Financial Institutions: Insurance/Life 2008
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Financial Institutions: Insurance/Life 2008

Andrew Kligerman, 45, takes the top spot for a third year running. Investors say the UBS analyst displays a “thorough understanding of the intricacies of the global life insurance industry” and provides “solid stock picking,” with several citing his coverage of Aflac in particular.

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Andrew Kligerman


Andrew Kligerman UBS


SECOND TEAM


Colin Devine ­Citi


THIRD TEAM


Jamminder (Jimmy) Bhullar JPMorgan


RUNNERS-UP


Suneet Kamath Sanford C. Bernstein ; Edward Spehar Merrill Lynch


Andrew Kligerman, 45, takes the top spot for a third year running. Investors say the UBS analyst displays a “thorough understanding of the intricacies of the global life insurance industry” and provides “solid stock picking,” with several citing his coverage of Aflac in particular. In April, Kligerman ­downgraded the Columbus, ­Georgia–based insurer — a long-­standing favorite — to neutral, at $66.29, on the belief that the stock was fully valued and the company might stumble in the second quarter. It did, reporting a 5 percent decline in Japanese sales. Aflac’s share price had tumbled to $58.60 by mid-­September, falling 11.6 percent in a period when the sector lost 7.3 percent. At No. 2 for a third straight year is Colin Devine of ­Citi, who ­“truly understands the complex balance sheets and products of the life insurance companies,” says one buy-side backer. In January, Devine reiterated his buy on Unum Group, first recommended way back in 2003, telling investors that the Chattanooga, ­Tennessee–based outfit “had put its problems squarely behind it and was poised to generate above-­average earnings growth.” The stock had risen 11.1 percent through mid-­September. Jamminder (Jimmy) Bhullar repeats in third. The ­JPMorgan Securities analyst high­lighted his neutral stance on Con­seco last October, at $15.79, because although “most of the Street ­viewed it as a cheap stock with turnaround potential, I felt the fundamentals were not that positive,” he says. Shares of the Carmel, ­Indiana–based insurer had plunged 46.9 percent, to $8.39, by mid-­September. Bhullar “gets better every year and continues to impress in a ­very low-key way,” says one ­admirer.


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