 41% | Dec 2025 33% | Mar 2026 36% | Jun 2026 —
- ACGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -43% | Sep 2022 -97% | Dec 2022 42% | Mar 2023 292% | Jun 2023 62% | Sep 2023 7,333% | Dec 2023 174% | Mar 2024 57% | Jun 2024 -107% | Sep 2024 -105% | Dec 2024 -103% | Mar 2025 -102% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,250% | Sep 2022 — | Dec 2022 — | Mar 2023 -163% | Jun 2023 1,244% | Sep 2023 -44% | Dec 2023 151% | Mar 2024 — | Jun 2024 -27% | Sep 2024 -32% | Dec 2024 24% | Mar 2025 -197% | Jun 2025 90% | Sep 2025 1,021% | Dec 2025 -99% | Mar 2026 — | Jun 2026 —
- AEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -63% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -86% | Sep 2023 — | Dec 2023 2,528% | Mar 2024 — | Jun 2024 12% | Sep 2024 — | Dec 2024 -9.0% | Mar 2025 — | Jun 2025 834% | Sep 2025 — | Dec 2025 133% | Mar 2026 — | Jun 2026 —
- PLGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 8,565% | Jun 2023 664% | Sep 2023 — | Dec 2023 85% | Mar 2024 -95% | Jun 2024 -36% | Sep 2024 15% | Dec 2024 -154% | Mar 2025 -153% | Jun 2025 -63% | Sep 2025 30% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- XZO: 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 29% | Jun 2025 -136% | Sep 2025 320% | Dec 2025 81% | Mar 2026 11% | Jun 2026 —
- IGIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 500% | Sep 2022 50% | Dec 2022 133% | Mar 2023 78% | Jun 2023 58% | Sep 2023 -52% | Dec 2023 48% | Mar 2024 16% | Jun 2024 -16% | Sep 2024 240% | Dec 2024 -3.2% | Mar 2025 -27% | Jun 2025 6.3% | Sep 2025 0.0% | Dec 2025 6.7% | Mar 2026 -22% | 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 | 0/10 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. Berkshire Hathaway Inc. (BRK-B): ₹1.3 L Cr
2. Brookfield Wealth Solutions Ltd. (BNT): ₹8.7K Cr
3. Exzeo Group, Inc. (XZO): ₹7 Cr
4. International General Insurance Holdings Ltd. (IGIC): ₹2 Cr
5. Pelagos Insurance Capital Limited (PLGO): ₹0 Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- BRK-B: Sep 2021 ₹1.1 L Cr | Dec 2021 ₹1.1 L Cr | Mar 2022 ₹1.2 L Cr | Jun 2022 ₹1.2 L Cr | Sep 2022 ₹1.2 L Cr | Dec 2022 ₹1.2 L Cr | Mar 2023 ₹1.2 L Cr | Jun 2023 ₹1.3 L Cr | Sep 2023 ₹1.2 L Cr | Dec 2023 ₹1.3 L Cr | Mar 2024 ₹1.2 L Cr | Jun 2024 ₹1.2 L Cr | Sep 2024 ₹1.2 L Cr | Dec 2024 ₹1.2 L Cr | Mar 2025 ₹1.3 L Cr | Jun 2025 ₹1.3 L Cr | Sep 2025 ₹1.3 L Cr | Dec 2025 ₹1.3 L Cr | Mar 2026 ₹1.3 L Cr | Jun 2026 —
- BNT: Sep 2021 — | Dec 2021 ₹861 Cr | Mar 2022 ₹986 Cr | Jun 2022 ₹6.1K Cr | Sep 2022 ₹6.0K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹8.7K Cr | Sep 2024 ₹8.9K Cr | Dec 2024 ₹7.9K Cr | Mar 2025 ₹7.8K Cr | Jun 2025 ₹8.0K Cr | Sep 2025 ₹8.0K Cr | Dec 2025 ₹8.8K Cr | Mar 2026 ₹8.7K Cr | Jun 2026 —
- PLGO: Sep 2021 ₹31 Cr | Dec 2021 ₹31 Cr | Mar 2022 — | Jun 2022 — | 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 —
- XZO: Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹66 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 — | Jun 2025 ₹8 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- IGIC: Sep 2021 — | Dec 2021 ₹4 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹2 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹4 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹2 Cr | Mar 2026 — | Jun 2026 —

## Return On Assets

What the numbers say: Exzeo Group, Inc. leads both roa at 9.8% and roa change at +7.9 percentage points.

Investor read: Exzeo Group, 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: Exzeo Group, Inc. · 9.8% | 145% versus #2 · International General Insurance Holdings Ltd. | 4/4 recent comparable periods | 10/10 companies · 177 observations

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

### ROA — highest
1. Exzeo Group, Inc. (XZO): 9.8%
2. International General Insurance Holdings Ltd. (IGIC): 4.0%
3. Aegon Ltd. (AEG): 2.3% — older report
4. Arch Capital Group Ltd. (ACGL): 1.6%
5. The Hartford Insurance Group, Inc. (HIG): 1.2%

### ROA change — fastest improvers
1. Exzeo Group, Inc. (XZO): +7.9 pp
2. Aegon Ltd. (AEG): +1.3 pp — older report
3. Pelagos Insurance Capital Limited (PLGO): +1.2 pp
4. American International Group, Inc. (AIG): +0.4 pp
5. Arch Capital Group Ltd. (ACGL): +0.3 pp

### 20-quarter ROA history
- BRK-B: Sep 2021 0.8% | Dec 2021 0.8% | Mar 2022 0.9% | Jun 2022 1.1% | Sep 2022 0.7% | Dec 2022 0.7% | Mar 2023 0.9% | Jun 2023 1.1% | Sep 2023 1.1% | Dec 2023 0.9% | Mar 2024 1.2% | Jun 2024 1.1% | Sep 2024 1.0% | Dec 2024 1.3% | Mar 2025 1.0% | Jun 2025 1.1% | Sep 2025 1.2% | Dec 2025 0.9% | Mar 2026 1.0% | Jun 2026 —
- SLF: Sep 2021 2.0% | Dec 2021 4.7% | Mar 2022 0.2% | Jun 2022 0.3% | Sep 2022 0.1% | Dec 2022 0.4% | Mar 2023 0.3% | Jun 2023 0.3% | Sep 2023 0.3% | Dec 2023 0.3% | Mar 2024 0.3% | Jun 2024 0.2% | Sep 2024 0.5% | Dec 2024 0.1% | Mar 2025 0.3% | Jun 2025 0.2% | Sep 2025 0.3% | Dec 2025 0.2% | Mar 2026 0.2% | Jun 2026 —
- AIG: Sep 2021 0.3% | Dec 2021 0.5% | Mar 2022 0.8% | Jun 2022 0.7% | Sep 2022 0.6% | Dec 2022 -3.1% | Mar 2023 0.0% | Jun 2023 0.4% | Sep 2023 0.1% | Dec 2023 0.2% | Mar 2024 0.2% | Jun 2024 0.6% | Sep 2024 0.2% | Dec 2024 0.2% | Mar 2025 0.2% | Jun 2025 0.7% | Sep 2025 0.4% | Dec 2025 0.5% | Mar 2026 0.6% | Jun 2026 —
- HIG: Sep 2021 0.7% | Dec 2021 1.0% | Mar 2022 0.7% | Jun 2022 0.7% | Sep 2022 0.5% | Dec 2022 0.8% | Mar 2023 0.8% | Jun 2023 0.8% | Sep 2023 0.9% | Dec 2023 1.1% | Mar 2024 1.0% | Jun 2024 1.0% | Sep 2024 1.0% | Dec 2024 1.1% | Mar 2025 0.8% | Jun 2025 1.2% | Sep 2025 1.3% | Dec 2025 1.4% | Mar 2026 1.1% | Jun 2026 1.2%
- ACGL: Sep 2021 9.0% | Dec 2021 9.5% | Mar 2022 8.7% | Jun 2022 9.3% | Sep 2022 37% | Dec 2022 12% | Mar 2023 12% | Jun 2023 1.7% | Sep 2023 13% | Dec 2023 1.2% | Mar 2024 13% | Jun 2024 13% | Sep 2024 14% | Dec 2024 14% | Mar 2025 1.3% | Jun 2025 14% | Sep 2025 13% | Dec 2025 13% | Mar 2026 1.6% | Jun 2026 —
- BNT: Sep 2021 — | Dec 2021 -0.1% | Mar 2022 -1.3% | Jun 2022 3.3% | Sep 2022 -0.1% | Dec 2022 1.0% | Mar 2023 1.2% | Jun 2023 0.2% | Sep 2023 2.1% | Dec 2023 0.9% | Mar 2024 1.1% | Jun 2024 1.7% | Sep 2024 0.9% | Dec 2024 0.9% | Mar 2025 0.6% | Jun 2025 0.5% | Sep 2025 1.3% | Dec 2025 1.6% | Mar 2026 0.4% | Jun 2026 —
- AEG: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.2% | Jun 2022 0.0% | Sep 2022 -3.5% | Dec 2022 0.1% | Mar 2023 0.5% | Jun 2023 -0.1% | Sep 2023 2.3% | Dec 2023 1.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 1.0% | Dec 2024 1.0% | Mar 2025 0.1% | Jun 2025 0.1% | Sep 2025 2.3% | Dec 2025 2.3% | Mar 2026 — | Jun 2026 —
- PLGO: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 -1.1% | Dec 2022 1.7% | Mar 2023 37% | Jun 2023 1.9% | Sep 2023 1.0% | Dec 2023 2.8% | Mar 2024 0.8% | Jun 2024 0.6% | Sep 2024 1.0% | Dec 2024 -1.1% | Mar 2025 -0.3% | Jun 2025 0.2% | Sep 2025 1.2% | Dec 2025 1.1% | Mar 2026 0.9% | Jun 2026 —
- XZO: Sep 2021 -3.5% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 11% | Dec 2024 4.4% | Mar 2025 — | Jun 2025 -6.7% | Sep 2025 15% | Dec 2025 12% | Mar 2026 9.8% | Jun 2026 —
- IGIC: Sep 2021 1.9% | Dec 2021 2.7% | Mar 2022 1.5% | Jun 2022 4.1% | Sep 2022 4.9% | Dec 2022 5.2% | Mar 2023 2.2% | Jun 2023 5.5% | Sep 2023 6.6% | Dec 2023 2.7% | Mar 2024 7.4% | Jun 2024 5.9% | Sep 2024 4.5% | Dec 2024 3.6% | Mar 2025 4.8% | Jun 2025 2.6% | Sep 2025 2.9% | Dec 2025 4.6% | Mar 2026 4.0% | Jun 2026 —

### 20-quarter ROA change history
- BRK-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.1 pp | Mar 2023 0.0 pp | Jun 2023 0.0 pp | Sep 2023 +0.4 pp | Dec 2023 +0.2 pp | Mar 2024 +0.3 pp | Jun 2024 0.0 pp | Sep 2024 −0.1 pp | Dec 2024 +0.4 pp | Mar 2025 −0.2 pp | Jun 2025 0.0 pp | Sep 2025 +0.2 pp | Dec 2025 −0.4 pp | Mar 2026 0.0 pp | Jun 2026 —
- SLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −4.3 pp | Mar 2023 +0.1 pp | Jun 2023 0.0 pp | Sep 2023 +0.2 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 −0.1 pp | Sep 2024 +0.2 pp | Dec 2024 −0.2 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −0.2 pp | Dec 2025 +0.1 pp | Mar 2026 −0.1 pp | Jun 2026 —
- AIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −3.6 pp | Mar 2023 −0.8 pp | Jun 2023 −0.3 pp | Sep 2023 −0.5 pp | Dec 2023 +3.3 pp | Mar 2024 +0.2 pp | Jun 2024 +0.2 pp | Sep 2024 +0.1 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 +0.2 pp | Dec 2025 +0.3 pp | Mar 2026 +0.4 pp | Jun 2026 —
- HIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −0.2 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 +0.4 pp | Dec 2023 +0.3 pp | Mar 2024 +0.2 pp | Jun 2024 +0.2 pp | Sep 2024 +0.1 pp | Dec 2024 0.0 pp | Mar 2025 −0.2 pp | Jun 2025 +0.2 pp | Sep 2025 +0.3 pp | Dec 2025 +0.3 pp | Mar 2026 +0.3 pp | Jun 2026 0.0 pp
- ACGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +28.2 pp | Dec 2022 +2.3 pp | Mar 2023 +3.7 pp | Jun 2023 −7.6 pp | Sep 2023 −24.4 pp | Dec 2023 −10.6 pp | Mar 2024 +0.4 pp | Jun 2024 +11.1 pp | Sep 2024 +1.3 pp | Dec 2024 +12.4 pp | Mar 2025 −11.5 pp | Jun 2025 +1.4 pp | Sep 2025 −1.1 pp | Dec 2025 −0.7 pp | Mar 2026 +0.3 pp | Jun 2026 —
- BNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.1 pp | Mar 2023 +2.5 pp | Jun 2023 −3.1 pp | Sep 2023 +2.2 pp | Dec 2023 −0.1 pp | Mar 2024 −0.1 pp | Jun 2024 +1.5 pp | Sep 2024 −1.2 pp | Dec 2024 0.0 pp | Mar 2025 −0.5 pp | Jun 2025 −1.2 pp | Sep 2025 +0.4 pp | Dec 2025 +0.7 pp | Mar 2026 −0.2 pp | Jun 2026 —
- AEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.5 pp | Dec 2022 +0.1 pp | Mar 2023 +0.3 pp | Jun 2023 −0.1 pp | Sep 2023 +5.8 pp | Dec 2023 +0.9 pp | Mar 2024 −0.5 pp | Jun 2024 +0.1 pp | Sep 2024 −1.3 pp | Dec 2024 0.0 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 +1.3 pp | Dec 2025 +1.3 pp | Mar 2026 — | Jun 2026 —
- PLGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 +1.7 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +2.1 pp | Dec 2023 +1.1 pp | Mar 2024 −36.3 pp | Jun 2024 −1.3 pp | Sep 2024 0.0 pp | Dec 2024 −3.9 pp | Mar 2025 −1.1 pp | Jun 2025 −0.4 pp | Sep 2025 +0.2 pp | Dec 2025 +2.2 pp | Mar 2026 +1.2 pp | Jun 2026 —
- XZO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.5 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 +4.4 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +3.6 pp | Dec 2025 +7.9 pp | Mar 2026 — | Jun 2026 —
- IGIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.0 pp | Dec 2022 +2.5 pp | Mar 2023 +0.7 pp | Jun 2023 +1.4 pp | Sep 2023 +1.7 pp | Dec 2023 −2.5 pp | Mar 2024 +5.2 pp | Jun 2024 +0.4 pp | Sep 2024 −2.1 pp | Dec 2024 +0.9 pp | Mar 2025 −2.6 pp | Jun 2025 −3.3 pp | Sep 2025 −1.6 pp | Dec 2025 +1.0 pp | Mar 2026 −0.8 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Aegon Ltd. leads both roe at 76.9% and roe change at +43.9 percentage points.

Investor read: Aegon Ltd. 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: Aegon Ltd. · 76.9% | 315.7% versus #2 · International General Insurance Holdings Ltd. | 5/8 recent comparable periods | 10/10 companies · 178 observations

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

### ROE — highest
1. Aegon Ltd. (AEG): 77% — older report
2. International General Insurance Holdings Ltd. (IGIC): 19%
3. Exzeo Group, Inc. (XZO): 15%
4. The Hartford Insurance Group, Inc. (HIG): 7.0%
5. Pelagos Insurance Capital Limited (PLGO): 4.6%

### ROE change — fastest improvers
1. Aegon Ltd. (AEG): +43.9 pp — older report
2. Pelagos Insurance Capital Limited (PLGO): +6.3 pp
3. The Hartford Insurance Group, Inc. (HIG): +1.0 pp
4. Berkshire Hathaway Inc. (BRK-B): +0.7 pp
5. American International Group, Inc. (AIG): +0.4 pp

### 20-quarter ROE history
- BRK-B: Sep 2021 2.4% | Dec 2021 8.3% | Mar 2022 1.2% | Jun 2022 -9.1% | Sep 2022 -0.6% | Dec 2022 3.7% | Mar 2023 6.9% | Jun 2023 7.1% | Sep 2023 -2.5% | Dec 2023 7.2% | Mar 2024 2.4% | Jun 2024 5.3% | Sep 2024 4.6% | Dec 2024 3.2% | Mar 2025 0.8% | Jun 2025 1.9% | Sep 2025 4.6% | Dec 2025 2.8% | Mar 2026 1.5% | Jun 2026 —
- SLF: Sep 2021 4.1% | Dec 2021 4.5% | Mar 2022 2.7% | Jun 2022 3.7% | Sep 2022 0.5% | Dec 2022 4.7% | Mar 2023 3.6% | Jun 2023 2.9% | Sep 2023 3.6% | Dec 2023 3.7% | Mar 2024 3.9% | Jun 2024 3.0% | Sep 2024 5.7% | Dec 2024 0.9% | Mar 2025 4.0% | Jun 2025 3.1% | Sep 2025 4.6% | Dec 2025 3.1% | Mar 2026 2.0% | Jun 2026 —
- AIG: Sep 2021 2.7% | Dec 2021 6.0% | Mar 2022 7.5% | Jun 2022 6.0% | Sep 2022 5.8% | Dec 2022 -14% | Mar 2023 -0.2% | Jun 2023 3.6% | Sep 2023 1.7% | Dec 2023 1.8% | Mar 2024 1.7% | Jun 2024 2.1% | Sep 2024 1.1% | Dec 2024 2.0% | Mar 2025 1.5% | Jun 2025 2.7% | Sep 2025 1.2% | Dec 2025 1.7% | Mar 2026 1.9% | Jun 2026 —
- HIG: Sep 2021 2.7% | Dec 2021 4.0% | Mar 2022 2.6% | Jun 2022 2.7% | Sep 2022 2.2% | Dec 2022 3.8% | Mar 2023 3.5% | Jun 2023 3.9% | Sep 2023 4.9% | Dec 2023 5.3% | Mar 2024 5.1% | Jun 2024 4.9% | Sep 2024 5.0% | Dec 2024 5.4% | Mar 2025 3.9% | Jun 2025 6.0% | Sep 2025 6.1% | Dec 2025 6.4% | Mar 2026 4.8% | Jun 2026 7.0%
- ACGL: Sep 2021 2.2% | Dec 2021 4.2% | Mar 2022 1.3% | Jun 2022 2.9% | Sep 2022 0.1% | Dec 2022 6.2% | Mar 2023 5.0% | Jun 2023 4.8% | Sep 2023 4.9% | Dec 2023 15% | Mar 2024 6.4% | Jun 2024 -0.3% | Sep 2024 -0.2% | Dec 2024 -0.3% | Mar 2025 -0.1% | Jun 2025 -0.2% | Sep 2025 -0.3% | Dec 2025 -0.3% | Mar 2026 -0.2% | Jun 2026 —
- BNT: Sep 2021 1.2% | Dec 2021 -1.9% | Mar 2022 -13% | Jun 2022 43% | Sep 2022 7.3% | Dec 2022 56% | Mar 2023 29% | Jun 2023 -8.6% | Sep 2023 32% | Dec 2023 5.4% | Mar 2024 23% | Jun 2024 15% | Sep 2024 10% | Dec 2024 2.1% | Mar 2025 18% | Jun 2025 -8.6% | Sep 2025 14% | Dec 2025 15% | Mar 2026 0.5% | Jun 2026 —
- AEG: Sep 2021 -0.7% | Dec 2021 0.0% | Mar 2022 2.9% | Jun 2022 -0.3% | Sep 2022 -61% | Dec 2022 1.9% | Mar 2023 11% | Jun 2023 -4.2% | Sep 2023 72% | Dec 2023 33% | Mar 2024 0.5% | Jun 2024 0.5% | Sep 2024 33% | Dec 2024 33% | Mar 2025 5.2% | Jun 2025 5.2% | Sep 2025 77% | Dec 2025 77% | Mar 2026 — | Jun 2026 —
- PLGO: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 -4.5% | Dec 2022 6.1% | Mar 2023 182% | Jun 2023 8.5% | Sep 2023 4.2% | Dec 2023 10% | Mar 2024 3.7% | Jun 2024 2.4% | Sep 2024 4.2% | Dec 2024 -5.0% | Mar 2025 -1.7% | Jun 2025 0.8% | Sep 2025 5.2% | Dec 2025 4.9% | Mar 2026 4.6% | Jun 2026 —
- XZO: Sep 2021 -12% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 68% | Dec 2024 37% | Mar 2025 — | Jun 2025 -17% | Sep 2025 45% | Dec 2025 21% | Mar 2026 15% | Jun 2026 —
- IGIC: Sep 2021 4.0% | Dec 2021 16% | Mar 2022 9.2% | Jun 2022 20% | Sep 2022 25% | Dec 2022 23% | Mar 2023 22% | Jun 2023 32% | Sep 2023 36% | Dec 2023 9.3% | Mar 2024 26% | Jun 2024 28% | Sep 2024 23% | Dec 2024 22% | Mar 2025 18% | Jun 2025 17% | Sep 2025 21% | Dec 2025 20% | Mar 2026 19% | Jun 2026 —

### 20-quarter ROE change history
- BRK-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.0 pp | Dec 2022 −4.6 pp | Mar 2023 +5.7 pp | Jun 2023 +16.2 pp | Sep 2023 −1.9 pp | Dec 2023 +3.5 pp | Mar 2024 −4.5 pp | Jun 2024 −1.8 pp | Sep 2024 +7.1 pp | Dec 2024 −4.0 pp | Mar 2025 −1.6 pp | Jun 2025 −3.4 pp | Sep 2025 0.0 pp | Dec 2025 −0.4 pp | Mar 2026 +0.7 pp | Jun 2026 —
- SLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.6 pp | Dec 2022 +0.2 pp | Mar 2023 +0.9 pp | Jun 2023 −0.8 pp | Sep 2023 +3.1 pp | Dec 2023 −1.0 pp | Mar 2024 +0.3 pp | Jun 2024 +0.1 pp | Sep 2024 +2.1 pp | Dec 2024 −2.8 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 −1.1 pp | Dec 2025 +2.2 pp | Mar 2026 −2.0 pp | Jun 2026 —
- AIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.1 pp | Dec 2022 −19.9 pp | Mar 2023 −7.7 pp | Jun 2023 −2.4 pp | Sep 2023 −4.1 pp | Dec 2023 +15.7 pp | Mar 2024 +1.9 pp | Jun 2024 −1.5 pp | Sep 2024 −0.6 pp | Dec 2024 +0.2 pp | Mar 2025 −0.2 pp | Jun 2025 +0.6 pp | Sep 2025 +0.1 pp | Dec 2025 −0.3 pp | Mar 2026 +0.4 pp | Jun 2026 —
- HIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −0.2 pp | Mar 2023 +0.9 pp | Jun 2023 +1.2 pp | Sep 2023 +2.7 pp | Dec 2023 +1.5 pp | Mar 2024 +1.6 pp | Jun 2024 +1.0 pp | Sep 2024 +0.1 pp | Dec 2024 +0.1 pp | Mar 2025 −1.2 pp | Jun 2025 +1.1 pp | Sep 2025 +1.1 pp | Dec 2025 +1.0 pp | Mar 2026 +0.9 pp | Jun 2026 +1.0 pp
- ACGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 +2.0 pp | Mar 2023 +3.7 pp | Jun 2023 +1.9 pp | Sep 2023 +4.8 pp | Dec 2023 +8.3 pp | Mar 2024 +1.4 pp | Jun 2024 −5.1 pp | Sep 2024 −5.1 pp | Dec 2024 −14.8 pp | Mar 2025 −6.5 pp | Jun 2025 +0.1 pp | Sep 2025 −0.1 pp | Dec 2025 0.0 pp | Mar 2026 −0.1 pp | Jun 2026 —
- BNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.1 pp | Dec 2022 +58.3 pp | Mar 2023 +42.1 pp | Jun 2023 −51.9 pp | Sep 2023 +24.8 pp | Dec 2023 −51.0 pp | Mar 2024 −6.3 pp | Jun 2024 +23.5 pp | Sep 2024 −21.8 pp | Dec 2024 −3.3 pp | Mar 2025 −5.4 pp | Jun 2025 −23.5 pp | Sep 2025 +4.0 pp | Dec 2025 +12.7 pp | Mar 2026 −17.2 pp | Jun 2026 —
- AEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −60.6 pp | Dec 2022 +1.9 pp | Mar 2023 +8.3 pp | Jun 2023 −3.9 pp | Sep 2023 +132.8 pp | Dec 2023 +31.4 pp | Mar 2024 −10.7 pp | Jun 2024 +4.7 pp | Sep 2024 −38.5 pp | Dec 2024 −0.3 pp | Mar 2025 +4.7 pp | Jun 2025 +4.7 pp | Sep 2025 +43.9 pp | Dec 2025 +43.9 pp | Mar 2026 — | Jun 2026 —
- PLGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.5 pp | Dec 2022 +6.1 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +8.7 pp | Dec 2023 +4.2 pp | Mar 2024 −178.2 pp | Jun 2024 −6.1 pp | Sep 2024 0.0 pp | Dec 2024 −15.3 pp | Mar 2025 −5.4 pp | Jun 2025 −1.6 pp | Sep 2025 +1.0 pp | Dec 2025 +9.9 pp | Mar 2026 +6.3 pp | Jun 2026 —
- XZO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.7 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 +36.6 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −22.8 pp | Dec 2025 −15.2 pp | Mar 2026 — | Jun 2026 —
- IGIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +21.3 pp | Dec 2022 +6.4 pp | Mar 2023 +12.9 pp | Jun 2023 +12.6 pp | Sep 2023 +10.8 pp | Dec 2023 −13.5 pp | Mar 2024 +4.0 pp | Jun 2024 −4.6 pp | Sep 2024 −13.2 pp | Dec 2024 +13.0 pp | Mar 2025 −7.7 pp | Jun 2025 −10.9 pp | Sep 2025 −2.1 pp | Dec 2025 −2.4 pp | Mar 2026 +0.1 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 | 0/10 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: Aegon Ltd. has the lowest comparable P/BV ÷ ROE at 0.02×, 75% below International General Insurance Holdings Ltd.. Only 9 of 10 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: Aegon Ltd. · 0.02× | 75% versus #2 · International General Insurance Holdings Ltd. | 0/8 recent comparable periods | 9/10 companies · 141 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. Aegon Ltd. (AEG): 0.0 — older report
2. International General Insurance Holdings Ltd. (IGIC): 0.1
3. Pelagos Insurance Capital Limited (PLGO): 0.2
4. The Hartford Insurance Group, Inc. (HIG): 0.3
5. Exzeo Group, Inc. (XZO): 0.3

### P/BV — lowest P/BV
1. Pelagos Insurance Capital Limited (PLGO): 0.7
2. Brookfield Wealth Solutions Ltd. (BNT): 0.8
3. American International Group, Inc. (AIG): 1.0
4. Aegon Ltd. (AEG): 1.3 — older report
5. Arch Capital Group Ltd. (ACGL): 1.4

### 20-quarter P/BV ÷ ROE history
- BRK-B: Sep 2021 0.5 | Dec 2021 0.2 | Mar 2022 1.3 | Jun 2022 — | Sep 2022 — | Dec 2022 0.4 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 — | Dec 2023 0.2 | Mar 2024 0.7 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.5 | Mar 2025 2.2 | Jun 2025 0.8 | Sep 2025 0.3 | Dec 2025 0.5 | Mar 2026 1.0 | Jun 2026 —
- SLF: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.6 | Jun 2022 0.4 | Sep 2022 2.4 | Dec 2022 0.4 | Mar 2023 0.5 | Jun 2023 0.6 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 0.3 | Dec 2024 2.1 | Mar 2025 0.5 | Jun 2025 0.7 | Sep 2025 0.4 | Dec 2025 0.6 | Mar 2026 1.0 | Jun 2026 —
- AIG: Sep 2021 0.3 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 0.7 | Jun 2024 0.5 | Sep 2024 0.9 | Dec 2024 0.5 | Mar 2025 0.8 | Jun 2025 0.4 | Sep 2025 0.9 | Dec 2025 0.7 | Mar 2026 0.5 | Jun 2026 —
- HIG: Sep 2021 0.5 | Dec 2021 0.3 | Mar 2022 0.6 | Jun 2022 0.6 | Sep 2022 0.7 | Dec 2022 0.5 | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.4 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 0.5 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.4 | Jun 2026 0.3
- ACGL: Sep 2021 0.5 | Dec 2021 0.3 | Mar 2022 1.1 | Jun 2022 0.5 | Sep 2022 14.3 | Dec 2022 0.3 | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.1 | Mar 2024 0.3 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BNT: Sep 2021 0.8 | Dec 2021 — | Mar 2022 — | Jun 2022 0.0 | Sep 2022 0.3 | Dec 2022 0.0 | Mar 2023 0.0 | Jun 2023 — | Sep 2023 0.0 | Dec 2023 0.1 | Mar 2024 0.0 | Jun 2024 0.0 | Sep 2024 0.1 | Dec 2024 0.3 | Mar 2025 0.0 | Jun 2025 — | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 1.6 | Jun 2026 —
- AEG: Sep 2021 — | Dec 2021 — | Mar 2022 0.2 | Jun 2022 — | Sep 2022 — | Dec 2022 0.6 | Mar 2023 0.1 | Jun 2023 — | Sep 2023 0.0 | Dec 2023 0.0 | Mar 2024 2.9 | Jun 2024 2.7 | Sep 2024 0.0 | Dec 2024 0.0 | Mar 2025 0.3 | Jun 2025 0.2 | Sep 2025 0.0 | Dec 2025 0.0 | Mar 2026 — | Jun 2026 —
- PLGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.1 | Sep 2023 0.2 | Dec 2023 0.1 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.2 | Dec 2024 — | Mar 2025 — | Jun 2025 0.9 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.2 | Jun 2026 —
- XZO: 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 0.4 | Mar 2026 0.3 | Jun 2026 —
- IGIC: Sep 2021 0.2 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.0 | Dec 2022 0.0 | Mar 2023 0.0 | Jun 2023 0.0 | Sep 2023 0.0 | Dec 2023 0.1 | Mar 2024 0.0 | Jun 2024 0.0 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —

### 20-quarter P/BV history
- BRK-B: Sep 2021 1.3 | Dec 2021 1.3 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.3 | Dec 2022 1.5 | Mar 2023 1.3 | Jun 2023 1.4 | Sep 2023 1.5 | Dec 2023 1.4 | Mar 2024 1.6 | Jun 2024 1.5 | Sep 2024 1.6 | Dec 2024 1.5 | Mar 2025 1.8 | Jun 2025 1.6 | Sep 2025 1.6 | Dec 2025 1.5 | Mar 2026 1.4 | Jun 2026 —
- SLF: Sep 2021 1.5 | Dec 2021 1.6 | Mar 2022 1.6 | Jun 2022 1.3 | Sep 2022 1.2 | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 1.8 | Sep 2023 1.7 | Dec 2023 1.7 | Mar 2024 1.8 | Jun 2024 1.6 | Sep 2024 1.8 | Dec 2024 1.9 | Mar 2025 1.8 | Jun 2025 2.1 | Sep 2025 1.9 | Dec 2025 1.9 | Mar 2026 1.9 | Jun 2026 —
- AIG: Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 0.9 | Jun 2022 0.9 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 0.9 | Jun 2023 — | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.2 | Jun 2024 1.1 | Sep 2024 1.0 | Dec 2024 1.0 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.0 | Dec 2025 1.1 | Mar 2026 1.0 | Jun 2026 —
- HIG: Sep 2021 1.3 | Dec 2021 1.3 | Mar 2022 1.5 | Jun 2022 1.5 | Sep 2022 1.5 | Dec 2022 1.8 | Mar 2023 1.5 | Jun 2023 1.6 | Sep 2023 1.6 | Dec 2023 1.6 | Mar 2024 2.0 | Jun 2024 1.9 | Sep 2024 2.0 | Dec 2024 1.9 | Mar 2025 2.1 | Jun 2025 2.0 | Sep 2025 2.0 | Dec 2025 2.0 | Mar 2026 2.0 | Jun 2026 1.8
- ACGL: Sep 2021 1.1 | Dec 2021 1.2 | Mar 2022 1.4 | Jun 2022 1.4 | Sep 2022 1.4 | Dec 2022 1.8 | Mar 2023 1.8 | Jun 2023 1.9 | Sep 2023 2.0 | Dec 2023 1.5 | Mar 2024 1.8 | Jun 2024 1.8 | Sep 2024 1.9 | Dec 2024 1.7 | Mar 2025 1.7 | Jun 2025 1.5 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.4 | Jun 2026 —
- BNT: Sep 2021 1.0 | Dec 2021 1.0 | Mar 2022 1.1 | Jun 2022 0.9 | Sep 2022 2.1 | Dec 2022 0.3 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.2 | Dec 2023 0.6 | Mar 2024 0.6 | Jun 2024 0.4 | Sep 2024 0.5 | Dec 2024 0.6 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 —
- AEG: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.5 | Jun 2022 0.8 | Sep 2022 — | Dec 2022 1.1 | Mar 2023 1.0 | Jun 2023 1.1 | Sep 2023 1.2 | Dec 2023 1.2 | Mar 2024 1.5 | Jun 2024 1.4 | Sep 2024 1.3 | Dec 2024 1.2 | Mar 2025 1.3 | Jun 2025 1.0 | Sep 2025 1.1 | Dec 2025 1.3 | Mar 2026 — | Jun 2026 —
- PLGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.6 | Mar 2024 0.9 | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 0.8 | Dec 2025 0.8 | Mar 2026 0.7 | Jun 2026 —
- XZO: 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 8.7 | Mar 2026 4.9 | Jun 2026 —
- IGIC: Sep 2021 1.0 | Dec 2021 1.0 | Mar 2022 1.0 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.3 | Dec 2024 1.6 | Mar 2025 1.8 | Jun 2025 1.6 | Sep 2025 1.5 | Dec 2025 1.5 | Mar 2026 1.6 | Jun 2026 —

## Market action

Pelagos Insurance Capital Limited has the strongest one-year price move in Insurance - Diversified at +74.7%. It also leads on Mansfield relative strength against the S&P 500 at +21.6%. 5 of 9 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Pelagos Insurance Capital Limited (PLGO): 75%
2. Sun Life Financial Inc. (SLF): 37%
3. Aegon Ltd. (AEG): 33%
4. International General Insurance Holdings Ltd. (IGIC): 24%
5. Arch Capital Group Ltd. (ACGL): 21%

### Strongest relative strength versus NIFTY 500
1. Pelagos Insurance Capital Limited (PLGO): 22%
2. Sun Life Financial Inc. (SLF): 18%
3. International General Insurance Holdings Ltd. (IGIC): 9.0%
4. Aegon Ltd. (AEG): 8.8%
5. Arch Capital Group Ltd. (ACGL): 5.2%

## 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.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 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
- Berkshire Hathaway Inc. (BRK-B) — market value ₹11.0 L Cr; latest fundamentals Mar 2026
- Sun Life Financial Inc. (SLF) — market value ₹46.9K Cr; latest fundamentals Mar 2026
- American International Group, Inc. (AIG) — market value ₹42.9K Cr; latest fundamentals Mar 2026
- The Hartford Insurance Group, Inc. (HIG) — market value ₹38.8K Cr; latest fundamentals Jun 2026
- Arch Capital Group Ltd. (ACGL) — market value ₹37.1K Cr; latest fundamentals Mar 2026
- Brookfield Wealth Solutions Ltd. (BNT) — market value ₹14.4K Cr; latest fundamentals Mar 2026
- Aegon Ltd. (AEG) — market value ₹13.5K Cr; latest fundamentals Dec 2025
- Pelagos Insurance Capital Limited (PLGO) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- Exzeo Group, Inc. (XZO) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- International General Insurance Holdings Ltd. (IGIC) — market value ₹1.2K 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 - Diversified company is the biggest?

Berkshire Hathaway Inc. is the largest, with trailing-twelve-month income of $375,394 million, ahead of Sun Life Financial Inc. at $34,763 million. That covers 7 of 10 companies with comparable reporting through Mar 2026.

### Which Insurance - Diversified company is growing fastest?

Arch Capital Group Ltd. has the fastest income growth at 8.8% year on year, across 7 of 10 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 - Diversified company makes the most profit?

Berkshire Hathaway Inc. earns the most, at $72,767 million of trailing-twelve-month net profit, from 8 of 10 comparable companies. Exzeo Group, Inc. has the fastest profit growth at 22.6%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Insurance - Diversified company earns the highest return on capital?

Exzeo Group, Inc. leads on return on assets at 9.8%, across 10 of 10 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 - Diversified stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Aegon Ltd. screens cheapest at 0.02×. Only 9 of 10 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 - Diversified sector beating the market?

Insurance - Diversified has underperformed S&P 500 by 2.2% over the last 52 weeks and 2.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 9 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Insurance - Diversified stock has the strongest price momentum?

Pelagos Insurance Capital Limited 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 - Diversified company scores highest for research priority?

International General Insurance Holdings Ltd. scores 59.6 out of 100 with 70% evidence confidence, from 10.2 points on growth and earnings, 19.8 on capital efficiency, 14.9 on valuation and 14.7 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 - Diversified companies does this comparison cover, and over what period?

It compares 10 listed companies over up to 20 reported quarters of fundamentals and 7 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 - Diversified sector?

The 10 Insurance - Diversified companies on this page carry $1,303,408 million of combined market value. Berkshire Hathaway Inc. is the largest at $1,104,832 million, about 85% 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 - Diversified sector's P/B ratio?

The median price-to-book ratio across the 10 Insurance - Diversified companies on this page is 1.4×, measured on the 10 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 - Diversified sector performing?

5 of the 9 covered Insurance - Diversified companies are beating S&P 500 on Mansfield relative strength. The sector itself is 2.2% 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 - Diversified stocks are listed in the US?

This comparison covers 10 listed Insurance - Diversified 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-diversified