As the Q1 earnings season wraps, let’s dig into this quarter’s best and worst performers in the life insurance industry, including Unum Group (NYSE: UNM) and its peers.

Life insurance companies collect premiums from policyholders in exchange for providing a future death benefit or retirement income stream. Interest rates matter for the sector (and make it cyclical), with higher rates allowing insurers to reinvest their fixed-income portfolios at more attractive yields and vice versa. Additionally, favorable demographic shifts, such as an aging population, are driving strong demand for retirement products while AI and data analytics offer significant opportunities to improve underwriting accuracy and operational efficiency. Conversely, the industry faces headwinds from persistent competition from agile insurtechs that threaten traditional distribution models.

The 15 life insurance stocks we track reported a softer Q1. As a group, revenues missed analysts’ consensus estimates by 3.1%.

In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results.

Unum Group (NYSE: UNM)

Tracing its roots back to 1848 when financial security for workers was virtually non-existent, Unum Group (NYSE: UNM) provides workplace financial protection benefits including disability, life, accident, critical illness, dental and vision insurance primarily through employers.

Unum Group reported revenues of $3.30 billion, up 3% year on year. This print fell short of analysts’ expectations by 1%. Overall, it was a softer quarter for the company with a significant miss of analysts’ book value per share estimates and a miss of analysts’ EPS estimates.

“With solid earned premium growth, enhanced capital strength, and our previously announced long-term care reinsurance transaction, we continued to execute against our strategy during the first quarter of 2025” said Richard P. McKenney, president and chief executive officer.

The market was likely pricing in the results, and the stock is flat since reporting. It currently trades at $82.06.

Read our full report on Unum Group here, it’s free.

Best Q1: Corebridge Financial (NYSE: CRBG)

Spun off from insurance giant AIG in 2022 to focus on the growing retirement market, Corebridge Financial (NYSE: CRBG) provides retirement solutions, annuities, life insurance, and institutional risk management products in the United States.

Corebridge Financial reported revenues of $4.74 billion, down 19.1% year on year, outperforming analysts’ expectations by 7.9%. The business had a satisfactory quarter.

Corebridge Financial delivered the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 7.2% since reporting. It currently trades at $35.30.

Is now the time to buy Corebridge Financial? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: F&G Annuities & Life (NYSE: FG)

Founded in 1959 and serving approximately 677,000 policyholders who rely on its financial protection products, F&G Annuities & Life (NYSE: FG) provides fixed annuities, life insurance, and pension risk transfer solutions to retail and institutional clients.

F&G Annuities & Life reported revenues of $930 million, down 40.7% year on year, falling short of analysts’ expectations by 36.9%. It was a disappointing quarter as it posted a significant miss of analysts’ net premiums earned and EPS estimates.

F&G Annuities & Life delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 9.3% since the results and currently trades at $32.55.

Read our full analysis of F&G Annuities & Life’s results here.

Jackson Financial (NYSE: JXN)

Spun off from British insurer Prudential plc in 2021 after more than 60 years as its U.S. subsidiary, Jackson Financial (NYSE: JXN) offers annuity products and retirement solutions that help Americans grow and protect their retirement savings and income.

Jackson Financial reported revenues of $1.77 billion, up 5.5% year on year. This number was in line with analysts’ expectations. More broadly, it was a mixed quarter as it recorded EPS in line with analysts’ estimates.

The stock is up 5.7% since reporting and currently trades at $89.26.

Read our full, actionable report on Jackson Financial here, it’s free.

Primerica (NYSE: PRI)

With a sales force of over 140,000 licensed representatives operating on an independent contractor model, Primerica (NYSE: PRI) provides term life insurance, investment products, and other financial services to middle-income households in the United States and Canada.

Primerica reported revenues of $803.6 million, up 9.4% year on year. This print topped analysts’ expectations by 2.1%. Zooming out, it was a mixed quarter as it also produced net premiums earned in line with analysts’ estimates but a slight miss of analysts’ book value per share estimates.

The stock is up 4.3% since reporting and currently trades at $278.07.

Read our full, actionable report on Primerica here, it’s free.

Market Update

As a result of the Fed’s rate hikes in 2022 and 2023, inflation has come down from frothy levels post-pandemic. The general rise in the price of goods and services is trending towards the Fed’s 2% goal as of late, which is good news. The higher rates that fought inflation also didn't slow economic activity enough to catalyze a recession. So far, soft landing. This, combined with recent rate cuts (half a percent in September 2024 and a quarter percent in November 2024) have led to strong stock market performance in 2024. The icing on the cake for 2024 returns was Donald Trump’s victory in the U.S. Presidential Election in early November, sending major indices to all-time highs in the week following the election. Still, debates around the health of the economy and the impact of potential tariffs and corporate tax cuts remain, leaving much uncertainty around 2025.

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