2Q26 U.S. Life Insurance Preview

Research evidence excerpt

2Q26 U.S. Life Insurance Preview

TD SECURITIES (USA) LLC INDUSTRY UPDATE

July 21, 2026

■Insurance: Life Insurance 2Q26 U.S. Life Insurance Preview

Andrew Kligerman THE TD COWEN INSIGHT

212 468 8440

While EPS changes are modest, we raise our PTs ahead of 2Q26E earnings on higher peer P/

andrew.kligerman@tdsecurities.com

Es. We expect a focus on M&A, as well as 2H26E VII and 3Q26E assumption reviews. At the

Daniel Bergman company level, key topics are PRU's strategic review, VOYA's stop-loss performance (and any

617 946 3747 M&A commentary), LNC's potential ULSG block sale and GL's Bermuda update. We have a

dan.bergman@tdsecurities.com

balanced sector view. GL remains our top pick.

Alfred Miller

212 468 8453 Estimate and Price Target (PT) Changes

alfred.miller@tdsecurities.com

While our average 2026 EPS estimate is down (1)% (on unfavorable VII), our 2027E EPS rises

Jeff Tong slightly (with favorable 2Q26 equity markets offset by lower buyback accretion). Our PTs rise

212 468 8450

(+10% median) on higher peer / target P/Es.

jeff.tong@tdsecurities.com

Our EPS and PT changes are shown in Figure 1 and Figure 2, respectively (p. 2).

Adittya Parthasarathy, CFA

212 468 8449 2Q26E Considerations

adittya.parthasarathy@tdsecurities.com

Our average 2Q26E EPS forecast is (0.3)% below consensus. We are only above consensus for

Price Target Changes PRU (likely on one-time items), PRI and GL, while we are most below for VOYA, LNC and MET

AFL $110.00 (Prior $101.00) (likely on VII). While the 15% S&P 500 rise should drive above-typical separate account returns

CRBG $38.00 (Prior $35.00) in 2Q26E, VII is likely to be well below typical levels.

GL $225.00 (Prior $215.00)

LNC $42.00 (Prior $37.00) Key Areas of Focus

MET $105.00 (Prior $87.00)