DJ Equity Market Recovery May Help Aussie Insurers, Diversified Financials -- Market Talk
0222 GMT - The ongoing recovery in equity markets is aiding mark-to-market gains for Australian insurance and diversified financial stocks, UBS says. However, with equities being a small part of Australian general insurers' portfolios, the companies continue to miss out on the recovery in this asset class. Additionally, insurers are also impacted by elevated weather claims. Australian health insurers--NIB and Medibank--got the largest earnings upgrades from equity market gains, UBS says. As a whole, the insurance and diversified financials sector continued to underperform the market in the March quarter, with the exception of QBE and Suncorp, UBS adds.(alice.uribe@wsj.com)
(END) Dow Jones Newswires
April 06, 2021 22:22 ET (02:22 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.