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

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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