Insurance stocks in my portfolio

I will start with my scorecard in insurance stocks.

1. The results are as of October 15, 2024

2. The positions are sorted by size with the biggest on the top.

3. Returns are posted in USD pre-tax and rounded to the nearest point.

4. MOC stands for “multiple of capital” and is calculated excluding dividends.

5. IRR includes dividends though the latter are never reinvested.

6. Occasionally, I buy or sell shares in my existing positions which explains the disparity between MOC and IRR results besides different accounting for dividends.

7. I turn on a calculation of MOC and IRR only after one year of holding.

8. Berkshire, Apollo, Cigna, and United Healthcare have significant businesses besides insurance. Still, insurance is too important for these companies to omit them from the list.

These are my insurance holdings as of today. Over the years, I invested in other (though not many) insurers. In particular, I invested in Travellers, Markel, Chesnara, and F&G Life. All of them delivered positive returns. TRV and MKL returned decently but below the index and I eventually sold them. Chesnara delivered in low single-digits but luckily it was my smallest holding. F&G was outstanding by more than doubling over slightly more than a year.

I have held Fidelity National and Legal & General for slightly less than a year and this is the reason I did not post returns in my table. So far, FNF has been outstanding while LGEN’s returns have been low. I recently published about LGEN on SeekingAlpha (it is also available in the US under tickers LGGNF and LGGNY but I recommend buying in London) and suggest you check the article. If it is behind a paywall, please let me know.

I covered almost all of the stocks in the list on SeekingAlpha - you can see the publications on my author’s page there.

This is my first post on Substack and I wanted to publish certain results. Insurance stocks constitute an important part of my investment portfolio though I am not limited to this industry. Please stay tuned!