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Opinions Cameron Hurst
Prudential Financial IncPRUCOMMENTMay 20, 2016
Cameron HurstStock price when the opinion was issued
As of Jun 18, 2026. Market Open.
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An Asian pure-play in insurance. The overall Asian market was down last year. They achieved all their growth goals in the past year, though. They will benefit from long-term secular trends in Asia. He expects good penetration rates in China where the middle is growing, so PRU is well-positioned. Today, he heard that Sun-Life is taking a trip to China to learn about that market.
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Darren SissonsUS Lifeco vs Financials PRU-N is at risk to interest rates on their premiums collected as he thinks yields will remain neutral. He is not keen on BAC-N either at this point for the same views of the yield curve. Things can't get any better for each right now -- a no man's land right now. He sees a bit better bid for Lifecos, but mostly from a defensive position. There are more compelling areas than these two spaces.
Cameron Hurst
Robert LauzonBAC vs. PRUDENTIAL If both benefit from wider rates, the spreads will widen for U.S. banks, which have been
pulling back. BAC has A 10% market share in the U.S. which is as big as the entire Canadian banking system. BAC has lot of exposure to the plain mortgage side where spreads should expand. Be patient and you'll see earnings and dividends. U.S. lifecos should benefit, too, but so will Canadian ones like MFC-T (which is a good entry point now). He prefers American banks over their lifecos.
Currently there has been a ratcheting higher of expectations for a rate increase, which would be positive for financials. People think a higher rate will push the yield curve on the short end higher, which should reflect higher inflation expectations in the out years, lifting the long end of the curve. There is a feeling that everyone is currently dramatically underweight on financials. There is probably some short term life to financials. Doesn’t feel rates are going to go high quickly. He holds a neutral to bearish views on financials.