2013年全美研究团队：保险/生活，第2号：Thomas Gallagher

从亚军推进到第二名，托马斯加拉格尔瑞士信贷从一个热情的买家赢得了Plaudits，即“做了很多重沉重的分析工作，其他分析师不会解决。”为了他的一部分，加拉格尔断言，利率是“可能是单一最大的变量”框架他对该部门的看法。“Interest rates continuing to grind higher and equity markets that are flat to maybe modestly higher should drive outperformance,” he explains, “mainly because the stocks are still cheap versus other financials.’ He’s also monitoring the differences between the industry’s large-cap and midcap names in terms of capital adequacy and management, preferring the former. In particular, Gallagher cites New York–based MetLife and Columbus, Georgia’s Aflac because these insurers are positioning themselves to retain capital beginning next year and extending into 2015, as required by new federal regulations that bolster capital standards. Conversely, midcap life insurers have not prepared to meet such statutory levels even as they have more aggressively managed their capital, aided in part by techniques that are likely to come under scrutiny if, as the researcher forecasts, these firms become subject to similar rules down the line. Accordingly, he recommends that clients underweight Unum Group, which is headquartered in Chattanooga, Tennessee; and Radnor, Pennsylvania–based Lincoln National Corp. —Carolyn Koo.