Core Insights - Globe Life Inc. reported a net income of $3.29 per diluted common share for Q4 2025, an increase from $3.01 in the same quarter of the previous year, and net operating income rose to $3.39 per diluted common share from $3.14 [1][2][7] - For the full year 2025, net income was $14.07 per diluted common share, up from $11.94 in 2024, while net operating income increased to $14.52 from $12.37 [2][10] - The company achieved an 8% increase in both net income and net operating income for the year [7][12] Financial Performance - Q4 2025 net operating income was $273.735 million, a 3% increase from $265.809 million in Q4 2024 [8] - Total premium revenue for Q4 2025 was $1.241 billion, up 5% from $1.181 billion in Q4 2024 [15][44] - The insurance underwriting income for Q4 2025 was $359.738 million, a 6% increase from $337.984 million in Q4 2024 [17] Insurance Operations - Life insurance accounted for 78% of the company's insurance underwriting margin for Q4 2025, while health insurance accounted for 22% [13] - Life net sales increased by 11% in Q4 2025, and health net sales surged by 71% compared to the previous year [21] - The average producing agent count increased by 6% year-over-year, indicating growth in distribution capabilities [23] Investment Performance - Excess investment income for Q4 2025 was $30.812 million, down 20% from $38.325 million in Q4 2024 [27] - The investment portfolio as of December 31, 2025, totaled $20.470 billion, with fixed maturities making up 86% of the total [29][30] Share Repurchase and Capital Management - The company repurchased 1.3 million shares of common stock during Q4 2025 at a total cost of $170 million, with an average share price of $134.44 [36] - For the full year, Globe Life repurchased 5.4 million shares at a total cost of $685 million [36] Earnings Guidance - Globe Life projects net operating income for the year ending December 31, 2026, to be between $14.95 and $15.65 per diluted common share, indicating an increase from previous guidance [38]

Core Insights - Aflac Incorporated reported a decline in total revenues and net earnings for the fourth quarter and full year of 2025 compared to 2024, indicating challenges in financial performance [1][5][18]. Financial Performance - Total revenues for Q4 2025 were $4.9 billion, down from $5.4 billion in Q4 2024, representing a decrease of 9.9% [1][25]. - Net earnings for Q4 2025 were $1.4 billion, or $2.64 per diluted share, compared to $1.9 billion, or $3.42 per diluted share in Q4 2024, reflecting a decline of 27.5% [1][26]. - For the full year 2025, total revenues decreased by 9.3% to $17.2 billion from $18.9 billion in 2024 [5][25]. - Net earnings for the full year 2025 were $3.6 billion, or $6.82 per diluted share, down from $5.4 billion, or $9.63 per diluted share in 2024, marking a 33.0% decline [5][26]. Investment Gains - Q4 2025 net investment gains were $537 million, or $1.03 per diluted share, compared to $1.0 billion, or $1.86 per diluted share in Q4 2024 [2][32]. - The investment gains were influenced by net gains on derivatives and foreign currency activities, alongside losses from sales and redemptions [2]. Adjusted Earnings - Adjusted earnings for Q4 2025 were $818 million, down 5.4% from $865 million in Q4 2024 [3][32]. - Adjusted earnings per diluted share increased by 0.6% to $1.57 in Q4 2025 [3][32]. - For the full year 2025, adjusted earnings were $4.0 billion, or $7.49 per diluted share, compared to $4.1 billion, or $7.21 per diluted share in 2024, reflecting a slight decrease of 1.6% [5][34]. Shareholders' Equity - Shareholders' equity at the end of Q4 2025 was $29.5 billion, or $56.85 per share, up from $26.1 billion, or $47.45 per share at the end of Q4 2024 [4][37]. - The increase in shareholders' equity was attributed to changes in discount rate assumptions on insurance reserves [4]. Aflac Japan Performance - In yen terms, Aflac Japan's net earned premiums for Q4 2025 were ¥252.6 billion, a decrease of 1.9% year-over-year [7][8]. - Adjusted net investment income in yen decreased by 3.9% to ¥97.4 billion [7]. - For the full year, net earned premiums in yen were ¥1.0 trillion, down 3.9% from the previous year [8]. Aflac U.S. Performance - Aflac U.S. net earned premiums increased by 4.0% to $1.5 billion in Q4 2025, reflecting improved sales [12][13]. - Total adjusted revenues for Aflac U.S. were up 3.3% to $1.7 billion in Q4 2025 [12]. - For the full year, net earned premiums increased by 2.9% to $6.0 billion [13]. Capital Management - The board declared a first-quarter dividend of $0.61 per share, payable on March 2, 2026 [17]. - Aflac repurchased $800 million worth of shares in Q4 2025, with a total of $3.5 billion in share repurchases for the year [17][22].

Senior Executive Vice President CFO, Aflac Incorporated Fourth Quarter 2025 Update Max K. Brodén Forward-Looking Information and Non-U.S. GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materiall ...

Core Insights - RenaissanceRe Holdings Ltd. (RNR) reported fourth-quarter 2025 operating income of $13.34 per share, exceeding the Zacks Consensus Estimate by 26% and showing a year-over-year increase of 65.5% [1] - Total operating revenues decreased by 6% year over year to $2.8 billion, missing the consensus mark by 5.7% [1] Financial Performance - The quarterly results benefited from an increase in net investment income and strong underwriting results, while total expenses dropped by 28.1% year over year to $1.7 billion due to declines in claims expenses, acquisition, and operational costs [2][4] - Gross premiums written fell by 4.1% year over year to $1.8 billion, missing the estimate of $1.9 billion, while net premiums earned decreased by 7.6% year over year to $2.3 billion, also falling short of the consensus estimate [3] - Net investment income rose by 4.2% year over year to $446.7 million, surpassing the consensus mark of $439 million [4] Underwriting Results - Underwriting income increased more than threefold year over year to $668.8 million, with a combined ratio of 71.4%, improving by 2,030 basis points year over year [5] - The Property segment saw gross premiums written decline by 11.3% year over year to $346.1 million, with net premiums earned sliding by 2.1% year over year [6] - The Casualty & Specialty segment recorded gross premiums written of $1.5 billion, down 2.3% year over year, and net premiums earned fell by 10.9% year over year to $1.42 billion [8][9] Financial Position - As of December 31, 2025, RenaissanceRe had cash and cash equivalents of $1.7 billion, a 3.3% increase from the end of 2024, and total assets of $53.8 billion, up 6.1% [10] - Total shareholders' equity rose by 9.8% to $11.6 billion, while debt increased by 23.5% to $2.3 billion [10] Share Repurchase Activity - The company repurchased common shares worth approximately $650.5 million in the fourth quarter, with additional repurchases of $113.4 million from January 1, 2026, to January 30, 2026 [11] Full-Year Overview - For the full year 2025, gross premiums written increased marginally to $11.7 billion, while net premiums earned dipped by 1.9% to $9.9 billion [12]

Group 1 - Kemper Corporation declared a quarterly dividend of $0.32 per share, payable on March 3, 2026, to shareholders of record as of February 17, 2026 [1] - Kemper is one of the nation's leading specialized insurers with approximately $12 billion in assets [2] - The company serves over 4.6 million policies and is represented by 24,200 agents and brokers [2] - Kemper has 7,500 associates dedicated to meeting the needs of its customers [2]

Core Viewpoint - AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of "a+" (Excellent) to Beazley Bermuda Insurance Limited, indicating strong financial health and stability in its operations [1] Group 1: Credit Ratings and Financial Strength - Beazley Bermuda Insurance Limited (BBIL) has a stable outlook for its credit ratings, reflecting its very strong balance sheet strength and adequate operating performance [1] - BBIL's balance sheet strength is supported by a risk-adjusted capitalisation expected to be at the strongest level, with a capital base of USD 531 million at the start of 2026 [1] - The ratings also consider the strategic importance of BBIL to its parent company, Beazley plc, enhancing its overall creditworthiness [1] Group 2: Operating Performance and Market Position - BBIL is anticipated to achieve adequate operating performance over the medium term, with profitable underwriting results despite a softening pricing environment [1] - Investment income is expected to significantly contribute to BBIL's overall earnings, particularly in its initial years of operation [1] - The establishment of BBIL will allow Beazley to expand its footprint and access the Bermuda reinsurance market, providing additional diversification for the group [1] Group 3: Monitoring and Future Developments - AM Best is closely monitoring the ratings of all Beazley companies in light of Zurich Insurance Group's progressing offer to acquire Beazley, with potential reviews pending a binding offer [1]

Financial Data and Key Metrics Changes - The company reported record 2025 full-year core earnings per share of $4.71, a 39% increase over the prior year, with a shareholder return on equity of 12.4% [4][15] - Total revenues increased by 7% year-over-year, with net premiums and contract deposits earned also up more than 7% [4][15] - Core earnings for 2025 were $196 million, reflecting strong underlying profitability across the business [15][19] Business Line Data and Key Metrics Changes - In Property and Casualty (P&C), the underlying combined ratio improved to 84.3%, a 5-point improvement year-over-year, with sales increasing by 6% [5][19] - Auto reported a combined ratio of 96.5%, improving nearly 2 points over the prior year, with policyholder retention stable at 84% [6][19] - Life and Retirement saw record life sales in Q4, up 21% year-over-year, with retirement deposits increasing by 4% [6][21] - Individual Supplemental sales increased nearly 40% year-over-year, while Group Benefits recorded a 33% increase [4][7] Market Data and Key Metrics Changes - The company expanded its distribution organization significantly, increasing points of distribution by 15% across all channels [8] - Unaided brand awareness reached 35% in 2025, up from less than 10% a year ago, indicating strong market recognition [7][8] Company Strategy and Development Direction - The company aims for a 10% average compound annual growth rate in core EPS and a sustainable 12%-13% shareholder return on equity over the next three years [11][26] - Investments in marketing, infrastructure improvements, and product expansion are prioritized to support sustained profitable growth [11][12] - The introduction of the Horace Mann Club aims to provide educators with financial wellness tools and resources, enhancing community engagement [9] Management Comments on Operating Environment and Future Outlook - Management noted that 2025 benefited from unusually light severe weather activity, with pre-tax catastrophe losses of $62 million contributing positively to core earnings [5][10] - The company does not expect a similarly low level of catastrophe losses in 2026 or subsequent years, indicating a cautious outlook [10][18] - Management expressed confidence in achieving long-term financial targets while navigating a competitive environment [26] Other Important Information - The company repurchased $21 million of shares in 2025, the highest annual level since 2022, with an additional $50 million authorization for share repurchases [14][25] - The early retirement offering was taken up by about 8% of eligible employees, aimed at aligning the workforce with future needs [56][59] Q&A Session Summary Question: Distribution initiatives and policy count growth outlook - Management indicated that 2025 was the strongest year for distribution, with significant sales momentum and increased brand awareness [30][31] Question: EPS outlook for 2026 and growth acceleration - Management confirmed expectations for a 10% annual EPS growth rate and anticipated accelerating top-line growth due to investments made [32][34] Question: Catastrophe loss assumptions in guidance - Management clarified that the $90 million catastrophe loss assumption for 2026 is based on a consistent year-over-year approach, not influenced by prior year developments [36][37] Question: Early retirement offering participation - Approximately 8% of eligible employees participated in the early retirement offering, aimed at workforce planning [56][59] Question: Free cash flow conversion targets - The company achieved about 80% free cash flow conversion in 2025 and targets over 75% for 2026, supported by capital-efficient business growth [63][64] Question: Investment in Supplemental and Group segment - Management expressed satisfaction with progress in Individual Supplemental and Group Benefits, with strong sales and distribution efforts [70][72]

Financial Data and Key Metrics Changes - Horace Mann reported record 2025 full-year core earnings per share of $4.71, a 39% increase over the prior year, with a shareholder return on equity of 12.4% [4][15] - Total revenues increased by 7% year-over-year, with net premiums and contract deposits earned also up more than 7% [4][15] - Core earnings for 2025 were $196 million, reflecting strong underlying profitability across the business [15][19] Business Line Data and Key Metrics Changes - In Property and Casualty (P&C), core earnings were $112 million, more than double the prior year, with a reported combined ratio of 89.7, improving over 8 points year-over-year [19] - Auto net written premiums increased to $502 million, with a combined ratio of 96.5, improving nearly 2 points [19] - Life and retirement segment saw core earnings increase by 13% to $61 million, with net premiums written and contract deposits growing to $612 million, up 7% year-over-year [21] - Individual supplemental sales increased nearly 40% year-over-year, while group benefits recorded a 33% increase [6][22] Market Data and Key Metrics Changes - Unaided brand awareness reached 35% in 2025, up from less than 10% a year ago, indicating significant growth in market recognition [7] - New business customer interactions increased by 37% in the fourth quarter, reflecting improved marketing effectiveness [8] Company Strategy and Development Direction - The company aims for a 10% average compound annual growth rate in core EPS and a sustainable 12%-13% shareholder return on equity over the next three years [11][26] - Investments in marketing, infrastructure improvements, and product expansion are prioritized to support sustained profitable growth [12][14] - The introduction of the Horace Mann Club aims to enhance engagement with educators and provide financial wellness tools [9] Management's Comments on Operating Environment and Future Outlook - Management noted that 2025 benefited from unusually light severe weather activity, with pre-tax catastrophe losses of $62 million contributing positively to core earnings [5] - The company expects a normalized core earnings per share guidance range of $4.20-$4.50 for 2026, reflecting a nearly 10% increase [11][17] - Management expressed confidence in achieving long-term financial targets despite potential macroeconomic uncertainties [26] Other Important Information - The company repurchased $21 million of shares in 2025, the highest annual level since 2022, with an additional $50 million authorization in May [14][25] - The early retirement offering was taken up by about 8% of eligible employees, aimed at aligning the workforce with future needs [56][59] Q&A Session Summary Question: Distribution initiatives and policy count growth outlook - Management indicated strong sales momentum driven by distribution efforts, with brand awareness and website traffic significantly increasing [30][31] Question: EPS outlook for 2026 and growth acceleration - Management confirmed expectations for a 10% annual earnings per share growth rate, with anticipated accelerating top-line growth due to investments made [33][34] Question: Catastrophe loss assumptions and reinsurance program - Management clarified that the catastrophe loss guidance for 2026 is based on a consistent approach, not influenced by one year's results [36][37] Question: Early retirement offering participation - Approximately 8% of eligible employees participated in the early retirement offering, aimed at workforce planning [56][59] Question: Investment in supplemental and group segment - Management expressed satisfaction with progress in individual supplemental and group benefits, with strong sales and distribution efforts [70][72]

Financial Data and Key Metrics Changes - Horace Mann reported record full-year core earnings per share of $4.71, a 39% increase over the prior year, with a shareholder return on equity of 12.4% [4][16] - Total revenues increased by 7% year-over-year, with net premiums and contract deposits earned also up more than 7% [4][16] - Core earnings for 2025 were $196 million, reflecting strong underlying profitability across the business [16] Business Line Data and Key Metrics Changes - In Property and Casualty (P&C), core earnings were $112 million, more than double the prior year, with net written premiums increasing by 7% to $830 million [20] - The reported combined ratio for P&C improved to 89.7, an improvement of over 8 points year-over-year [20] - Life and retirement segment saw core earnings increase by 13% to $61 million, with net premiums written and contract deposits growing to $612 million, up 7% year-over-year [22] - Individual supplemental sales increased by nearly 40% year-over-year, while group benefits recorded a 33% increase [6][24] Market Data and Key Metrics Changes - Unaided brand awareness reached 35% in 2025, up from less than 10% a year ago, indicating significant growth in market recognition [8] - New business customer interactions increased by 37% in the fourth quarter, reflecting enhanced marketing and distribution efforts [9] Company Strategy and Development Direction - The company aims for a 10% average compound annual growth rate in core EPS and a sustainable 12%-13% shareholder return on equity over the next three years [12][28] - Investments in marketing, infrastructure improvements, and product expansion are prioritized to support long-term growth [12][13] - The introduction of the Horace Mann Club aims to provide educators with financial wellness tools and resources, enhancing community engagement [10] Management's Comments on Operating Environment and Future Outlook - Management noted that 2025 benefited from unusually light severe weather activity, with pre-tax catastrophe losses of $62 million contributing positively to core earnings [5] - The company expects a normalized core earnings per share guidance range of $4.20-$4.50 for 2026, reflecting a nearly 10% increase [12][18] - Management expressed confidence in achieving long-term financial targets while navigating a competitive environment [28] Other Important Information - The company repurchased $21 million of shares in 2025, the highest annual level since 2022, with an additional $50 million authorization in May [14][27] - The early retirement offering was taken up by about 8% of eligible employees, aimed at aligning the workforce with future needs [58][59] Q&A Session Summary Question: Distribution initiatives and policy count growth outlook - Management highlighted strong sales momentum driven by distribution efforts, with brand awareness and website traffic significantly increasing [31][32] Question: EPS outlook for 2026 and growth acceleration - Management confirmed expectations for a 10% annual earnings per share growth rate, with accelerating top-line growth anticipated as investments yield results [34][36] Question: Catastrophe loss assumptions and reinsurance program - Management clarified that the $90 million catastrophe loss assumption for 2026 is based on consistent year-over-year approaches and does not include prior year development in planning [39][40] Question: Increase in educator household access - Management noted a significant increase in accessible educator households due to strategic marketing and partnerships, contributing to overall growth [44][51] Question: Long-term target for net interest spread in retirement - Management reaffirmed a target of a 200 basis point spread for fixed annuities, although 2025 performance was impacted by underperformance in commercial mortgage loans [52] Question: Early retirement offering participation - Management reported a satisfactory participation rate in the early retirement offering, aimed at workforce planning and future skill alignment [58][61] Question: Investment in supplemental and group segment - Management expressed confidence in the growth and earnings diversification from individual supplemental and group benefits, with favorable benefit ratios expected to normalize [71][76]

Group 1: Arthur J. Gallagher Acquires Reck & Co. - Arthur J. Gallagher & Co. has acquired Reck & Co. GmbH, a specialist provider of global transport and marine claims services based in Bremen, Germany [1][2] - The acquisition is expected to enhance Gallagher Bassett's claims service offerings in Europe, leveraging Reck & Co.'s strong reputation in the global marine insurance market [3] - The Reck & Co. team will continue to operate under their current leadership, ensuring continuity in service delivery [2] Group 2: Howden Acquires Polygon Insurance Brokers Ltd. - Howden has acquired Polygon Insurance Brokers Ltd. (PIBL), a retail insurance broker in the Channel Islands, to strengthen its service capabilities in Jersey and Guernsey [3][4] - PIBL specializes in insurance solutions for the offshore financial services sector, high net worth individuals, and family offices, focusing on professional indemnity and cyber liability products [5][6] - The acquisition is part of Howden's strategy to expand its business in the Channel Islands, following its recent purchase of ARM Holdings [8] Group 3: Clear Group Acquires Gauntlet and Shire Insurance Services - Clear Group has acquired Gauntlet Appointed Representative Network and Gauntlet Retail Brokers to enhance its Brokerbility network for independent brokers in the UK [11][12] - The acquisition of Shire Insurance Services, a specialist broker in the veterinary sector, adds to Clear Group's portfolio and expertise in this niche market [19][21] - Both acquisitions aim to provide better support and resources for independent brokers, facilitating their growth and operational efficiency [16][18]