As the Q1 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the life insurance industry, including Brighthouse Financial (NASDAQ: BHF) 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%.

While some life insurance stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2.1% since the latest earnings results.

Brighthouse Financial (NASDAQ: BHF)

Spun off from MetLife in 2017 to focus specifically on retail financial products, Brighthouse Financial (NASDAQ: BHF) provides annuity contracts and life insurance products designed to help individuals protect wealth, generate income, and transfer assets.

Brighthouse Financial reported revenues of $2.16 billion, up 5.2% year on year. This print fell short of analysts’ expectations by 5.3%. Overall, it was a disappointing quarter for the company with a significant miss of analysts’ net premiums earned and book value per share estimates.

Unsurprisingly, the stock is down 12.2% since reporting and currently trades at $50.85.

Read our full report on Brighthouse Financial 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% since reporting. It currently trades at $35.26.

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

Weakest Q1: Equitable Holdings (NYSE: EQH)

Tracing its roots back to 1859 as one of America's oldest financial institutions, Equitable Holdings (NYSE: EQH) provides retirement planning, asset management, and life insurance products through its two main franchises, Equitable and AllianceBernstein.

Equitable Holdings reported revenues of $3.78 billion, up 4% year on year, falling short of analysts’ expectations by 5.7%. It was a disappointing quarter as it posted a significant miss of analysts’ EPS estimates.

As expected, the stock is down 1.3% since the results and currently trades at $52.93.

Read our full analysis of Equitable Holdings’s results here.

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. This number missed analysts’ expectations by 36.9%. It was a disappointing quarter as it also recorded a significant miss of analysts’ net premiums earned estimates and a significant miss of analysts’ EPS estimates.

F&G Annuities & Life had the weakest performance against analyst estimates and slowest revenue growth among its peers. The stock is down 13.5% since reporting and currently trades at $31.04.

Read our full, actionable report on F&G Annuities & Life here, it’s free.

Lincoln Financial Group (NYSE: LNC)

Founded in 1905 by a group of Fort Wayne, Indiana businessmen who named the company after Abraham Lincoln, Lincoln National Corporation (NYSE: LNC) provides insurance, retirement plans, and wealth management products through its subsidiaries, operating under four main segments: Annuities, Life Insurance, Group Protection, and Retirement Plan Services.

Lincoln Financial Group reported revenues of $4.69 billion, up 2.2% year on year. This print was in line with analysts’ expectations. Zooming out, it was a slower quarter as it logged a significant miss of analysts’ book value per share estimates and EPS in line with analysts’ estimates.

The stock is up 1.6% since reporting and currently trades at $34.55.

Read our full, actionable report on Lincoln Financial Group 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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