Brookfield (NYSE:BN) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Company ParticipantsAlexander Blostein - Managing DirectorBruce Flatt - CEOKatie Battaglia - VP of Investor RelationsMario Saric - Managing DirectorMichael Cyprys - Managing DirectorNick Goodman - PresidentSachin Shah - CEOConference Call ParticipantsBart Dziarski - Diversified Financial AnalystCherilyn Radbourne - Managing DIrector and Equity AnalystJaeme Gloyn - Equity Analyst and Diversified FinancialsKenneth Worthington - Senior Eq ...

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Core Insights - Arthur J. Gallagher & Co. (NYSE: AJG) is recognized as one of the 13 Best Long Term Low Risk Stocks to Buy Now [1] Group 1: Analyst Ratings and Price Targets - Citigroup raised its price objective for AJG to $280 from $277 while maintaining a Neutral rating [2] - UBS slightly reduced its price target for AJG to $283 from $285, also keeping a Neutral view on the shares [3] - UBS anticipates that insurance brokers will be well-positioned heading into 2026, with expected organic revenue growth averaging about 4.4% and improving EBITDA margins year over year [3] Group 2: Recent Acquisitions - On February 3, AJG announced the acquisition of 3D Advisors, a brokerage general agency based in Shelby Township, Michigan, with financial terms undisclosed [4] - 3D Advisors specializes in life insurance, annuity, and long-term care solutions for financial advisors, and its leadership will continue operating under AJG's management [5] Group 3: Company Overview - Arthur J. Gallagher & Co. is a global insurance brokerage, risk management, and consulting firm headquartered in Rolling Meadows, Illinois, operating in approximately 130 countries [6]

Key Takeaways CNO delivered Q4 EPS of $1.47, beating estimates by 22.5% as earnings rose from the prior year.CNO's operating revenues grew 2.6% year over year, driven by higher collected premiums and fee income.CNO faced margin pressure as total benefits and expenses jumped 19.3% on higher policy benefits and costs.CNO Financial Group, Inc. (CNO) reported fourth-quarter 2025 adjusted earnings per share (EPS) of $1.47, which beat the Zacks Consensus Estimate by 22.5%. The bottom line rose from $1.31 a year a ...

Financial Data and Key Metrics Changes - CNO Financial Group achieved an operating return on equity of 11.4%, an improvement from 10% in 2024, and is on track to reach a target of 12% by 2027 [13][19] - Operating earnings per diluted share increased to $4.40, reflecting an 11% growth, with full-year operating earnings per share exceeding guidance at $4.02 [5][13] - The company returned $386 million to shareholders, marking an 11% increase over 2024, and raised its quarterly common stock dividend for the 13th consecutive year [7][23] Business Line Data and Key Metrics Changes - The consumer division reported a record total new annualized premium (NAP) growth of 15%, with life NAP up 10% and Medicare Supplement NAP up 49% for the year [8][9] - The worksite division also saw record insurance sales, up 15% for the full year, with life insurance sales increasing by 36% [11][12] - Overall, the company experienced its 14th consecutive quarter of sales growth across both divisions [4][11] Market Data and Key Metrics Changes - Total health NAP increased by 22%, marking 14 consecutive quarters of growth, while Medicare Advantage policies sold decreased by 3% for the year [9][10] - The company holds over $18 billion in client assets, reflecting an 11% increase from 2024, with brokerage and advisory client assets up 24% [10][11] Company Strategy and Development Direction - CNO Financial Group focuses on the underserved middle-income market, leveraging a last-mile captive agent distribution model as a competitive advantage [5][8] - The company is investing in technology modernization with a planned investment of approximately $170 million over three years, with $20 million deployed in 2025 and $75 million expected in 2026 [21][22] - The strategic exit from the fee services business within the worksite division is progressing on schedule, expected to be completed in the first half of 2026 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the lack of visibility in the economic environment, citing potential challenges from layoffs and job market conditions affecting consumer behavior [30][31] - Despite economic pressures, the company remains optimistic about the demand for Medicare products, with 11,000 Americans turning 65 daily, presenting ongoing opportunities [10][32] - The company anticipates continued growth in producing agent count and productivity, emphasizing the importance of agent productivity over mere count [28][29] Other Important Information - The effective tax rate on operating income was 20.6%, below the guidance range, due to tax strategies implemented in the fourth quarter [14] - The company ended the year with a consolidated risk-based capital ratio of 380%, within the target range of 360%-390% [17][18] Q&A Session Summary Question: Earnings emergence and target returns - Management indicated that the time to hit target returns varies by product, but confidence remains high due to strong sales trends [25][26] Question: Environment outlook and agent count growth - Management expects to grow producing agent count in 2026, emphasizing productivity as the primary focus [28][29] Question: Sustainability of growth levels - Management acknowledged potential headwinds but remains comfortable with guidance, expecting continued growth in Medicare Supplement sales [40][42] Question: Impact of Medicare Advantage distribution fees - Management reflected expectations of pressure on Medicare Advantage, focusing more on Medicare Supplement [44] Question: Capital deployment strategy - Management plans to return excess capital to shareholders through share repurchases while being measured in capital deployment [47][48] Question: Investment portfolio exposure to software - Management reported a small exposure to software in the investment portfolio, with a focus on mission-critical software [72][73] Question: Dynamics of turning 65 and product positioning - Management expects the number of individuals turning 65 to remain stable until around 2030, presenting ongoing opportunities for the company [79][81]

Group 1 - Proposed legislation, the Retirement Simplification and Clarity Act, aims to allow workers aged 50 and older to roll over some or all of their 401(k) savings into an annuity, providing more investment options for older workers [1] - The bill seeks to simplify the rollover information provided to workers leaving a job, addressing the complexity and confusion surrounding distribution options [1] - Financial advisors caution that while annuities can provide guaranteed income, they are often complex, costly, and illiquid, making them potentially unsuitable for younger individuals or those needing quick access to funds [1] Group 2 - The bill would enable retirement plan sponsors to offer the option for older workers to convert part of their 401(k) savings into an individual retirement annuity, enhancing retirement security [1] - A Government Accountability Office report indicated that 80% of eligible 401(k) participants were unaware of their distribution options, highlighting the need for clearer communication regarding rollover choices [1] - Experts suggest that while annuities can create a reliable income stream, they should only constitute a portion of an individual's portfolio, with recommendations of around one-third allocated to annuities [1]

分组1 - Voya Financial reported quarterly earnings of $1.94 per share, missing the Zacks Consensus Estimate of $2.11 per share, representing an earnings surprise of -7.97% [1] - The company posted revenues of $316 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 4.94%, compared to year-ago revenues of $174 million [2] - Voya has surpassed consensus EPS estimates three times over the last four quarters, indicating a generally positive trend in earnings performance [2] 分组2 - The current consensus EPS estimate for the coming quarter is $2.13 on revenues of $315.62 million, and for the current fiscal year, it is $10.02 on revenues of $1.38 billion [7] - The Zacks Industry Rank for Insurance - Life Insurance is currently in the top 12% of over 250 Zacks industries, suggesting a favorable outlook for the industry [8] - Voya shares have increased about 4% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3]

Core Viewpoint - Arthur J. Gallagher & Co. has acquired 3D Advisors Inc., a brokerage general agency based in Shelby Township, Michigan, enhancing its life insurance and annuity brokerage offerings [1][3]. Group 1: Acquisition Details - The terms of the acquisition of 3D Advisors Inc. were not disclosed [1]. - 3D Advisors specializes in providing life insurance, annuity, and long-term care solutions for financial advisors [2]. Group 2: Management and Operations - The team from 3D Advisors, including Jim DiDonato, Matt Dib, and Chuck Dib, will continue to operate from their current location under the leadership of Luke Kaplan, who is the Managing Director for Gallagher's U.S. Financial and Retirement Services [2]. - J. Patrick Gallagher, Jr., Chairman and CEO of Arthur J. Gallagher & Co., expressed satisfaction in welcoming the 3D Advisors team to Gallagher [3]. Group 3: Company Overview - Arthur J. Gallagher & Co. is a global insurance brokerage, risk management, and consulting services firm headquartered in Rolling Meadows, Illinois, operating in approximately 130 countries [3].

Core Insights - Ameriprise Financial, Inc. reported strong fourth-quarter earnings with adjusted earnings per share of $10.83, surpassing market expectations of $10.30 due to robust asset growth and effective expense management [1] - The company's revenue for the quarter reached $4.96 billion, exceeding the average forecast of $4.77 billion, marking a 10% year-over-year growth [1] Financial Performance - The Advice & Wealth Management division achieved pretax adjusted operating earnings of $926 million, reflecting a 13% increase and an overall margin of 29.3% [2] - Total client assets increased by 13% to a record high of $1.2 trillion, supported by strong client inflows of $13.3 billion [2] - The company enhanced its capacity to generate free cash flow, returning $1.1 billion to shareholders, which is 101% of adjusted operating earnings [2] Company Overview - Ameriprise Financial, Inc. is a diversified financial services firm based in Minneapolis, Minnesota, established in 1894, providing wealth and asset management, financial planning, insurance, and annuity services globally [3]

Core Viewpoint - Annuities, while providing a steady income stream during retirement, come with significant fees and complexities that may not make them the best option for all investors [1][2]. Group 1: Fees and Commissions - Annuities require substantial initial investments to yield meaningful monthly payments, and insurance companies profit significantly from these products [3][4]. - Fees and commissions for annuities can range from 1% to 8%, meaning that a $100,000 investment could result in only $95,500 being invested after $4,500 in fees [4]. - High fees and opportunity costs associated with annuities can lead to financial losses for investors compared to other investment options like S&P 500 index funds [4]. Group 2: Complexity and Accessibility - Annuities are not as liquid as checking accounts, and early withdrawals can incur penalties that affect monthly payments [6]. - The complexity of annuity contracts can lead to misunderstandings among investors and advisors, making it difficult to access funds in emergencies without incurring significant costs [7]. - It is advisable for investors to maintain an emergency fund covering six to twelve months of living expenses before committing to an annuity [7].