Equity Research Report
Industry Analysis: FIG Industry
Summary
Our Equity Research team is excited to share our latest thematic report on the FIG industry “Global Banks, Insurers, Asset Managers and Fintechs: 2026-2030 Scenarios, Sector Trends and Valuation Outlook”.
After an unusually strong earnings cycle, the next leg looks less about rates and more about productivity, distribution, and balance-sheet discipline. We map what that means for returns, regulation, and valuations across the full FIG stack.
A few highlights from the report: - Scale + shift: FIG is an ~$18T revenue industry (2024) with a path to ~$24T by 2030 (≈5-6% CAGR). - Where growth concentrates: capital-light fee pools (asset management, payments) vs. capital-heavy balance sheets (banks/insurers), and why that split matters for ROE and multiples. - The playbook for 2026-2030: AI-enabled operating leverage, embedded/open finance distribution, tighter operational-resilience requirements, and selective consolidation. - Risk-adjusted opportunity: we see the cleanest profiles in insurers, diversified asset managers, and high-quality payments infrastructure, while banks and consumer-fintech demand more selectivity and execution.
Authors
- Cosimo Jacopo GuadalupiAnalyst
- Krister Davis KrauklisAnalyst
- Giovanni CianciAnalyst
- Rezan BagciogluCo-Head of Equity Research
- Giacomo PietrosantiCo-Head of Equity Research
Details
- Published
- 18 December 2025
- Division
- Equity Research
- Type
- Equity Research Report
- Pages
- 29
- Authors
- 5
Cite this report
Minerva Investment Management Society (2025). Industry Analysis: FIG Industry. Equity Research. https://minervaims.org/archive/industry-analysis-fig-industry-2025
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