2 questions reported in Willis Towers Watson interviews, organised by the group that asks them. Every question carries a model answer and graded feedback on your own attempt.
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Regulatory capital, ROTE against cost of equity, and why EV is meaningless. 2 questions
Insurance is a cyclical business. This tests whether you understand the industry dynamics.
Explain the insurance underwriting cycle. Why do insurance margins fluctuate so much, and what drives the cycle?
Insurance valuation uses different metrics than banking. This tests sector-specific knowledge.
What metrics do you use to value an insurance company, and how do they differ from bank valuation metrics?
Write your answer, get it graded on technical accuracy, completeness and communication, and see exactly which mechanic you missed.
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