European Insurance: Weekly Cover

Research evidence excerpt

European Insurance: Weekly Cover

Equity Research

11 July 2026

European Insurance

Weekly Cover

Topics of the week include: 1) Tryg results; 2) Feedback from

company calls; 3) Tokio Marine analyst day, Unum LTC

Reinsurance deal, AI. Insurance outperformed European European Insurance NEUTRAL

equities this week (+260bps) vs Banks (+170bps), Div Fins North America Insurance/Life

(+210bps). CoW: Favourable US mortality trends (SREN+, POSITIVE

AGN+). European Insurance

Claudia Gaspari

+44 (0)20 3134 6039

Tryg kicked off earnings with solid results. Company calls pointed to no meaningful claudia.gaspari@barclays.com

deviation in recent underlying trends, with benign cats and positive MTM supporting Barclays, UK

earnings. Tokio Marine's appetite for larger-scale M&A is skewed towards traditional P&C Ivan Bokhmat

over Specialty. Unum announced a sizeable LTC reinsurance deal, reinforcing expectations +44 (0)20 7773 0417

for pickup in L&H Re transactions in 2H... ivan.bokhmat@barclays.com

Barclays, UK

Chart of the week: Favourable US mortality outlook in 2Q

Alessia Magni, CFA

In its 2025 mortality report, the US National Center for Health Statistics points to a 4.6% YoY +44 (0)20 3555 7393

decrease in the estimated annual age-adjusted death rate. At 1Q26, many US insurers flagged alessia.magni@barclays.com

favourable mortality as one of the drivers for strong life results, while within our coverage Swiss Barclays, UK

Re framed the USD60m L&H Re positive Q1 experience variance as being primarily driven by US Domenico Turco

mortality. +44 (0)20 7773 3505

domenico.turco@barclays.com

FIGURE 1. Favourable US mortality trend likely extending to 2Q26

North America Insurance/Life

250 Alex Scott, CFA

1100 +1 212 526 1561

alex.scott@barclays.com

230 BCI, US

Anling Chen

+1 212 526 5995