Core Viewpoint - Ress Life Investments A/S (RLI) has agreed to divest most of its current life insurance portfolio to a market counterparty at a price corresponding to the Net Asset Value (NAV) of the portfolio [1] Group 1: Transaction Details - The objective of the transaction is to enable RLI to purchase new policies and capitalize on attractive opportunities in the secondary market for US life insurance policies while providing short-term liquidity [2] - The transaction will be completed in separate quarterly tranches until the end of Q3 2026, with pre-agreed prices for each tranche [3] - RLI will maintain a percentage of the policy pay-outs until the completion of the last tranche, with the percentage depending on the number of tranches completed at the time of the pay-out [3] Group 2: Strategic Implications - The transaction structure allows RLI to reinvest the proceeds and purchase new policies as each tranche sale completes during 2025 and 2026, without needing to maintain an excessive liquidity reserve [4] - RLI continues to pursue its long-term strategy of building a diversified and resilient portfolio of US life insurance policies, a strategy in place since 2011 [4]

Core Insights - CNO Financial Group reported a net income of $13.7 million, or $0.13 per diluted share, for Q1 2025, a significant decrease from $112.3 million, or $1.01 per diluted share, in Q1 2024. The decline was attributed to non-economic accounting impacts from market volatility [1][6] - The company's net operating income for Q1 2025 was $81.1 million, or $0.79 per diluted share, representing a 41% increase from $57.5 million, or $0.52 per diluted share, in Q1 2024. Significant items positively impacted both net income and net operating income by $5.3 million, or $0.05 per diluted share, in Q1 2025 [1][5][12] Financial Summary - Total revenues for Q1 2025 were $1,004.1 million, down from $1,156.5 million in Q1 2024. Insurance policy income increased to $650.7 million from $628.4 million, while net investment income from general account assets rose to $375.1 million from $301.9 million [28][29] - The company returned $116.8 million to shareholders, with a book value per share of $25.33, up 6% from the previous year. The return on equity (ROE) was reported at 12.1%, with an operating ROE of 12.6% [5][19][21] Operational Highlights - CNO's annuity collected premiums increased by 12%, and client assets in brokerage and advisory services rose by 16%. The Consumer Division's new annualized premiums (NAP) grew by 9%, with Medicare Supplement NAP up 24% [5] - The Worksite Division's NAP increased by 11%, and the producing agent count rose by 8%, indicating strong operational performance across key business segments [5] Investment Portfolio - As of March 31, 2025, CNO's fixed maturity portfolio had a fair value of $23.3 billion, with net unrealized losses of $2.3 billion. The allowance for credit losses was $38.9 million [15][18] - The consolidated statutory risk-based capital ratio for U.S.-based insurance subsidiaries was estimated at 379% as of March 31, 2025, reflecting strong capital management [16] Shareholder Information - The company repurchased $99.9 million of common stock during Q1 2025, with an average cost of $40.24 per share. As of March 31, 2025, CNO had 99.9 million shares outstanding and authority to repurchase an additional $640.4 million of common stock [17][19]

Core Viewpoint - Reinsurance Group of America (RGA) shares are trading at a discount compared to the industry average, indicating potential investment opportunities due to its strong fundamentals and growth prospects [1][2]. Financial Metrics - RGA has a market capitalization of $13.09 billion and a forward price-to-book value of 1.2X, lower than the industry average of 1.83X, the Finance sector's 4.05X, and the S&P 500 Composite's 7.89X [1][2]. - The average trading volume over the last three months was 0.5 million shares [2]. Price Performance - RGA's shares have gained 2.4% over the past year, underperforming the industry growth of 13.8%, the Finance sector's return of 15.4%, and the S&P 500 composite's appreciation of 8.1% [3]. Earnings Surprise History - RGA has a solid earnings surprise history, beating estimates in three of the last four quarters with an average surprise of 14.67% [4]. Growth Projections - The Zacks Consensus Estimate for RGA's 2025 earnings per share indicates a year-over-year increase of 1.8%, with revenues projected at $24.22 billion, reflecting a 7.3% improvement [5]. - For 2026, earnings per share and revenues are expected to increase by 8.6% and 8.7%, respectively, from the 2024 estimates [5]. Historical Earnings Growth - RGA's earnings have grown by 15.3% over the past five years, outperforming the industry average of 7.8% [6]. Return on Invested Capital - RGA's return on invested capital (ROIC) has consistently increased, reaching 6.3% in the trailing 12 months, significantly higher than the industry average of 0.6% [7]. Market Position and Strategy - RGA is a leader in the U.S. and Latin American markets, with a strong product line and capabilities that contribute to stable earnings and capital generation [10]. - In Canada, RGA holds a significant block of in-force business, which is expected to drive future earnings, particularly in longevity insurance [11]. - The company is well-capitalized and plans to deploy capital in attractive growth opportunities while returning excess capital to shareholders [12][14]. Technological Integration - RGA is enhancing its product offerings through technological advancements and is recognized as a global leader in biometric liability reinsurance [13]. Capital Management - The company effectively manages capital through share buybacks, dividends, and prudent investments, aiming to balance growth opportunities with shareholder returns [14]. Long-term Outlook - RGA's diversified business model, favorable longevity experience, and effective capital deployment strategies position it well for long-term growth [15].

Industry Overview - The Zacks Life Insurance industry includes companies providing life insurance and retirement benefits, with products such as annuities, whole and term life insurance, and health insurance [2] - The life insurance market is projected to grow, with gross written premiums expected to reach $1.34 trillion by 2025 and $2.5 trillion by 2026, reflecting a CAGR of 3.54% from 2025 to 2029 [4][2] - The industry is experiencing increased demand for protection products, driven by a growing number of baby boomers seeking retirement benefits [2] Trends Impacting the Industry - Interest rates are expected to be cut three times in 2024, totaling 150 basis points, which may negatively impact investment returns for life insurers [3] - Insurers are adapting to low interest rates by investing in alternative assets like private equity and real estate [3] - Product redesigning is a key trend, with insurers focusing on bundled products that offer living benefits rather than just death benefits [4] Technological Advancements - The adoption of technology is increasing, with a shift towards digital platforms and online sales in the U.S. life insurance market [5] - Automation and the use of real-time data are expected to enhance premium growth and operational efficiency [5] - Insurers are investing in technological advancements to reduce operational costs and improve margins while also addressing cybersecurity threats [5] Performance Metrics - The Zacks Life Insurance industry ranks 58, placing it in the top 24% of 255 Zacks industries, indicating strong near-term prospects [6][7] - Over the past year, the life insurance industry has gained 13.4%, outperforming the Zacks S&P 500 composite's increase of 7.7% but underperforming the Finance sector's 15.1% increase [9] - The industry currently trades at a trailing 12-month price-to-book (P/B) ratio of 1.81X, significantly lower than the S&P 500's 7.84X and the Finance sector's 4.05X [12] Company Highlights - **Abacus Global Management**: Expected adjusted net income for 2025 is between $70 million and $78 million, reflecting a 51% to 68% increase from 2024 [19] - **Aviva**: Anticipates earnings growth of 8.1% and 10.5% for 2025 and 2026, respectively, supported by a proposed acquisition of Direct Line [24][22] - **Jackson Financial**: Projects an 11% to 27% increase in capital return to shareholders in 2025, with a focus on diversified product sales [27][26] - **NN Group**: Expected earnings growth of 25.5% and 2.6% for 2025 and 2026, respectively, driven by strong sales and margin improvements in Europe [31][30]

As filed with the Securities and Exchange Commission on June 23, 2023 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 FOXO Technologies Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 6311 85-1050265 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 729 N. Washington Av ...

As filed with the Securities and Exchange Commission on April 27, 2023 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 FOXO Technologies Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) Delaware 6311 85-1050265 (I.R.S. Employer Identification Number) 729 N. Washington A ...

As filed with the Securities and Exchange Commission on February 10, 2023 Registration No. 333-268980 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 FOXO Technologies Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) Delaware 6311 85-1050265 (I.R.S. Employer Identification ...