Industry Overview - The insurance industry has gained 7.9% year to date, driven by better pricing, exposure growth, and accelerated digitalization despite an active catastrophe environment and three rate cuts [2][4] - Macroeconomic conditions remain favorable, with the Federal Reserve projecting 1.7% growth in 2025 and an unemployment rate averaging 4.5% [5] - Global life insurance gross written premiums are expected to reach $2.5 trillion by 2026, with emerging markets likely to expand faster due to low insurance penetration [10][12] Company Performance - Insurers such as Travelers Companies (TRV), Axis Capital Holdings (AXS), Jackson Financial (JXN), Lincoln National (LNC), and Globe Life (GL) have outperformed the market in 2025 and are expected to continue their growth in 2026 [3][11] - Strong underwriting, capital positions, and digital upgrades have enabled these insurers to thrive despite catastrophe losses [11] Specific Company Insights - **Travelers Companies (TRV)**: Expected to grow due to strong renewal rate changes and a solid capital position, with a consensus estimate for 2026 earnings per share at $26.40 on $50.5 billion in revenues [14][16] - **Axis Capital Holdings (AXS)**: Focuses on higher-margin segments, with a consensus estimate for 2026 earnings per share at $12.66 on $6.8 billion in revenues [17][18] - **Jackson Financial (JXN)**: Anticipates an 11%-27% increase in capital return to shareholders in 2025, with a consensus estimate for 2026 earnings per share at $23.85 on $7.8 billion in revenues [19][20] - **Lincoln National (LNC)**: Benefits from a recovering Group Protection business, with a consensus estimate for 2026 earnings per share at $8.03 on $19.5 billion in revenues [21][23] - **Globe Life (GL)**: Focuses on niche markets and has a consensus estimate for 2026 earnings per share at $15.04 on $6.3 billion in revenues [23][24]