The insurance industry experienced decent top-line growth, fairly resilient margins and increased capital management in 2011. Keefe, Bruyette & Woods expects it to continue into 2012 and stocks will be traded more in line with fundamentals next year.

According to the firm’s “2012 Life Insurance Outlook” report, capital ratios remain at or near all-time highs for many companies, while capital management increased in 2011. Also, low rates are a manageable earnings headwind and will not be a material balance sheet issue in the next few years.

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