2Q26 Lifeco Earnings Preview – Rinse and Repeat; D/G SLF to In Line

Research evidence excerpt

2Q26 Lifeco Earnings Preview – Rinse and Repeat; D/G SLF to In Line

Financials | Global Insurance - Life

July 13, 2026

Thomas Gallagher, CFA 2Q26 Lifeco Earnings Preview – Rinse and

212-446-9439

Thomas.Gallagher@EvercoreISI.com Repeat; D/G SLF to In Line

David Motemaden, CFA 2Q26 earnings season should have much in common with results from

212-497-0832 last quarter such as another favorable mortality quarter (per CDC data),

David.Motemaden@evercoreisi.com particularly on the group side, some continued elevation of short term

Nicolas Lu disability claims from PFML (paid family medical leave), softer alt

212-497-0812 returns for most, and solid international results on earnings and sales,

Nicolas.Lu@evercoreisi.com with the exception of PRU, given its POJ sales suspension.

Peter Knudsen

212-708-8497 We are the furthest above consensus on JXN and AMP driven by the

Peter.Knudsen@evercoreisi.com stronger equity market fee income uplift and we note that some uneven

performance across sectors (such as big gains in semis while Mag 7

lagged the broader mkt) in the market will likely lead to diverging

performance (AMP a beneficiary, SLF not so much). We suspect our

below consensus estimates on MET, EQH / CRBG are probably weaker

alts returns driven, with core ests likely close to consensus.

Additional Issues:

1. PRU’s strategic update along with 2Q results is a focus, though we

don’t expect any big strategy pivots,

2. The EQH / CRBG merger shareholder vote, which is scheduled for

July 30th, a few days before earnings

3. Questions for UNM on its recent LTC risk transfer deal and why

they seemingly transacted on the highest tail risk and least well

reserved part of their book, which led to a fairly high negative

ceding commission

4.