Dow Jones U.S. Insurance Index

D.J. US Insurance Top 10: Value Investment Strategy

TOP 10 Value	VALUEVVV		GROWTHVV		SAFETYVV		COMBINED
1. Prudential Financial (XXL, US) ☀  Life & Health Insurance
1. Prudential Financial (XXL, US) ☀   Life & Health Insurance	n/a		n/a		n/a		n/a
2. Unum Group (XL, US) ☀  Life & Health Insurance
2. Unum Group (XL, US) ☀   Life & Health Insurance	n/a		n/a		n/a		n/a
3. American National (XL, US)  Multi-line Insurance
3. American National (XL, US)   Multi-line Insurance	n/a		n/a		n/a		n/a
4. MetLife (XXL, US) ☀  Life & Health Insurance
4. MetLife (XXL, US) ☀   Life & Health Insurance	n/a		n/a		n/a		n/a
5. Lincoln (XXL, US)  Life & Health Insurance
5. Lincoln (XXL, US)   Life & Health Insurance	n/a		n/a		n/a		n/a
6. Principal Financial (XXL, US) ☀  Life & Health Insurance
6. Principal Financial (XXL, US) ☀   Life & Health Insurance	n/a		n/a		n/a		n/a
7. Stewart Information (L, US)  Property & Casualty Insurance
7. Stewart Information (L, US)   Property & Casualty Insurance	n/a		n/a		n/a		n/a
8. Old Republic (XL, US) ☀  Property & Casualty Insurance
8. Old Republic (XL, US) ☀   Property & Casualty Insurance	n/a		n/a		n/a		n/a
9. CNO Financial (XL, US) ☀  Life & Health Insurance
9. CNO Financial (XL, US) ☀   Life & Health Insurance	n/a		n/a		n/a		n/a
10. Mercury General (XL, US)  Property & Casualty Insurance
10. Mercury General (XL, US)   Property & Casualty Insurance	n/a		n/a		n/a		n/a

January 17, 2020. Top 10s are published weekly by Top 10 schedule. (Free Stock Update)

D.J. US Insurance Top 10: Growth Investment Strategy

TOP 10 Growth	VALUEVVV		GROWTHVV		SAFETYVV		COMBINED
1. Erie Indemnity (L, US)   Property & Casualty Insurance
1. Erie Indemnity (L, US)   Property & Casualty Insurance	n/a		n/a		n/a		n/a
2. Kemper (XL, US)   Multi-line Insurance
2. Kemper (XL, US)   Multi-line Insurance	n/a		n/a		n/a		n/a
3. Mercury General (XL, US)   Property & Casualty Insurance
3. Mercury General (XL, US)   Property & Casualty Insurance	n/a		n/a		n/a		n/a
4. Assurant (XL, US)   Multi-line Insurance
4. Assurant (XL, US)   Multi-line Insurance	n/a		n/a		n/a		n/a
5. MetLife (XXL, US) ☀   Life & Health Insurance
5. MetLife (XXL, US) ☀   Life & Health Insurance	n/a		n/a		n/a		n/a
6. Progressive (XXL, US) ☀   Property & Casualty Insurance
6. Progressive (XXL, US) ☀   Property & Casualty Insurance	n/a		n/a		n/a		n/a
7. Cincinnati Financial (XL, US)   Property & Casualty Insurance
7. Cincinnati Financial (XL, US)   Property & Casualty Insurance	n/a		n/a		n/a		n/a
8. Selective Insurance (L, US) ☀   Property & Casualty Insurance
8. Selective Insurance (L, US) ☀   Property & Casualty Insurance	n/a		n/a		n/a		n/a
9. Marsh & McLennan (XXL, US) ☀   Insurance Brokers
9. Marsh & McLennan (XXL, US) ☀   Insurance Brokers	n/a		n/a		n/a		n/a
10. AIG (XXL, US)   Multi-line Insurance
10. AIG (XXL, US)   Multi-line Insurance	n/a		n/a		n/a		n/a

January 17, 2020. Top 10s are published weekly by Top 10 schedule. (Free Stock Update)

D.J. US Insurance Top 10: Safety Investment Strategy

TOP 10 Safety	VALUEVVV		GROWTHVV		SAFETYVV		COMBINED
1. AFG (XL, US)   Multi-line Insurance
1. AFG (XL, US)   Multi-line Insurance	n/a		n/a		n/a		n/a
2. First American Financial (XL, US) ☀   Property & Casualty Insurance
2. First American Financial (XL, US) ☀   Property & Casualty Insurance	n/a		n/a		n/a		n/a
3. American National (XL, US)   Multi-line Insurance
3. American National (XL, US)   Multi-line Insurance	n/a		n/a		n/a		n/a
4. Principal Financial (XXL, US) ☀   Life & Health Insurance
4. Principal Financial (XXL, US) ☀   Life & Health Insurance	n/a		n/a		n/a		n/a
5. Cincinnati Financial (XL, US)   Property & Casualty Insurance
5. Cincinnati Financial (XL, US)   Property & Casualty Insurance	n/a		n/a		n/a		n/a
6. Fidelity (XL, US) ☀   Property & Casualty Insurance
6. Fidelity (XL, US) ☀   Property & Casualty Insurance	n/a		n/a		n/a		n/a
7. American Equity (L, US)   Life & Health Insurance
7. American Equity (L, US)   Life & Health Insurance	n/a		n/a		n/a		n/a
8. Erie Indemnity (L, US)   Property & Casualty Insurance
8. Erie Indemnity (L, US)   Property & Casualty Insurance	n/a		n/a		n/a		n/a
9. Stewart Information (L, US)   Property & Casualty Insurance
9. Stewart Information (L, US)   Property & Casualty Insurance	n/a		n/a		n/a		n/a
10. Mercury General (XL, US)   Property & Casualty Insurance
10. Mercury General (XL, US)   Property & Casualty Insurance	n/a		n/a		n/a		n/a

January 17, 2020. Top 10s are published weekly by Top 10 schedule. (Free Stock Update)

D.J. US Insurance Top 10: Combined Investment Strategy

TOP 10 Combined	VALUEVVV		GROWTHVV		SAFETYVV		COMBINED
1. Principal Financial (XXL, US) ☀   Life & Health Insurance
1. Principal Financial (XXL, US) ☀   Life & Health Insurance	n/a		n/a		n/a		n/a
2. Mercury General (XL, US)   Property & Casualty Insurance
2. Mercury General (XL, US)   Property & Casualty Insurance	n/a		n/a		n/a		n/a
3. First American Financial (XL, US) ☀   Property & Casualty Insurance
3. First American Financial (XL, US) ☀   Property & Casualty Insurance	n/a		n/a		n/a		n/a
4. Unum Group (XL, US) ☀   Life & Health Insurance
4. Unum Group (XL, US) ☀   Life & Health Insurance	n/a		n/a		n/a		n/a
5. American National (XL, US)   Multi-line Insurance
5. American National (XL, US)   Multi-line Insurance	n/a		n/a		n/a		n/a
6. Erie Indemnity (L, US)   Property & Casualty Insurance
6. Erie Indemnity (L, US)   Property & Casualty Insurance	n/a		n/a		n/a		n/a
7. Kemper (XL, US)   Multi-line Insurance
7. Kemper (XL, US)   Multi-line Insurance	n/a		n/a		n/a		n/a

January 17, 2020. Top 10s are published weekly by Top 10 schedule. (Free Stock Update)

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Top 10 lists may contain fewer than 10 stocks due to Obermatt’s top 10 quality standards.

Top 10 Stocks from the purely finance fact-based Obermatt Method for the investment strategies Value, Growth and Safety in the stock index Dow Jones U.S. Insurance Index from January 17, 2020.