US Insurance "Insurance investors are very optimistic about Life, for a..."

Research evidence excerpt

US Insurance "Insurance investors are very optimistic about Life, for a..."

Global Research

17 July 2026ab

US Insurance Equities

AmericasInsurance investors are very optimistic about Life,

for a change Insurance

Brian Meredith

Analyst

brian.meredith@ubs.com

Sentiment favors Life; Personal Lines most favored +1-212-713 2492

In our 51st quarterly pre-earnings survey, investors had a clear preference for Life Michael Ward

Insurance over P&C heading into 2Q26 results, with 100% of respondents favoring Life, Analyst

and 78% favoring Life for 2026. Investor sentiment toward Life has improved as private michael.ward@ubs.com

credit concerns have eased and favorable equity market performance and mortality +1-212-713 3518

trends provide earnings support. Notably, 56% of respondents are positive on the group Justin Tucker

versus the broader market, and 44% neutral. Conversely, sentiment toward P&C Associate Analyst

remains neutral-to-negative, with no respondents expecting the sector to outperform justin.tucker@ubs.com

the S&P 500. Within P&C, investors are increasingly focused on deteriorating pricing, +1-212-713 2325

slowing growth, and margin pressure, particularly in Commercial Lines and Reinsurance. Leandro Leite

Personal Lines has overtaken Brokers as the most favored P&C subsector into 2Q, Associate Analyst

receiving 56% of votes, followed by Brokers at 33%, and Commercial Lines at 11%. leandro.leite@ubs.com

+1-212-882 5559

P&C: ALL most favored into 2Q; WRB and TRV least favored

Investor sentiment within P&C remains highly selective heading into 2Q26 earnings,

with ALL viewed most favorably given expectations for an earnings beat driven by

stronger-than-expected underlying auto and homeowners margins, continued book