ER interview with lead analyst

Hi everyone,

I have an equity research interview tomorrow with a sell-side research team that focuses on the insurance sector (think firms in the tier of Wolfe, KBW, Evercore, BofA, etc.). This would be for an associate-level role.

A bit of context: I currently work in FP&A at a financial services company and have exposure to insurance financials internally, but I have not worked directly in equity research before.

The recruiter mentioned that I will not need to pitch a stock, but I should be prepared for some light technical questions. I’m assuming this will likely focus on accounting, valuation, and how to think about insurance businesses from an investor perspective.

For those who have interviewed for insurance ER roles before, what would you recommend prioritizing in the next ~24 hours?

Some areas I’m currently reviewing:

How the three financial statements link together

Key insurance KPIs (combined ratio, loss ratio, expense ratio, reserve development, etc.)

Basic valuation frameworks for insurers (P/B, ROE, embedded value)

How interest rates impact insurers

Differences between P&C vs Life insurers

Anything else that commonly comes up in interviews for insurance coverage teams? For example:

Specific accounting quirks?

Modeling topics?

Industry-specific metrics analysts care about?

Would appreciate any last-minute guidance from anyone who has gone through the process.

Thanks!