Insurers and reinsurers dominated U.S. financial stocks as the biggest gainers in an earnings-rich week, while the biggest decliners were two Chinese fintech companies, two mortgage-related stocks and a pet insurer.
For the financial sector as The entire week ending February 10 was more or less empty. The Financial Select Sector SPDR ETF (45) ended the week at $36.49, just $0.10 below its February 3 closing price of $36.59.
Everest Re Group (NYSE: RE) stock rose 11% in a week in which it reported growth in fourth-quarter GAAP earnings per share, net investment income and earned premiums, while its combined ratio improved 4.1 percentage points year-over-year. In addition, its CEO said the company expects continued momentum in reinsurance pricing in 2023.
F&G annuities and life (NYSE: FG) got 9.5%;
Cincinnati Financial (NASDAQ: CINF) up 8.7% even though its fourth-quarter earnings just missed the Wall Street consensus;
Voya Financial (NYSE: VOYA) stock increased 8.7% whereas fourth quarter earnings beat consensus; and
Reinsurance Group of America (NYSE: RGA) advanced 6.7%.
In the column of those who refused, Chinese fintech Lufax Holding (NYSE: LU) fell the most at 14%.
Rocket Companies (NYSE: RKT), also known for his rocket mortgage business sunk 14% in a week. On Thursday, long-term mortgage rates rose ahead of the spring home buying season.
Hong Kong-based Futu Holdings (NASDAQ:FUTU) down 12%;
UWM Holdings (NYSE: UWMC), known as United Wholesale Mortgage, has also been hit by higher mortgage rates and down 12%.
Pet insurer Trupanion (NASDAQ: TRUP) also down 12%.
SA contributor Geoffrey Seiler looked at the headwinds Trupanion faces.