Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at F&G Annuities & Life (NYSE: FG) and the best and worst performers in the life insurance industry.

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 Q3. As a group, revenues beat analysts’ consensus estimates by 4.9%.

While some life insurance stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.5% since the latest earnings results.

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 $1.69 billion, up 17.3% year on year. This print exceeded analysts’ expectations by 20.8%. Overall, it was a very strong quarter for the company with a beat of analysts’ EPS estimates and an impressive beat of analysts’ net premiums earned estimates.

Chris Blunt, F&G's Chief Executive Officer, said, "We delivered outstanding third quarter results highlighted by record assets under management before flow reinsurance of $71 billion fueled by one of our best sales quarters in history, the launch of our new reinsurance sidecar, and strong performance across our business through the third quarter as we execute on our strategy and make continued progress towards our 2023 Investor Day targets. Our business continues to benefit from increased scale and disciplined expense management, as our ratio of operating expense to AUM before flow reinsurance has improved to 52 basis points, down 10 basis points from the third quarter of 2024, with further improvement expected by the end of the year. Our high quality investment portfolio is performing well and credit related impairments remain below our pricing assumption. F&G is becoming a more fee based, higher margin and capital light business as we leverage our position as one of the industry's largest sellers of annuities and life insurance."

Interestingly, the stock is up 1.7% since reporting and currently trades at $30.39.

Read why we think that F&G Annuities & Life is one of the best life insurance stocks, our full report is free.

Best Q3: 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 $4.41 billion, up 2.8% year on year, falling short of analysts’ expectations by 0.9%. However, the business still had a very strong quarter with an impressive beat of analysts’ book value per share estimates and a beat of analysts’ EPS estimates.

However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $109.38.

Is now the time to buy Aflac? Access our full analysis of the earnings results here, it’s free for active Edge members.

Weakest Q3: Brighthouse Financial (NASDAQ: BHF)

Spun off from MetLife in 2017 to focus specifically on retail financial products, Brighthouse Financial (NASDAQ: BHF) provides annuity contracts and life insurance products designed to help individuals protect wealth, generate income, and transfer assets.

Brighthouse Financial reported revenues of $2.17 billion, flat year on year, falling short of analysts’ expectations by 4%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue and net premiums earned estimates.

The stock is flat since the results and currently trades at $65.73.

Read our full analysis of Brighthouse Financial’s results here.

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 $438.5 million, up 6.4% year on year. This result beat analysts’ expectations by 0.9%. Aside from that, it was a satisfactory quarter as it also logged a beat of analysts’ EPS estimates but a significant miss of analysts’ book value per share estimates.

The stock is flat since reporting and currently trades at $45.60.

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

Primerica (NYSE: PRI)

With a sales force of over 140,000 licensed representatives operating on an independent contractor model, Primerica (NYSE: PRI) provides term life insurance, investment products, and other financial services to middle-income households in the United States and Canada.

Primerica reported revenues of $838.9 million, up 8.4% year on year. This print topped analysts’ expectations by 1.7%. Taking a step back, it was a satisfactory quarter as it also produced a beat of analysts’ EPS estimates but a miss of analysts’ book value per share estimates.

The stock is up 1.9% since reporting and currently trades at $260.05.

Read our full, actionable report on Primerica here, it’s free for active Edge members.

Market Update

Thanks to the Fed’s rate hikes in 2022 and 2023, inflation has been on a steady path downward, easing back toward that 2% sweet spot. Fortunately (miraculously to some), all this tightening didn’t send the economy tumbling into a recession, so here we are, cautiously celebrating a soft landing. The cherry on top? Recent rate cuts (half a point in September 2024, a quarter in November) have propped up markets, especially after Trump’s November win lit a fire under major indices and sent them to all-time highs. However, there’s still plenty to ponder — tariffs, corporate tax cuts, and what 2025 might hold for the economy.

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