Fourth Quarter 2025 Earnings Call February 25, 2026 © Ethos Life | Confidential Important Notice and Disclaimers Forward-Looking Statements This presentation and accompanying oral presentation includes express and implied forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on Ethos Technologies Inc.'s ("Ethos" or the "Company") management's beliefs and assumptions and on information currently available to management. All statements other tha ...

Group 1 - Equitable Holdings (NYSE:EQH) is recognized as one of the best financial pure plays under $100, with a bullish rating initiated by Mizuho Securities analyst Yaron Kinar, who set a price target of $66, indicating over 37% upside potential from current levels [1] - Kinar's positive outlook is attributed to a strong preference for life insurance businesses, where Equitable Holdings has a significant presence through a comprehensive suite of products, including Variable Universal Life, Indexed Universal Life, Term Life insurance, and Annuities [2] - As of December 30, Equitable Holdings received coverage from 8 analysts, with 6 assigning Buy ratings and 2 giving Hold ratings, leading to a median 1-year price target of $63, which implies nearly 31% upside from the current market price [3] Group 2 - Equitable Holdings is a leading financial services firm in the United States, providing retirement plans, wealth management, insurance, and protection services, along with a diverse array of products [4]

Core Insights - Lincoln National Corporation (LNC) is well-positioned for growth, driven by strong performance in its Annuities and Group Protection segments, new product introductions, effective expense management, and a solid financial foundation [1][10] - LNC's stock has increased by 29.4% year-to-date, significantly outperforming the industry's average gain of 1.2% [1][11] Company Overview - Headquartered in Radnor, PA, Lincoln National has a market capitalization of $7.8 billion and operates in diversified life insurance and investment management, offering a range of products across four segments: Annuities, Life Insurance, Group Protection, and Retirement Plan Services [2] - The company's trailing 12-month price-to-book (P/B) ratio is 0.91X, lower than the industry average of 1.93X [2] Financial Performance and Estimates - The Zacks Consensus Estimate for LNC's 2025 earnings is $7.48 per share, reflecting a 5.8% year-over-year increase, with revenues estimated at $18.9 billion [4] - LNC has consistently beaten earnings estimates in the past four quarters, with an average surprise of 15.7% [4] Revenue Growth Drivers - LNC's revenue growth is supported by a balanced business mix, increased insurance premiums, and fee income [5] - The annuity segment's total sales grew by 17.2% year-over-year to $7.8 billion in the first half of 2025, with a shift towards a more balanced mix of spread-based products [6] - The Group Protection segment saw a 30.5% year-over-year increase in income from operations in the first half of 2025, with improved underwriting results and an operating margin increase of 180 basis points [7] Strategic Initiatives - Lincoln National aims to enhance future growth by strengthening distribution leadership and expanding into broader markets, focusing on a customer-first model [8] - The company is enhancing core capital generation by allocating resources to strengthen competitive advantages and drive long-term growth in free cash flow [9] Financial Stability - As of June 30, 2025, LNC had $7.1 billion in cash and invested cash, a 23.1% increase from the end of 2024, indicating a strong financial position [10] - The company's dividend yield stands at 4.4%, higher than the industry's average of 3.3% [10]

Financial Data and Key Metrics Changes - First quarter reported adjusted net earnings were $91 million or $0.72 per share, compared to $108 million or $0.86 per share in the first quarter of 2024, reflecting a decrease of $17 million primarily driven by margin compression and higher interest expense [27][28] - First quarter adjusted return on assets (ROA) was 68 basis points, pressured from near-term headwinds, with a last twelve-month adjusted ROA of 100 basis points, down six basis points from the previous quarter [29] - Reported adjusted return on equity (ROE), excluding AOCI, was 9.7%, up 2.3% over the first quarter of 2024 [29] Business Line Data and Key Metrics Changes - F&G reported record assets under management (AUM) before flow reinsurance of $67.4 billion as of March 31, reflecting a 169% increase compared to the first quarter of 2024 [21] - Gross sales were $2.9 billion, a 17% decrease from the first quarter of 2024, primarily due to lower MYGA sales, while indexed annuity sales remained strong at $1.5 billion [21][22] - Pension risk transfer (PRT) sales were $311 million, down from $584 million in the first quarter of 2024, with funding agreements at $525 million compared to $105 million in the prior year [23] Market Data and Key Metrics Changes - The investment portfolio is well matched to the liability profile, with 96% of fixed maturities being investment grade, and credit-related impairments averaging six basis points over the last five years [12][29] - The fixed income yield was 4.53% in the first quarter, a decrease of three basis points from the first quarter of 2024, reflecting the runoff of higher-yielding in-force assets [13] Company Strategy and Development Direction - The company continues to diversify earnings between spread-based and fee-based sources, with a focus on optimizing return on capital and maintaining pricing discipline [19][20] - F&G is committed to achieving its 2023 Investor Day targets while navigating near-term headwinds and macro uncertainty [31] Management's Comments on Operating Environment and Future Outlook - Management believes that the near-term headwinds are temporary and expects improvement in sales and profitability throughout 2025 [7][9] - The company remains confident in its business model's resilience and its ability to generate long-term shareholder value despite current market volatility [84] Other Important Information - The company has successfully completed recent capital markets activities, including issuing $375 million of junior subordinated notes and a public offering of 8 million shares of common stock [30][31] - The owned distribution portfolio is performing well, with double-digit annual growth of EBITDA expected over the medium term [19] Q&A Session Summary Question: Growth opportunity for the Ryla product - Management expressed excitement about the Ryla product, noting that it has taken time to get onto platforms but is now adding broker dealers consistently, with medium-term potential in the billions [35][38] Question: Impact of lower industry volume on own distribution - Management indicated that the slowdown in owned distribution was balanced between industry volume and investments supported by the company, with a rebound observed in April [39][40] Question: Thoughts on capital deployment after raising common equity - Management stated that the capital raised would be deployed thoughtfully into new business, maintaining a disciplined approach to pricing and capital allocation [43][44] Question: Cost of funds increase and market competition - Management acknowledged the increase in cost of funds and attributed it to lower surrender income and market volatility, but remains disciplined in pricing [47][48] Question: Performance of the alternatives portfolio - Management noted that the direct lending portfolio performed well, while the limited partnerships came in lower than expectations, impacting overall yield [75][76] Question: Surrender activity expectations - Management projected that surrender activity would remain similar in Q2 compared to Q1, with ongoing uncertainty regarding future surrenders [78][80]