US Life: Now That was a Weird Earnings Season; 1Q:26 Week 3 Recap

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US Life: Now That was a Weird Earnings Season; 1Q:26 Week 3 Recap

USA | Life Insurance EquityMayResearch11, 2026

KEY STOCKS FEATURED INCLUDE:US Life: Now That was a Weird Earnings Season;

TICKER RATING PRICE TARGET1Q:26 Week 3 Recap

LNC BUY $56.00

The 1Q:26 earnings season was weird, as 12 of 16 beat consensus, yet the RGA BUY $288.00

correlation of EPS beats / misses and "day of call" price action was (0.40), the MET BUY $97.00

lowest back to 1Q:22. Still, average performance in 1Q:26 and 2Q:26 YTD is EQH BUY $64.00

tracking to 1Q:23 and 2Q:23, which may suggest that the private credit relief rally CRBG BUY $43.00

(if it continues) could mirror the 2023-24 CRE recovery. We stay constructive.

That was a weird earnings season: Over 1Q:26 earnings season, 12 of 16 companies beat, yet we

saw mixed results in terns of subsequent price action. In fact, the correlation of EPS beats / misses KEY CHANGES INCLUDE:

and stock moves post earnings calls was (0.40), the lowest back to 1Q:22. Buy-rated stocks that

TICKER RATING PRICE TARGET

we feel had solid prints last week yet traded off included LNC, MET and RGA.

RGA BUY $288.00 ($273.00)

Credit - Feeling déjà vu: As expected, the level of private credit (PC) disclosure improved as more MET BUY $97.00 ($92.00)

companies detailed: 1) private placements represents the majority of PC exposure and 2) direct /

EQH BUY $64.00 ($63.00)

middle market loans are ~1% of investments. In our 1Q:26 preview, we raised the possibility that

stock price performance over the next few quarters could mirror the recovery seen in 2023-24, as CRBG BUY $43.00 ($41.00)

CML concerns gradually eased (see HERE). We note that average price moves in 1Q:26 and 2Q:26

QTD are quite close to those seen in 1H:23.

LNC: LNC is a puzzling stock for us.