Financial Data and Key Metrics Changes - Total revenues increased to $17.3 billion for the fourth quarter and $67.7 billion for the year [4] - Net income applicable to common shareholders was $3.8 billion for the quarter and $10.2 billion for the year [4] - Adjusted net income was $3.8 billion, or $14.31 per common share for the fourth quarter, and $9.3 billion for 2025, $34.83 per share [4] Business Line Data and Key Metrics Changes - Premiums earned increased 4.4% in auto insurance and 15% in homeowners insurance [17] - Auto policy growth was 2.3% and homeowners policy growth was 2.5% [17] - The auto combined ratio improved by 10 points compared to the prior year, while the homeowners insurance combined ratio was 84.4 [17][21] Market Data and Key Metrics Changes - The Protection Services segment grew policies in force by 3.3% to 172 million, while revenue increased 11.7% to $3.3 billion for the year [15] - Domestic revenue in the Protection Services segment increased 8.1% over the prior year quarter, while international revenue increased 39.7% [15] Company Strategy and Development Direction - Allstate's strategy focuses on increasing personal property-liability market share and expanding protection provided to customers [3] - The Transformative Growth initiative has lowered expenses and improved pricing models, allowing for competitive pricing [11] - New products like Affordable, Simple, Connected auto insurance are being rolled out to enhance customer value [12] Management's Comments on Operating Environment and Future Outlook - Management emphasized the need for regulatory changes to improve affordability for consumers, particularly regarding bodily injury claims [8][28] - The company is optimistic about its competitive position in both auto and homeowners insurance markets, citing growth potential [33] - Management highlighted the importance of maintaining strong underwriting performance and cost control to support future profitability [19][21] Other Important Information - Allstate returned $2.2 billion to shareholders through dividends and share repurchases in 2025, with a new $4 billion share repurchase program announced [24] - The company has increased its quarterly stock dividend by 8% to $1.08 per share [24] Q&A Session Summary Question: Regulatory and legislative changes regarding rate relief - Management acknowledged the complexity of predicting regulatory changes but expressed hope for improvements in affordability through legislative action [27][28] Question: Competitive landscape in auto and home insurance - Management noted that competition remains strong, with key players like Progressive, GEICO, and State Farm, but emphasized Allstate's differentiated products and pricing strategies [31][32] Question: Impact of legacy policies on auto PIF - Management confirmed that the reported figures include inactive brands and are focused on overall growth, not just active brands [44][45] Question: New business penalty trends - Management indicated that increased pricing sophistication has reduced the new business penalty, allowing for better profitability [54][56] Question: Growth in independent agents channel - Management highlighted significant growth in both direct and independent agent channels, driven by the Transformative Growth initiative [58][60] Question: Autonomous driving technology impact - Management views autonomous driving as a long-term trend that could reduce frequency of accidents but may increase severity due to higher repair costs [68][70]

Financial Data and Key Metrics Changes - The company reported fee-related earnings per share of $1.08, total operating earnings per share of $1.42, and adjusted net income per share of $1.12, with the adjusted net income excluding carried interest repayment obligation being $1.30 for Q4 [4] - Management fees for the quarter were $1.1 billion, up 24% year-over-year, driven by fundraising initiatives and deployment across the firm [4] - Total transaction and monitoring fees were $269 million in the quarter, while fee-related earnings were $972 million, reflecting a 15% year-over-year increase [5] Business Line Data and Key Metrics Changes - The Insurance segment reported operating earnings of $268 million in Q4, with potential earnings being approximately $320 million if investment marks were included [6][7] - Strategic Holdings operating earnings were $44 million in Q4, more than doubling compared to 2024 [8] - Realized performance income within the asset management segment was $528 million, with total monetization activity exceeding $550 million [9] Market Data and Key Metrics Changes - The company raised $28 billion of new capital in Q4, bringing the full-year total to $129 billion, marking the highest fundraising year in its history [11] - The North America Private Equity Fund has over $19 billion of committed capital, while the Global Infrastructure Fund is nearing $16 billion in commitments [12][13] - The K-Series suite of products raised $4.5 billion in Q4 and over $16 billion for the full year, nearly doubling the amount raised in 2024 [15] Company Strategy and Development Direction - The company aims to leverage its three growth engines: asset management, Insurance, and Strategic Holdings, to position itself well for long-term growth [18] - The acquisition of Arctos, valued at $1.4 billion, is expected to enhance the company's position in the sports investment sector and create a new investing vertical called KKR Solutions [24][27] - The company is focused on building a $100 billion AUM solutions franchise through strategic acquisitions and partnerships [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding fundraising and fee-related earnings targets for 2026, with a focus on maintaining a strong pipeline of monetization opportunities [29] - The company is well-positioned with $118 billion of dry powder, allowing it to capitalize on investment opportunities despite market volatility [21][46] - Management noted that the current economic environment presents both challenges and opportunities, emphasizing the importance of disciplined portfolio construction [33][36] Other Important Information - The company plans to increase its annual dividend from $0.74 to $0.78 per share, marking the seventh consecutive year of dividend increases since its C-Corp conversion [16] - Total embedded gains reached a record $19 billion, up 19% year-over-year, indicating strong performance across asset classes [10] Q&A Session Summary Question: How has the company reunderwritten its private portfolios in light of tariffs and AI? - Management indicated that they have minimal exposure to tariffs and have been proactive in addressing AI-related risks through careful portfolio construction and asset sales [41][44] Question: Is the strong 2025 result a level to build off of, given the linear deployment model? - Management confirmed that they expect to deploy more this year, citing broad-based deployment across strategies and geographies [51][58] Question: What are the expectations for management fee growth in 2026? - Management expressed confidence in exceeding the $450 million FRE target for 2026, supported by record capital raising and strong momentum in management fees [61][65] Question: What is the potential for realized investment income moving forward? - Management anticipates an increase in realized investment income, although it may decrease relative to recurring earnings as capital is reinvested for growth [69] Question: What are the recent trends at Global Atlantic? - Management expects to maintain a quarterly target of $250 million for Global Atlantic, with potential for growth in accrued income over the next few years [72][76]

Financial Data and Key Metrics Changes - The company reported fee-related earnings per share of $1.08, total operating earnings per share of $1.42, and adjusted net income per share of $1.12, with the adjusted net income excluding carried interest repayment obligation being $1.30 for Q4 [4] - Management fees for the quarter were $1.1 billion, up 24% year-over-year, driven by fundraising initiatives and deployment across the firm [4] - Total transaction and monitoring fees were $269 million in the quarter, while capital markets fees reached $225 million [5] - Fee-related earnings were $972 million, reflecting a 15% year-over-year increase, with an ROI margin of 68% for the quarter [5] Business Line Data and Key Metrics Changes - Insurance segment operating earnings in Q4 were $268 million, with potential earnings being approximately $320 million if marks on investments were included [6][7] - Strategic Holdings operating earnings were $44 million in Q4, more than doubling compared to 2024 [8] - Realized performance income within the asset management segment was $528 million, excluding carried interest repayment obligation [9] Market Data and Key Metrics Changes - The company raised $28 billion of new capital in Q4, bringing the full-year total to $129 billion, the highest in its history [11] - The North America Private Equity Fund has over $19 billion of committed capital, while the Global Infrastructure Fund is nearing $16 billion in commitments [12][13] - The K Series suite of products raised $4.5 billion in Q4 and over $16 billion for the full year, nearly double the amount raised in 2024 [15] Company Strategy and Development Direction - The company aims to leverage its three growth engines: asset management, insurance, and strategic holdings, to position itself well for the long term [18] - The acquisition of Arctos, valued at $1.4 billion, is expected to enhance the company's position in sports investments and GP solutions, with a goal of building a $100 billion AUM solutions franchise [24][27] - The company is focused on maintaining a collaborative culture to maximize business impact and attract top talent [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding fundraising and fee-related earnings targets for 2026, with a focus on long-term performance rather than short-term market conditions [29] - The company is well-positioned with $118 billion of dry powder for future investments, indicating a strong pipeline of opportunities despite market volatility [21][46] - Management noted that the current economic environment presents opportunities for strong returns, emphasizing the importance of disciplined portfolio construction [33][46] Other Important Information - The company plans to increase its annual dividend from $0.74 to $0.78 per share, marking the seventh consecutive year of dividend increases since its C-Corp conversion [16] - Total embedded gains reached a record $19 billion, up 19% year-over-year, indicating strong performance across asset classes [10] Q&A Session Summary Question: How has the company reunderwritten its private portfolios in light of tariffs and AI? - Management indicated that they have minimal exposure to tariffs and have been proactive in addressing AI-related risks, focusing on portfolio construction and linear pacing to mitigate potential disruptions [41][42][44] Question: Is the strong 2025 result a level to build off of, given the linear deployment model? - Management confirmed that 2025 was a record deployment year and expects to deploy more in the coming year, highlighting broad-based activity across strategies and geographies [51][58] Question: What are the expectations for management fee growth in 2026? - Management expressed confidence in exceeding the $450 million FRE target for 2026, citing strong capital raising momentum and operational efficiency [61][65] Question: What is the potential for realized investment income moving forward? - Management anticipates an increase in realized investment income over the next few years, although it will be relatively decreasing compared to recurring earnings as capital is reinvested for growth [69] Question: What are the recent trends at Global Atlantic? - Management expects to maintain a quarterly target of $250 million for Global Atlantic, with potential for growth in accrued income over the next few years [72][75]

Financial Data and Key Metrics Changes - Total revenues increased to $17.3 billion for the fourth quarter and $67.7 billion for the year [4] - Net income applicable to common shareholders was $3.8 billion for the quarter and $10.2 billion for the year [4] - Adjusted net income was $3.8 billion, or $14.31 per common share for the fourth quarter, and $9.3 billion for 2025, $34.83 per share [4] Business Line Data and Key Metrics Changes - Premiums earned increased 4.4% in auto insurance and 15% in homeowners insurance [17] - Auto policy growth was 2.3% and homeowners policy growth was 2.5% [17] - The auto combined ratio improved by 10 points compared to the prior year, while the homeowners insurance combined ratio was 84.4 [17][21] Market Data and Key Metrics Changes - The protection services segment grew policies in force by 3.3% to 172 million, while revenue increased 11.7% to $3.3 billion for the year [15] - Domestic revenue in the protection services segment increased 8.1% over the prior year quarter, while international revenue increased 39.7% [15] Company Strategy and Development Direction - Allstate's strategy focuses on increasing personal property-liability market share and expanding protection provided to customers [3] - The Transformative Growth initiative has lowered expenses and improved pricing models, allowing for competitive pricing [11] - New products such as Affordable, Simple, Connected auto insurance are being rolled out to enhance customer value [12] Management's Comments on Operating Environment and Future Outlook - Management emphasized the need for regulatory changes to improve affordability for consumers, particularly regarding bodily injury claims [8][28] - The company is optimistic about its competitive position in both auto and homeowners insurance markets, citing growth potential in homeowners insurance [33] - Management highlighted the importance of maintaining strong margins while addressing affordability [6] Other Important Information - Allstate returned $2.2 billion to shareholders through dividends and share repurchases in 2025, with a new $4 billion share repurchase program authorized [24] - The company has seen significant growth in direct sales and improved agent productivity [11] Q&A Session Summary Question: Regulatory and legislative changes regarding rate relief - Management acknowledged the complexity of predicting regulatory changes but emphasized the need for affordability improvements across all states [27][28] Question: Competitive landscape in auto and home insurance - Management noted that competition remains high, with key competitors being Progressive, GEICO, and State Farm, but expressed confidence in Allstate's growth strategy [31][32] Question: Impact of legacy policies on auto PIF - Management confirmed that the chart includes inactive brands and is focused on overall growth, including transitioning to the Allstate brand [44][46] Question: New business penalty and its impact on margins - Management indicated that pricing sophistication has reduced new business penalties, allowing for growth while maintaining target margins [54][56] Question: Growth in independent agents channel - Management highlighted the significant growth in both direct and independent agent channels, driven by the Transformative Growth initiative [58][60] Question: Autonomous driving technology impact - Management views autonomous driving as a potential opportunity for safer driving but acknowledges challenges related to hardware costs and severity of accidents [68][70]

Core Viewpoint - Unum Group (NYSE:UNM) is set to release its quarterly earnings on February 5, 2026, with analysts closely monitoring its financial performance, particularly in light of projected earnings growth despite challenges in investment income [1][2]. Financial Performance Estimates - Analysts estimate that UNM will report earnings per share (EPS) of $2.11, reflecting a 3.9% increase from the previous year [2][6]. - Revenue for the quarter is projected to be approximately $3.29 billion, marking a 1.4% rise compared to the same period last year, supported by a 1.7% increase in premium income due to favorable persistency and improved sales trends [2]. Consensus and Market Reactions - There has been a slight downward revision of 0.4% in the consensus EPS estimate over the past month, which may influence investor reactions and impact short-term stock price performance [3]. Valuation Metrics - UNM's price-to-earnings (P/E) ratio is approximately 14.35, indicating the market's valuation of its earnings [4][6]. - The price-to-sales ratio stands at about 0.99, suggesting that investors are paying less than one dollar for every dollar of sales [4]. - The enterprise value to sales ratio is around 1.26, reflecting the company's total valuation relative to its sales [4]. Cash Flow and Debt Metrics - The enterprise value to operating cash flow ratio is approximately 19.98, providing insight into how the market values UNM's cash-generating ability [5]. - The earnings yield is about 6.97%, indicating the return on investment for shareholders [5]. - UNM maintains a relatively low debt-to-equity ratio of approximately 0.34, and the current ratio is around 2.33, indicating that the company has more than twice the current assets needed to cover its current liabilities [5].

Financial Data and Key Metrics Changes - Total revenues increased to $17.3 billion for Q4 2025 and $67.7 billion for the year, with net income applicable to common shareholders at $3.8 billion for the quarter and $10.2 billion for the year [4] - Adjusted net income was $3.8 billion, or $14.31 per common share for Q4, and $9.3 billion, or $34.83 per share for 2025, compared to $1.9 billion in 2024 [4] - The primary drivers of increased income included better underwriting losses, lower catastrophes, and reserve releases from prior years [4] Business Line Data and Key Metrics Changes - The Property-Liability business generated strong results, with premiums earned increasing by 4.4% in auto insurance and 15% in homeowners insurance [15] - Auto policy growth was 2.3% and homeowners policy growth was 2.5%, with the auto combined ratio improving by 10 points compared to the prior year [15] - Homeowners insurance recorded a combined ratio of 84.4, reflecting strong underlying performance and lower catastrophe losses [16] Market Data and Key Metrics Changes - The protection services segment grew policies in force by 3.3% to 172 million, with revenue increasing by 11.7% to $3.3 billion for the year [13] - Domestic revenue in the protection services segment increased by 8.1% year-over-year, while international revenue surged by 39.7% [14] - The auto insurance growth accelerated geographically, with 20 states growing policies by at least 4% and representing over 70% of countrywide written premium [18] Company Strategy and Development Direction - The company aims to increase personal property-liability market share and expand customer protection, focusing on affordability and operational excellence [3] - The Transformative Growth initiative has reduced the adjusted expense ratio by 6.6 points since 2018, allowing for competitive pricing while maintaining margins [10] - New products like the Affordable, Simple, Connected auto insurance have been introduced in multiple states to enhance customer value [11] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of addressing insurance affordability through cost reductions rather than profit increases, emphasizing the need for legislative changes to control costs [5][6] - The competitive landscape remains challenging, with key competitors being Progressive, GEICO, and State Farm, but the company believes its Transformative Growth strategy is effective in gaining market share [30][31] - Management expressed optimism about the future, citing strong growth potential in homeowners insurance and the effectiveness of new product offerings [32] Other Important Information - The company returned $2.2 billion to shareholders in 2025 through dividends and share repurchases, with a new $4 billion share repurchase program authorized [22] - The investment portfolio performed well, with net investment income rising to $3.4 billion, reflecting strong risk discipline and higher fixed income yields [20] Q&A Session Summary Question: Regulatory and legislative changes regarding rate relief - Management acknowledged the complexity of predicting regulatory changes but emphasized the need for cost reductions to improve affordability for consumers [25][26] Question: Competitive landscape in auto and home insurance - Management noted that competition is intense but believes their differentiated products and pricing strategies position them well in the market [28][30] Question: Impact of legacy policies on auto PIF - Management confirmed that the slide includes inactive brands and is focused on overall growth rather than just active brands [43][44] Question: New business penalty and its impact on margins - Management indicated that increased pricing sophistication has reduced the new business penalty, allowing for growth while maintaining target margins [53][54] Question: Capital priorities and share repurchase program - Management stated that the priority is to maximize shareholder returns through organic growth and share repurchases, with M&A being a secondary consideration [81][84] Question: Premium per policy trends and retention - Management clarified that while price impacts retention, they do not consider their retention weak and are actively working to improve it through initiatives like the SAVE program [91][92]

Financial Data and Key Metrics Changes - The company reported fee-related earnings per share of $1.08, total operating earnings per share of $1.42, and adjusted net income per share of $1.12, with adjusted net income per share excluding carried interest repayment obligation being $1.30 for Q4 [3] - Management fees for the quarter were $1.1 billion, up 24% year-over-year, driven by fundraising initiatives and deployment across the firm [3] - Total transaction and monitoring fees were $269 million in the quarter, while fee-related earnings were $972 million, reflecting a 15% year-over-year increase [4] Business Line Data and Key Metrics Changes - Insurance segment operating earnings in Q4 were $268 million, with total insurance economics for 2025 reaching $1.9 billion, up 15% for the year [4][6] - Strategic Holdings operating earnings were $44 million in Q4, more than doubling compared to 2024 [6] - Realized performance income within the asset management segment was $528 million, with total monetization activity exceeding $550 million [7] Market Data and Key Metrics Changes - The company raised $28 billion of new capital in Q4, bringing the full-year capital raise to $129 billion, the highest in its history [9] - The North America Private Equity Fund now has over $19 billion of committed capital, while the Global Infrastructure Fund has nearly $16 billion of commitments [10][11] - The K Series suite of products raised $4.5 billion in Q4 and over $16 billion in full year 2025, nearly double the amount raised in 2024 [12] Company Strategy and Development Direction - The company is focused on three growth engines: asset management, insurance, and strategic holdings, positioning itself well for long-term growth [15] - The acquisition of Arctos, valued at $1.4 billion, aims to create a new investing vertical called KKR Solutions, expected to reach $100+ billion of AUM [20][24] - The company emphasizes a collaborative culture to maximize business impact and attract top talent [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding fundraising and fee-related earnings targets for 2026, with a focus on maintaining a strong monetization pipeline [26] - The company noted that despite market volatility, it remains well-positioned due to its disciplined portfolio construction and deployment strategy [30] - Management highlighted the importance of long-term performance over chasing favorable conditions, indicating a strong outlook for the next several years [33] Other Important Information - The company plans to increase its annual dividend from $0.74 to $0.78 per share, marking the seventh consecutive year of dividend increases since its C-Corp conversion [13] - The company has $118 billion of dry powder available for future investments, indicating strong capital availability [18] Q&A Session Questions and Answers Question: How has the company reunderwritten its private portfolios for tariffs and AI? - Management indicated that they have minimal exposure to tariffs and have been proactive in addressing AI-related risks through careful portfolio construction and selling assets that posed threats [34][36][38] Question: Is the strong 2025 result a level to build off of, given the linear deployment model? - Management confirmed that 2025 was a record deployment year and expects to deploy more in the current year, highlighting broad-based deployment across strategies and geographies [42][48] Question: What are the expectations for management fee growth in 2026? - Management expressed confidence in exceeding the $450 million FRE target for 2026, supported by record capital raising and a strong trajectory for management fees [49][51]

Equitable Holdings Full Year and Fourth Quarter 2025 Earnings Results February 4, 2026 Equitable Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "intends," "seeks," "aims," "plans," "assumes," "estimates," "projects," "should," "would," "could," "may," "will," "shall" or variations of such words are gen ...

Financial Data and Key Metrics Changes - In Q4 2025, MetLife reported adjusted earnings of $1.6 billion or $2.49 per share, with adjusted EPS excluding notable items at $2.58, a 24% increase from $2.08 a year ago, marking the highest single EPS quarter for the company [10][19] - For the full year 2025, adjusted earnings excluding notable items reached $6 billion or $8.89 per share, up roughly 10% [11][19] - The company achieved 10% adjusted EPS growth and an adjusted return on equity (ROE) of 16%, within the target range of 15%-17% [8][19] Business Line Data and Key Metrics Changes - Group Benefits adjusted earnings for Q4 were $465 million, contributing to full-year adjusted earnings of $1.7 billion, with life mortality trends improving [12][22] - Retirement and Income Solutions (RIS) adjusted earnings were $454 million for Q4, up 18%, with full-year earnings also at $1.7 billion, benefiting from record origination in pension risk transfers [13][24] - Asia adjusted earnings were $444 million for Q4, essentially flat year-over-year, while Latin America adjusted earnings rose 13% to $227 million [25][26] Market Data and Key Metrics Changes - Asia saw constant currency sales jump 18% in 2025, with Japan contributing significantly, while Latin America sales rose by 12%, led by Mexico [5][26] - EMEA adjusted earnings increased 64%, driven by robust volume growth and favorable underwriting margins [26] Company Strategy and Development Direction - MetLife's "New Frontier" strategy emphasizes growth, capital deployment, and operational discipline, with a focus on enhancing market leadership in group benefits and asset management [4][17] - The acquisition of PineBridge Investments established a new business segment, MetLife Investment Management, which had $742 billion in assets under management by year-end [5][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving five-year commitments for adjusted EPS, adjusted ROE, and free cash flow, despite evolving macroeconomic conditions [9][34] - The company anticipates continued growth in 2026, with adjusted EPS growth expected to remain in double digits and adjusted ROE targeted at 15%-17% [34] Other Important Information - MetLife returned approximately $4.4 billion to shareholders in 2025 through stock repurchases and dividends, while also funding acquisitions and investments totaling about $1.2 billion [6][15] - The company paid roughly $50 billion in policyholder benefits and claims in 2025, highlighting its commitment to customer service [18] Q&A Session Summary Question: Comments on Group Benefits renewal season and pricing - Management noted robust results in persistency, particularly in dental, with good sales growth across the business, including strength in disability [46] Question: Impact of macroeconomic volatility in Japan - Management acknowledged short-term impacts on sales due to macroeconomic fluctuations but emphasized a solid value proposition and strong sales results [48][49] Question: Changes in GAAP earnings for real estate accounting - Management explained the change aimed to better reflect cash flows and returns, aligning with overall economics of the asset class [52][54] Question: Outlook for U.S. retail retirement space - Management highlighted successful execution of flow reinsurance deals, enhancing liability origination and capital flexibility [61][64] Question: Trends in surrender activity in Japan - Management reported a slight increase in surrenders in Q4 but expected them to return to long-term assumptions in 2026 [65] Question: Group disability experience and outlook - Management indicated pressure in disability results but did not expect this to indicate a trend into 2026, citing strong full-year performance [78]

There's a reason it makes sense to save for retirement in a 401(k) if you have access to one. Not only do these retirement plans make it easy to stay on track with your savings (since they're funded from your paychecks directly), but many 401(k)s come with a workplace match. But there's a big drawback to using a 401(k) to save for retirement. If you take a distribution before turning 59 1/2, you'll generally be subject to an early withdrawal penalty of 10%. So if you're 45 and tap your traditional 401(k) ...