The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how life insurance stocks fared in Q3, starting with Unum Group (NYSE: UNM).

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 14 life insurance stocks we track reported a mixed Q3. As a group, revenues beat analysts’ consensus estimates by 5.6%.

In light of this news, share prices of the companies have held steady as they are up 4.8% on average 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 $3.25 billion, flat year on year. This print fell short of analysts’ expectations by 1.7%. Overall, it was a softer quarter for the company with a significant miss of analysts’ book value per share and net premiums earned estimates.

“We delivered solid top and bottom-line performance across our core businesses in the third quarter. Our premium and sales growth reflect sustained demand and customer retention for our market leading offerings,” said Richard P. McKenney, president and chief executive officer.

Interestingly, the stock is up 7.4% since reporting and currently trades at $78.32.

Read our full report on Unum Group here, it’s free for active Edge members.

Best Q3: Aflac (NYSE: AFL)

Known for its iconic duck mascot that has quacked "Aflac!" in commercials since 2000, Aflac (NYSE: AFL) provides supplemental health and life insurance policies that pay cash benefits directly to policyholders for expenses not covered by their primary insurance.

Aflac reported revenues of $4.41 billion, up 2.8% year on year, falling short of analysts’ expectations by 0.9%. However, the business still had a very strong quarter with an impressive beat of analysts’ book value per share estimates and a beat of analysts’ EPS estimates.

The market seems content with the results as the stock is up 1.2% since reporting. It currently trades at $110.12.

Is now the time to buy Aflac? Access our full analysis of the earnings results here, it’s free for active Edge members.

Weakest Q3: 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 $2.17 billion, flat year on year, falling short of analysts’ expectations by 4%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue estimates and a significant miss of analysts’ net premiums earned estimates.

As expected, the stock is down 1.2% since the results and currently trades at $64.90.

Read our full analysis of Brighthouse Financial’s results here.

CNO Financial Group (NYSE: CNO)

Rebranded from Conseco in 2010 to signal a fresh start after navigating financial challenges, CNO Financial Group (NYSE: CNO) develops and markets health insurance, annuities, and life insurance products primarily targeting middle-income pre-retirees and retirees.

CNO Financial Group reported revenues of $964.9 million, up 2.5% year on year. This print met analysts’ expectations. Zooming out, it was a mixed quarter as it also recorded a beat of analysts’ EPS estimates but a significant miss of analysts’ book value per share estimates.

The stock is up 10% since reporting and currently trades at $43.54.

Read our full, actionable report on CNO Financial Group here, it’s free for active Edge members.

MetLife (NYSE: MET)

Founded in 1863 by a group of New York businessmen during the Civil War era, MetLife (NYSE: MET) is a global financial services company that provides insurance, annuities, employee benefits, and asset management services to individuals and businesses worldwide.

MetLife reported revenues of $17.9 billion, up 1.6% year on year. This result missed analysts’ expectations by 5.6%. Overall, it was a softer quarter as it also logged a significant miss of analysts’ revenue estimates and a significant miss of analysts’ book value per share estimates.

MetLife had the weakest performance against analyst estimates among its peers. The stock is up 4% since reporting and currently trades at $81.82.

Read our full, actionable report on MetLife here, it’s free for active Edge members.

Market Update

In response to the Fed’s rate hikes in 2022 and 2023, inflation has been gradually trending down from its post-pandemic peak, trending closer to the Fed’s 2% target. Despite higher borrowing costs, the economy has avoided flashing recessionary signals. This is the much-desired soft landing that many investors hoped for. The recent rate cuts (0.5% in September and 0.25% in November 2024) have bolstered the stock market, making 2024 a strong year for equities. Donald Trump’s presidential win in November sparked additional market gains, sending indices to record highs in the days following his victory. However, debates continue over possible tariffs and corporate tax adjustments, raising questions about economic stability in 2025.

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