As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q2. Today, we are looking at life insurance stocks, starting with Aflac (NYSE: AFL).

Life insurance companies collect premiums from policyholders in exchange for providing a future death benefit or retirement income stream. Interest rates matter for the sector (and make it cyclical), with higher rates allowing insurers to reinvest their fixed-income portfolios at more attractive yields and vice versa. Additionally, favorable demographic shifts, such as an aging population, are driving strong demand for retirement products while AI and data analytics offer significant opportunities to improve underwriting accuracy and operational efficiency. Conversely, the industry faces headwinds from persistent competition from agile insurtechs that threaten traditional distribution models.

The 15 life insurance stocks we track reported a slower Q2. As a group, revenues were in line with analysts’ consensus estimates.

Thankfully, share prices of the companies have been resilient as they are up 7.3% on average since the latest earnings results.

Aflac (NYSE: AFL)

Known for its iconic duck mascot that has quacked "Aflac!" in commercials since 2000, Aflac (NYSE: AFL) provides supplemental health and life insurance policies that pay cash benefits directly to policyholders for expenses not covered by their primary insurance.

Aflac reported revenues of $4.54 billion, up 3.5% year on year. This print exceeded analysts’ expectations by 3.1%. Despite the top-line beat, it was still a mixed quarter for the company with a significant miss of analysts’ book value per share estimates but a narrow beat of analysts’ EPS estimates.

Commenting on the company's results, Aflac Incorporated Chairman and Chief Executive Officer Daniel P. Amos stated: "Aflac delivered solid earnings for the quarter and the first six months. We have continued to actively concentrate on generating profitable growth in the U.S. and Japan with distribution strategies and refreshed products. We believe our strategy will continue to create long-term value for shareholders.

Interestingly, the stock is up 9.4% since reporting and currently trades at $108.22.

Read our full report on Aflac here, it’s free.

Best Q2: Corebridge Financial (NYSE: CRBG)

Spun off from insurance giant AIG in 2022 to focus on the growing retirement market, Corebridge Financial (NYSE: CRBG) provides retirement solutions, annuities, life insurance, and institutional risk management products in the United States.

Corebridge Financial reported revenues of $4.42 billion, up 5.8% year on year, outperforming analysts’ expectations by 7.3%. The business had a stunning quarter with a beat of analysts’ EPS estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 4.2% since reporting. It currently trades at $33.30.

Is now the time to buy Corebridge Financial? Access our full analysis of the earnings results here, it’s free.

Weakest Q2: Equitable Holdings (NYSE: EQH)

Tracing its roots back to 1859 as one of America's oldest financial institutions, Equitable Holdings (NYSE: EQH) provides retirement planning, asset management, and life insurance products through its two main franchises, Equitable and AllianceBernstein.

Equitable Holdings reported revenues of $3.80 billion, up 5.1% year on year, falling short of analysts’ expectations by 4.5%. It was a disappointing quarter as it posted a significant miss of analysts’ EPS estimates.

Interestingly, the stock is up 6.1% since the results and currently trades at $54.04.

Read our full analysis of Equitable Holdings’s results here.

F&G Annuities & Life (NYSE: FG)

Founded in 1959 and serving approximately 677,000 policyholders who rely on its financial protection products, F&G Annuities & Life (NYSE: FG) provides fixed annuities, life insurance, and pension risk transfer solutions to retail and institutional clients.

F&G Annuities & Life reported revenues of $1.35 billion, up 12.6% year on year. This print topped analysts’ expectations by 13.8%. Overall, it was a very strong quarter as it also produced a beat of analysts’ EPS estimates and a solid beat of analysts’ net premiums earned estimates.

F&G Annuities & Life scored the biggest analyst estimates beat and fastest revenue growth among its peers. The stock is flat since reporting and currently trades at $32.83.

Read our full, actionable report on F&G Annuities & Life here, it’s free.

Horace Mann Educators (NYSE: HMN)

Founded in 1945 and named after the 19th-century education reformer known as the "father of American public education," Horace Mann Educators (NYSE: HMN) is an insurance company that specializes in providing auto, property, life, and retirement products tailored for educators and other public service employees.

Horace Mann Educators reported revenues of $411.7 million, up 6.1% year on year. This number lagged analysts' expectations by 3.5%. It was a slower quarter as it also logged a significant miss of analysts’ book value per share and net premiums earned estimates.

The stock is up 9.1% since reporting and currently trades at $46.13.

Read our full, actionable report on Horace Mann Educators here, it’s free.

Market Update

In response to the Fed’s rate hikes in 2022 and 2023, inflation has been gradually trending down from its post-pandemic peak, trending closer to the Fed’s 2% target. Despite higher borrowing costs, the economy has avoided flashing recessionary signals. This is the much-desired soft landing that many investors hoped for. The recent rate cuts (0.5% in September and 0.25% in November 2024) have bolstered the stock market, making 2024 a strong year for equities. Donald Trump’s presidential win in November sparked additional market gains, sending indices to record highs in the days following his victory. However, debates continue over possible tariffs and corporate tax adjustments, raising questions about economic stability in 2025.

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