Belmar, NJ – The National Council of Insurance Legislators concluded its 2026 Summer National Meeting from July 15th – 18th in Boston, MA. In what was the second of the organization’s three National Meetings in 2026, there were 425 participants consisting of 76 legislators from 32 states, 16 first-time attendee legislators from 11 states, 12 Insurance Commissioners, and 15 total insurance departments represented.
The packed agenda featured topics such as: the 340B Drug Pricing Program; autonomous vehicles; artificial intelligence; tort reform; developments in the flood insurance marketplace; insurance affordability and availability; charity care and medical debt reforms; innovations in disease screening and testing; insurers’ use of aerial imaging; and more.
“It was great to see the strong energy and participation at NCOIL continue at the Boston Meeting as it underscores NCOIL’s trend of sustained success over the past several years,” said NCOIL President, Sen. Paul Utke (MN). “This was the highest attended NCOIL National Meeting ever which most importantly shows that our work to address important insurance policy issues, strengthen collaboration, and expand the organization’s reach is paying off in a big way.”
NCOIL CEO Will Melofchik said, “The continued enthusiasm and strong participation at our National Meetings demonstrates the important role NCOIL plays in bringing together legislators, regulators, and interested parties to discuss the most pressing insurance public policy issues facing the states. The conversations and collaboration throughout this Meeting were incredibly productive, and the progress we made will certainly help shape our discussions as we look towards our Annual Meeting in Florida.”
At the traditional Welcome Breakfast, Massachusetts Insurance Commissioner Michael Caljouw thanked everyone for coming to the Bay State and spoke about some of his Department’s top priorities. Attendees also heard from Massachusetts Attorney General Andrea Campbell who spoke about how her background and experiences prior to becoming Attorney General have helped her develop the work she is doing to keep residents safe.
The policy committee meetings then began with the Life Insurance and Financial Planning Committee, chaired by Rep. David LeBoeuf (MA). The Committee heard presentations on the latest Society of Actuaries research on mortality drivers, developments in unclaimed life insurance benefits, and life insurance consumer trends. An update was also given on the activities of the Interstate Insurance Product Regulation Commission (IIPRC).
“I was happy to host NCOIL in my home state and glad to have the Life Insurance Committee hold wide ranging discussions on some of the most important and emerging trends in the life insurance space,” said Rep. LeBoeuf. “It’s vital that we as insurance legislators stay informed on these issues to best serve our constituents. This is especially important for younger people who may not yet recognize the important role life insurance can play as part of a strong, well-rounded financial plan.”
The Joint State-Federal Relations & International Insurance Issues Committee then met, chaired by Asm. Erik Dilan (NY). During its meeting, the Committee held an introductory discussion on the NCOIL Strengthening Transparency in the 340B Drug Pricing Program Model Act sponsored by Rep. Tom Oliverson, M.D. (TX), and co-sponsored by Sen. Utke. Presentations were also given on developments in the flood insurance marketplace and on recent federal Executive Orders dealing with the rescheduling of marijuana and innovations in treatments for mental illnesses.
“We had a great first discussion on the 340B Program at our Spring Meeting, so it was good to continue that dialogue and begin development on a model law surrounding transparency in the Program as the topic clearly has struck a chord with our members. I look forward to continuing work on that Model as well as the other issues at the federal level currently impacting our constituents,” said Asm. Dilan.
A General Session was then held titled “Insuring Autonomy: A Discussion on Autonomous Vehicles and the Insurance Industry” moderated by Rep. Edmond Jordan (LA), NCOIL Vice President. “It’s clear that autonomous vehicles will increasingly play a role in our future and there will certainly be wide ranging insurance implications. Staying informed of these rapid developments is vital in best protecting our constituents and promoting innovation,” said Rep. Jordan.
The Financial Services & Multi-Lines Issues Committee then met, chaired by Asm. Jarett Gandolfo (NY). The Committee heard presentations on insurers’ use of artificial intelligence (AI), and on the implications of the federal Executive Order “Ensuring a National Policy Framework for Artificial Intelligence.” A discussion was also held on the intersection of private credit and insurance.
“AI is of course one of the most talked about issues that is impacting every line of insurance and all parts of our lives. The Committee took a great step in passing a Resolution regarding state regulation of insurers use of AI at our Spring Meeting and we are of course remaining vigilant on the topic as AI continues to rapidly develop,” said Asm. Gandolfo. “Additionally, private credit’s presence in the insurance marketplace has been increasingly discussed throughout the country so having a presentation on that is certainly of great value to the Committee members.”
Friday started off with the Workers’ Compensation Insurance Committee, chaired by Rep. Brian Lampton (OH). The Committee heard the National Council on Compensation Insurance (NCCI)’s annual “State of the Line” presentation focused on the status of and trends in the workers’ compensation insurance marketplace. The Committee also held discussions on the impact of air ambulances in the work comp marketplace, and the state of coverage for workplace mental injuries. Lastly, the Committee readopted the Trucking/Messenger Courier Industries Workers’ Comp Model Act, and the Model Agreement Between Jurisdictions to Govern Coordination of Claims and Coverage.
Rep. Lampton said, “Keeping our members informed on the latest legislative and regulatory work comp trends is essential in protecting employees and ensuring the work comp systems are operating efficiently in states. I look forward to the Committee continuing its work at our next Meeting in November.”
A very productive NCOIL-NAIC Dialogue was then held which included an impressive lineup of NAIC representatives: NAIC President-Elect and Rhode Island Director Beth Dwyer, Florida Commissioner Mike Yaworsky, Idaho Director Dean Cameron, Montana Commissioner James Brown, New Mexico Superintendent Alice Kane, North Carolina Commissioner Mike Causey, Oklahoma Commissioner Glen Mulready, Texas Commissioner Amanda Crawford, and Washington Commissioner Patty Kuderer.
“NCOIL and the NAIC have continued to maintain a great working relationship and this strong turnout of Commissioners at the Boston Meeting really underscored that. Having legislators and regulators sit down and discuss issues impacting our mutual constituencies is vital in creating an insurance market that benefits all,” said Rep. Jordan.
Attendees then heard from two great featured speakers at the Luncheon. Congressman Jake Auchincloss (MA-04) sat down for a fireside chat with Rep. LeBoeuf during which they discussed the Congressman’s service in the military and current priorities in Congress. John Ashford, Chairman & CEO of the Hawthorn Group then provided a presentation on the state of U.S. politics which included his outlook on the midterm elections.
A General Session was held Friday afternoon tilted “Tort Reform: Perspectives on What’s Worked and What Hasn’t” moderated by Rep. Ellyn Hefner (OK). “Tort reform has been a hot topic in states all across the country, so it was great to have this session to provide attendees different perspectives as to what measures have and have not been successful,” said Rep. Hefner.
The Health Insurance & Long Term Care Issues Committee then met, chaired by Rep. Michael Sarge Pollock (KY). The Committee adopted the NCOIL Charity Care and Medical Debt Reform Model Act sponsored by Rep. Oliverson and co-sponsored by Sen. Utke and Rep. Brenda Carter (MI), NCOIL Secretary. The Committee also continued discussion on the NCOIL Model Act Ensuring Access to Eye Care Services and Materials for Patients Through Transparent and Fair Business Practices by Vision Benefit Plans sponsored by Rep. Deanna Gordon (KY), and heard an interesting presentation from Sidecar Health on how their unique business model aims to improve access and affordability in the healthcare marketplace. Lastly, the Committee discussed amendments to the NCOIL Telemedicine Authorization and Reimbursement Model Act, sponsored by Asw. Pamela Hunter (NY), NCOIL Immediate Past President.
“There is certainly no shortage of health insurance related issues for the Committee to discuss so it was important for us to meet in Boston and continue our work,” said Rep. Pollock. “It was great to see the Charity Care and Medical Debt Reform Model get over the finish line and I am optimistic that we will reach a consensus on the Vision Model so that we can provide good guidance to states on the topic,” said Rep. Pollock.
Saturday began with a General Session titled, “Developments & Innovations in Disease Screening and Testing Methods” moderated by Rep. Gordon. “It’s important that our membership stays up to date on the latest trends in this really important part of healthcare so we can best serve our communities,” said Rep. Gordon. “Part of this discussed touched on a bill I sponsored in Kentucky requiring coverage for colorectal cancer screenings. I’m very proud of that bill and proud to be part of an organization like NCOIL that provides a forum for these types of topics to be discussed.”
Following that session, the Property & Casualty Insurance Committee met, chaired by Sen. Lana Theis (MI). The Committee continued discussion on the NCOIL Model Act Regarding Insurers’ Use of Aerial Images sponsored by Rep. Matt Lehman (IN) and Rep. Lampton and co-sponsored by Rep. Matt Morgan (TX). The Committee also held a discussion on the Federal Housing Finance Agency’s (FHFA) Homeowners’ Insurance Rule.
Six Model laws were also readopted including: the Transportation Network Company Model Act (until the Annual Meeting while proposed amendments are developed); the Post-Assessment Property and Liability Insurance Guaranty Association Model Act (with amendments dealing with recognizing cybersecurity insurance as part of the guaranty fund framework); the NCOIL Distracted Driving Model Act; the NCOIL Peer-to-Peer Car Sharing Program Model Act (until the Annual Meeting while potential amendments are developed); the Property/Casualty Insurance Modernization Act; and the Property/Casualty Flex-Rating Regulatory Improvement Model Act.
“The Property & Casualty Insurance Committee had another busy meeting discussing some very timely issues including model legislation for aerial imaging and Transportation Network Companies, and an in-depth discussion on “Replacement Cost Value” vs. “Actual Cost Value” coverage within the Federal Housing Finance Agency policy. Additionally, many existing models were re-adopted, and some existing models will be further discussed in upcoming meetings.”
The Summer Meeting concluded on Saturday morning with a meeting of the Executive Committee.
“The success of the Summer Meeting from both attendance and substantive perspectives is a very positive benchmark for the rest of the year and beyond. We cannot thank everyone enough for all they did to contribute to another great Meeting,” concluded Utke.
Committee minutes will be posted soon at www.ncoil.org
Aspen platform has been powering Mercer Advisors’ client service for 24 months, anchoring its internal record-setting organic and inorganic growth
DENVER–(BUSINESS WIRE)– Mercer Advisors, Inc. (“Mercer Advisors”), a national wealth management and financial planning firm, today unveils the second generation of Aspen, its proprietary, artificial intelligence (AI)-enabled ecosystem that powers its full-spectrum family office offering. Developed over the past three years by the technology team at Mercer Advisors, the firm has now rolled out its second AI-enhanced version of the platform. Aspen 2.0 is now deployed across the firm’s more than 1,100 interdisciplinary wealth professionals. Built to address one of the most persistent industry challenges—fragmented data and technology that hinders collaborative service delivery—Aspen creates a single, unified environment that allows advisory teams to work together to deliver the full power of the Mercer Advisors platform to clients.
Mercer Advisors built Aspen as a family office platform, to support its advisory teams in local markets in delivering its comprehensive offering and orchestrate its deep bench of interdisciplinary professionals. As wealth firms add services for their clients (planning, investing, tax, estate, insurance, financial administration, and more) it becomes increasingly important to provide team members with a real-time view of each client and a shared environment for client service. Unlike many advisor systems that simply display data, Aspen maps the relationships between the firm’s clients, team members, and the services being provided. It forms a unified knowledge graph that connects client data, acts as a system of record for the work that is being done and integrates directly into specialist systems in each advisory domain. Because of its unique architecture, Aspen allows Mercer Advisors to deploy AI tools within workflows, directly alongside team members, in a supervised manner.
The platform’s name reflects its design and philosophy. In nature, what appears to be a forest of Aspen trees is often a single living organism, connected by an extensive underground root system. In the same way, Aspen connects data, workflows, and communication across Mercer Advisors into a single platform, allowing individual advisors and teams to operate as local boutiques while remaining deeply connected to a shared source of intelligence and capability.
“Our ultimate aspiration is to deliver the highest standard of financial care to families and create the context where leading fiduciary professionals can do the best work of their careers,” said Daniel Gourvitch, President of Mercer Advisors. “For families, Aspen allows us to deliver the full capabilities of a $110B+ family office through each of 450 advisors. For our teams, it is the engine that simplifies the coordination and execution of work, so they can spend more time with clients while also doing more for them. And at the firm level, Aspen supports consistent delivery, rapid innovation, and the integration of innovative technology partners directly into advisory workflows. Aspen represents the future of wealth management, where AI, automation, and personalization converge to support fiduciary advisors in delivering institutional-grade outcomes to individual families.”
Aspen features integrations with industry-leading technology providers Orion, Box, eMoney, Estately by FreeWill, Pontera, Salentica, Salesforce, Zoom, and Microsoft—as well as multi-custody integrations with Charles Schwab, Fidelity Investments, Raymond James Financial, Goldman Sachs and others.
“Orion is excited and proud to collaborate with Mercer Advisors as an Aspen integration partner,” said Reed Colley, President of Orion Advisor Technology.“As an AI-native company, we are building solutions that make advisors more human, not less. Aspen delivers a true, AI-enabled family office experience by connecting teams, data, and client goals into one coordinated platform that helps set a new standard for how advice is delivered at scale.”
“AI is fundamentally changing the way work gets done, and agents will define this next era by understanding context and actively participating in complex workflows,” said Aaron Levie, Co-Founder and CEO of Box. “Aspen is helping to set the pace for what agentic AI looks like in the real world, bringing intelligence directly into the day-to-day work of advisors in a secure, compliant way. We’re excited to collaborate with Mercer Advisors to demonstrate how organizations can use AI to scale expertise, surface insights faster, and help deliver better outcomes without losing the human element that matters most.”
Serving as Mercer Advisors’ primary system for its wealth management teams, Aspen powers hundreds of thousands of discrete actions each year for its 42,000+ clients. Each of Mercer Advisors’ services is powered by Aspen—from core advisory work like building financial plans, managing portfolios, and preparing tax returns to daily distributions and contributions. And by embedding documents, email, meetings, and other communications, it provides shared context across every interaction—and connects them to the related work. This positions the firm’s advisors, specialists, and client services professionals to collaborate more effectively and allows them to deliver stronger insights and recommendations.
“Aspen is a testament to our belief in working as one team for the benefit of every client. At its core, Aspen orchestrates the collective intelligence and capabilities of our planning, investing, tax, and estate professionals in delivering a cohesive family office experience,” added Dave Welling, Chief Executive Officer of Mercer Advisors. “Aspen is the result of focused execution and innovation from our technology team, led by Chief Technology OfficerChristine Cataldo and our technology partners, including Avantos, who have worked together to create a platform that strengthens how we serve clients today and positions Mercer Advisors for continued growth and innovation in the years ahead.”
Founded by longtime fintech entrepreneurs, Avantos is an AI-native operating system that provides financial services firms with a platform to systemize and institutionalize client data and servicing at scale. Supported by a team of 50+ AI engineers, the company is backed by leading venture firms, Mercer Advisors and strategic partners including Vanguard, The Guardian Life Insurance Company of America® and SEI®.
As Mercer Advisors continues to establish itself as the destination of choice for like-minded advisory firms, Aspen also plays a critical role in accelerating post-acquisition integration and preserving service quality at scale. The platform helps reduce operational friction by bringing newly acquired teams onto a single, unified system, streamlining onboarding, simplifying training, and enabling more consistent workflows across the firm. By quickly connecting advisors, specialists, and client data to the same shared foundation, Aspen helps provide continuity for clients while allowing new teams to integrate faster and contribute more effectively from day one.
About Mercer Advisors
Mercer Global Advisors, Inc. was named the #1 ranked RIA firm in the nation for two years in a row according to Barron’s 2025 and 2024 Top 100 Registered Investment Advisor Firms. It is also distinguished as the Best Overall Financial Advisory Firm for High-Net-Worth Individuals 2026 by The Wall Street Journal Buy Side. Founded in 1985, Mercer Advisors has been trusted to help families amplify and simplify their financial lives. The company offers comprehensive, fee-based family office services, including financial planning, estate and tax planning, insurance solutions, and corporate trustee and trust administration services. Mercer Advisors is majority owned by Oak Hill Capital, Genstar Capital, and Altas Partners. Mercer Global Advisors Inc. is headquartered in Denver, Colorado, is privately held, has 1,620+ employees, and operates nationally through more than 120 locations. Mercer Global Advisors has $110 billion in client assets. For more information, visit merceradvisors.com and partnerwithus.merceradvisors.com/.
Important Information
Company statistics as of May 31, 2026. Client assets refers to client assets under management (AUM) and client assets under advisement (AUA) as well as assets gained from recent acquisitions where the advisory agreements have been properly assigned to Mercer Global Advisors, but the custodial accounts have yet to be transferred and/or the accounts have yet to be migrated to Mercer Global Advisors’ portfolio management system.
“Mercer Advisors” is a brand name used by several affiliated legal entities owned by Mercer Advisors, Inc., including, Mercer Global Advisors, Inc., an SEC registered investment adviser providing investment advisory and family office services; Mercer Advisors Private Asset Management, Inc., an SEC registered investment adviser providing discretionary investment management services to affiliated private funds; Mercer Advisors Tax Services LLC, a tax services and accounting firm; Heim, Young and Associates, Inc., (MA Brokerage Solutions) a broker/dealer, member FINRA/SIPC; and Mercer Advisors Insurance Services LLC, (MAIS) an insurance agency.
Mercer Advisors is not a law firm and does not provide legal advice to clients. All Estate planning document preparation and other legal advice are provided through select third parties, with which Mercer Advisors has a contractual relationship. Mercer Advisors Tax Services, LLC, does not provide financial audit, assurance, compilations, or forensic accounting services. Each individual tax situation is unique, depending on complexity, additional fees may apply. Insurance products are provided by Mercer Advisors Insurance Services, LLC (MAIS), which places individual life, disability, long term care coverage, and property and casualty coverage through select insurance companies. Trustee services are offered through select third parties with which a client would sign an additional agreement, and additional fees may apply.
2025 and 2024 – Barron’s Top 100 RIA methodology
Mercer Global Advisors, Inc. was ranked #1 for non-mega RIA firms. Advisers who wish to be ranked fill out a 100+ question survey about their practice. Barron’s verifies that data with regulatory databases and then Barron’s applies their rankings formula to the data to generate a ranking. The formula features three major categories of calculations: (1) Assets (2) Revenue (3) Quality of practice. In each of those categories Barron’s does multiple sub calculations including asset type, growth, client retention, technology spending, succession planning, diversity of their teams, charitable and philanthropic work and compliance records. No fee was paid for participation in the ranking, however, Mercer Advisors has paid a fee to Barron’s to use the ranking in marketing.
2026 Wall Street Journal Buy Side – Best Overall Firm for High-Net-Worth Investors
Buy Side analyzed some of the largest and best-known independent registered investment adviser (RIA) firms and scored those firms based on their fees, advisor credentials, customer support, available services, portfolio construction and account minimum. These factors were weighted based on WSJ reader surveys regarding what they considered most important when choosing an advisor. Prioritized, were firms that have a client base of 50% or more HNWIs according to their most recent Form ADV filing. To be considered a top financial advisor for high-net-worth individuals, a firm has to offer comprehensive wealth management services. Firms were rated on a scale of 1 to 5 stars using a weighted scoring model out of 100 possible points. A 5-star rating represents top performance relative to the field, rather than a requirement to achieve a theoretical perfect score of 100.
Please Note: Limitations. Neither rankings and/or recognitions by unaffiliated rating services, publications, media, or other organizations, nor the achievement of any professional designation, certification, degree, or license, membership in any professional organization, or any amount of prior experience or success, should be construed by a client or prospective client as a guarantee that they will experience a certain level of results if Mercer Advisors or its investment professionals are engaged, or continues to be engaged, to provide investment advisory services. A fee was not paid by either Mercer Advisors or its investment professionals to receive the award or ranking. The award or ranking is based upon specific criteria and methodology. No ranking or recognition should be construed as an endorsement by any past or current client of Mercer Advisors or its investment professionals.
Transaction reinsures approximately $5.8 billion of guaranteed universal life statutory reserves, further shifting our liability mix and increasing ongoing free cash flow
Risk transfer transaction encompassing approximately 37% of Lincoln’s remaining in-force guaranteed universal life (“GUL”) block
Further reduces Lincoln’s exposure to long-term mortality, lapse, and interest rate risk on a legacy, capital-intensive block
Represents an all-in statutory capital impact of approximately $200 million
Strengthens free cash flow1 and shareholder value, with an expected $30–$40 million increase in annual subsidiary remittances over the medium term
Advances our strategy to shift our liability mix and grow sustainable free cash flow while improving risk-adjusted returns on capital and reducing earnings volatility.
RADNOR, Pa.–(BUSINESS WIRE)–
Lincoln Financial (NYSE: LNC) today announced that it has entered into an agreement with Talcott Financial Group (“Talcott”) under which Lincoln will cede approximately $5.8 billion of in-force GUL statutory reserves, representing approximately 37% of Lincoln’s remaining in-force guaranteed universal life (“GUL”) block to a Talcott subsidiary. In connection with the transaction, Lincoln will also reinsure approximately $500 million of funding agreement business with a subsidiary of Talcott.
The transaction further reduces Lincoln’s exposure to a legacy capital-intensive block of business and builds on the actions Lincoln has taken over the past several years to strengthen its balance sheet and improve the quality and durability of its free cash flow. Combined with Lincoln’s 2023 reinsurance transaction with Fortitude Re, approximately 60% of Lincoln’s total in-force GUL will be reinsured upon the closing of the transaction.
“This transaction reinforces the progress we reported this quarter by continuing to reshape our liability mix and enhancing our free cash flow,” said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. “Further reducing our exposure to a legacy, capital-intensive block marks another deliberate step in our multi-year strategy to fortify Lincoln’s balance sheet, strengthen our financial flexibility and create long-term value for our shareholders.”
Transaction Structure and Counterparty
The transaction is structured partly as coinsurance with funds withheld and partly as modified coinsurance, with counterparty protections including over-collateralization and agreed-upon investment guidelines designed to align with Lincoln’s risk management framework.
Under the terms of the transaction, Lincoln will retain account administration and recordkeeping for the policies, including claims management. The transaction will have no impact on Lincoln’s commitments to its policyholders or distribution partners. Additionally, Lincoln remains focused on the continued growth of its Life Insurance business.
Talcott Financial Group, together with its regulated insurance and reinsurance subsidiaries, is a recognized participant in the life and annuity reinsurance market. Through its partnership with Sixth Street, a leading global investment firm, Talcott has an established track record executing life and annuity block reinsurance transactions, including transactions involving secondary-guarantee universal life.
Anticipated Capital, Free Cash Flow and Other Financial Impacts
The transaction reduces Lincoln’s risk profile and is expected to be accretive to ongoing free cash flow while maintaining a strong capital position. Additional financial considerations include:
Capital: The transaction, once closed, will represent an all-in statutory capital impact of approximately $200 million on a pro forma basis, reducing Lincoln’s estimated RBC ratio by approximately 10 percentage points. The transaction will be funded using a portion of the proceeds from Lincoln’s strategic partnership with Bain Capital. Following the closing of the transaction, Lincoln expects to remain well in excess of its 420% RBC ratio buffer target.
Free cash flow: Will strengthen ongoing free cash flow and create shareholder value – expected to result in approximately $30–$40 million increase in annual subsidiary remittances over the medium term.
Other Financial Impacts: While the impacts of the transaction are expected to reduce net income due to amortization, Lincoln does not expect a material change to its adjusted operating income results attributable to the transaction. As reinsurance of exited business has grown to have a more significant impact over time, to further provide transparency into its operating results, beginning in the fourth quarter of 2026, the company plans to refine its definition of adjusted operating income to exclude amortization of deferred gains (losses) from blocks of business exited through reinsurance.2
Approvals and Timing
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the fourth quarter of 2026 with an effective date of October 1, 2026.
Wells Fargo acted as exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Lincoln.
About Lincoln Financial
Lincoln Financial helps people confidently plan for their version of a successful future. We focus on identifying a clear path to financial security with products including annuities, life insurance, group protection, and retirement plan services. With our 120-year heritage of completing promises and helping people prepare for the unexpected, we partner with more than 17 million customers to provide solutions that protect, grow, and secure their financial futures. Headquartered in Radnor, Pennsylvania, Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.
1 Free cash flow is holding company net cash provided by (used in) operating activities less preferred stock dividends, capital contributions to subsidiaries and certain one-time items, plus the net change in excess statutory capital in our life insurance subsidiaries, after meeting targeted levels of statutory capital and holding company obligations, excluding the impact of certain strategic transactions and certain other one-time items.
2 Adjusted income (loss) from operations, or adjusted operating income (loss), is a non-GAAP financial measure. See current definition at the end of this release. Amortization of deferred gains (losses) from blocks of business exited through reinsurance represents the non-cash amortization of the gain or loss established at the inception of a strategic reinsurance transaction, which is not indicative of the current operating performance or future earnings of the company’s business. Management believes that excluding this item beginning in the fourth quarter will better reflect the ongoing economic fundamentals of the business.
FORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE
Certain statements made in this press release and in other written or oral statements made by Lincoln or on Lincoln’s behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, performance or financial results, including the closing of the reinsurance transaction and the timing thereof, and the expected impact of the transaction on our risk profile, RBC ratio, free cash flow, and net income and adjusted operating income results. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.
Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:
Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience;
Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures;
The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations;
Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries’ products; the required amount of reserves and/or surplus; our ability to conduct business; and our affiliate reinsurance arrangements;
Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell;
The impact of regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or other federal or state regulators or self-regulatory organizations that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products;
The impact of existing and emerging rules and regulations relating to privacy, cybersecurity and artificial intelligence (“AI”) that may lead to increased compliance costs, reputation risk and/or changes in business practices, and challenges with properly managing the use of AI that could result in reputational harm, competitive harm and legal liability;
Continued scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio;
Actions taken by reinsurers to raise rates on in-force business;
Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products;
Increasing or sustained higher interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses;
The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings;
A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries’ products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefits, including riders on certain of our annuity products and secondary guarantees on certain variable universal life insurance products;
Ineffectiveness of our risk management policies and procedures, including our various hedging strategies;
A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance reserves, which may reduce future earnings;
Changes in accounting principles that may affect our consolidated financial statements;
Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition;
Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention and profitability of our insurance subsidiaries and liquidity;
Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets;
Interruption in or failure of the telecommunication, information technology or other operational systems of the company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems;
The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items;
The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives;
The adequacy and collectability of reinsurance that we have obtained;
Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims and adversely affect our businesses and the cost and availability of reinsurance;
Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products;
The unknown effect on our subsidiaries’ businesses resulting from evolving market preferences and the changing demographics of our client base; and
The unanticipated loss of key management or wholesalers.
The risks and uncertainties here are not exhaustive. Our most recent Form 10-K, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors. Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this press release.
The reporting of RBC measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.
Adjusted Income (Loss) from Operations Definition
Adjusted income (loss) from operations is a non-GAAP financial measure and does not replace GAAP net income (loss), the most directly comparable GAAP measure.
Adjusted income (loss) from operations is GAAP net income (loss) excluding the following items, as applicable:
Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, “net annuity product features”);
Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of VUL hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our IUL contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”);
Credit loss-related adjustments on fixed maturity AFS securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”);
Changes in the fair value of equity securities and certain other investments, the impact of certain derivatives, and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”);
Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”);
Income (loss) from the initial adoption of new accounting standards, accounting policy changes and new regulations, including changes in tax law;
Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;
Losses from the impairment of intangible assets and gains (losses) on other non-financial assets;
Income (loss) from discontinued operations;
Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of defined benefit obligations; and
Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances.
Management believes that the use of the non-GAAP financial measure adjusted income (loss) from operations is helpful to investors in evaluating the company’s performance. Management believes that excluding the following items from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company’s business. Management excludes “net annuity product features” as this adjustment primarily represents the difference between the valuation of reserves and the valuation of derivatives utilized for hedging our variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on managing risks to statutory capital as opposed to the GAAP reserves. Management excludes “net life insurance product features” for similar reasons. In addition, management excludes “credit loss related adjustments” and “investment gains (losses)” as the timing of changes in allowances or sales of credit impaired investments depends largely on market credit cycles and can vary considerably from period to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes “changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans” as this adjustment represents the economics of investments in underlying funds withheld portfolios supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results. Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition above) that are not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals.
The Partnership Strengthens the Distribution Channel and New Business Operations Across the Insurance Industry
HACKENSACK, N.J., July 29, 2026 /PRNewswire-PRWeb/ — Paperclip, the leading secure data exchange platform for the insurance and financial services industry, announced today that National Life Group has joined its growing carrier network. The partnership enables distribution partners across the Paperclip ecosystem to seamlessly send Informal business to National Life Group, marking a significant step forward in modernizing the insurance industry’s New Business process.
“Welcoming National Life Group to the Paperclip carrier network is a win for the entire insurance community.” — Ron Alexander, CEO, Paperclip
“Welcoming National Life Group to the Paperclip carrier network is a win for the entire insurance community,” said Ron Alexander, CEO of Paperclip. “Our partners can now connect with National Life Group directly through our platform, with the audit trail and security that modern insurance operations demand.”
Expanding Reach for Distribution Partners
With National Life Group now part of the Paperclip carrier network, distribution partners gain direct access to submit Informal business to the carrier through a single, integrated platform. This eliminates friction in the submission process and gives distributors a consistent, reliable pathway to a broader range of carrier partners, all within a framework built with security and interoperability at its core.
Automating Intake for National Life Group
For National Life Group, joining the Paperclip network opens the door to a broader distribution landscape and delivers business directly into existing workflows through an automated channel. The integration reduces manual touchpoints, accelerates intake, and positions National Life Group to receive new business more efficiently at scale.
“Joining the Paperclip network allows us to tap into a broad distribution ecosystem and receive business through a streamlined, automated process that fits directly into our workflows,” said Kristin Cook, Chief Underwriting Officer at National Life Group. “We look forward to the new opportunities this partnership brings.”
Strengthening the Backbone of the Insurance Industry
The addition of National Life Group as a carrier partner reflects Paperclip’s continued momentum in building the most connected ecosystem in insurance. Paperclip’s platform connects 50+ carriers, 150+ distributors and 20+ service providers as part of an extensively integrated network, enhancing operations and improving the New Business process industry-wide.
As the secure pulse of the insurance ecosystem, Paperclip’s growing network of carriers, distributors, and integration partners continues to set the standard for how data is moved, tracked, and processed in a modern, secure and AI-ready environment.
About Paperclip
Paperclip is a leader in secure data exchange, pushing the boundaries to ensure AI readiness and data sovereignty. From intelligent data processing to end-to-end encrypted communications, our solutions are engineered to meet the highest standards of security, compliance, and performance to give industry leaders the confidence to grow rapidly without compromise.
Paperclip recently marked 35 years of serving the insurance and finance markets as a trusted provider of innovative software that streamlines the data lifecycle. Paperclip is trusted by more than 1,500 clients, including nine of the top ten U.S. life insurers. The company annually processes over 70 million data and document exchanges, providing the unmatched scalability and security required by the world’s most highly regulated industries.
About National Life Group
National Life Group has been keeping promises since 1848, providing access to flexible, secure life insurance and annuities for families, businesses, educators, and first responders nationwide. With an independent, entrepreneurial spirit, our values are to “Do good, Be good, Make good” for our customers, agents, employees, and the communities we serve. Learn more at NationalLife.com.
2026 JUL 28 (NewsRx) — By a News Reporter-Staff News Editor at Insurance Daily News — According to news reporting originating from Washington, D.C., by NewsRx journalists, a trademark application has been made for “DIGITAL ADVISOR SUCCESS HUB” by DAVID J. DAVIS BAKER & MCKENZIE LLP, representing Jackson National Life Insurance Company. This application was made available to the public on July 10, 2026.
The international trademark goods and services class codes for this trademark application are 036 and 041.
The serial number for this application is 87891229.
As submitted by the applicant, this trademark application relates to the following goods and services:
• Providing a website featuring financial information and research in the field of finance for financial services advisors and professionals to educate clients about annuities, financial planning, investment management, securities, and mutual funds;
• Educational services, namely, providing online instruction for financial services advisors and professionals in the fields of providing educational resources, courses, tools, seminars and webinars to clients about annuities, financial planning, investment management, securities, and mutual funds; providing a website featuring information in the field of education regarding methods for financial services advisors and professionals to educate clients about annuities, financial planning, investment management, securities, and mutual funds through the use of educational resources, courses, tools, seminars and webinars.
The registrar information for this application is: DAVID J. DAVIS BAKER & MCKENZIE LLP, 300 E. Randolph St., SUITE 5000, CHICAGO, IL 60601, UNITED STATES.
(Our reports deliver fact-based news of research and discoveries from around the world.)
OLDWICK, N.J.–(BUSINESS WIRE)– AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of “aa” (Superior) of Tennessee Farmers Mutual Insurance Company and its affiliate, Tennessee Farmers Assurance Company, which are members of Tennessee Farmers Insurance Companies (TFIC). The outlook of the FSR is stable. At the same time, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICR of “aa-” (Superior) of Tennessee Farmers Life Insurance Company (TFLIC). The outlook of these Credit Ratings (ratings) is stable. All companies domiciled in Columbia, TN.
The ratings reflect TFIC’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
The revision of the Long-Term ICR outlook to stable from negative reflects successful results that are favorable to peers in recent years. TFIC’s operating performance advantage is best displayed through its five- and 10-year average measures. Through year-end 2025, the group outperformed the private passenger standard auto and homeowners’ composite averages in multiple metrics including return measures, underwriting ratios and operating ratios. The group has a material underwriting expense advantage driven by the entity’s scale compared with the composite and other Farm Bureau peers. The group has managed its expenses consistently to allow for more favorable pricing and lower volatility in underwriting results.
TFIC’s balance sheet strength assessment is supported by its risk-adjusted capitalization, which remained at the strongest level at year-end 2025, as measured by Best’s Capital Adequacy Ratio (BCAR). The group’s balance sheet strength is complemented further by low underwriting leverage ratios, favorable liquidity, consistently favorable reserve development and a low-risk investment profile.
The favorable business profile reflects TFIC’s strong market leadership position in a competitive environment, where a productive and stable distribution agency is leveraged throughout the regions of Tennessee. The group’s purpose is to serve the farmer community in Tennessee. The group collectively offers a full line of personal insurance products and services to members of the Tennessee Farm Bureau Federation. The group maintains predominant market share, agent retention levels, strong brand recognition, long-standing Farm Bureau affiliation and diversification of product line offerings across the state.
TFIC’s ERM assessment of appropriate reflects the group’s established risk management framework with stated risk tolerances, limits and controls. The ERM assessment is based on the risk management framework and culture, depth of understanding risk exposures and dedication to properly assessing risks on an ongoing basis. TFIC continues to voluntarily file an Own Risk Solvency Assessment Report (ORSA) with the Tennessee insurance department that is updated annually.
The ratings of TFLIC reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM.
The stable outlooks reflect AM Best’s expectation that TFLIC will maintain its balance sheet strength, operating performance and business profile assessments over the intermediate term. The company’s assessments are built upon its stable operating trends and product profile that have led to consistent and organic growth of risk-adjusted capital.
TFLIC’s balance sheet strength assessment is supported by its risk-adjusted capitalization, which remained at the strongest level at year-end 2025, as measured by BCAR. This balance sheet strength assessment is complemented further by quality of capital, favorable liquidity measures and low reinsurance dependence. Some limiting factors include the tighter spread compression between asset investment returns and crediting rates on annuities.
TFLIC’s operating performance assessment is supported by a proven track record of profitability on a pre-tax basis extending over 20 years.TFLIC’s individual life business continues to dominate its earnings profile. Life insurance face amount volume is broken down approximately 20% permanent and 80% term. Life insurance annualized premium is broken down approximately 60% permanent and 40% term.
The neutral business profile reflects TFLIC’s strong market position in a competitive environment. TFLIC markets life/annuity products to Tennessee Farm Bureau Federation members. Approximately 89% of the membership owns property/casualty policies, and approximately 33% of that group owns a life company product.
TFLIC’s ERM assessment of appropriate reflects the group’s established risk management framework, which is integrated fully with the parent company, TFIC. TFLIC considerations also are included in the company’s annual ORSA report.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Net income of $256.9 million ($1.61 per diluted common share) for the second quarter of 2026; after-tax adjusted operating income was $346.0 million ($2.16 per diluted common share).
Sustained core operations top-line trends, with 3.6 percent premium growth on a constant currency basis; strong core operations margins, including 21.4 percent adjusted operating return on equity, and solid traditional U.S. life insurance company statutory operating earnings of $330.9 million.
Robust capital return in the quarter with approximately $200 million of shares repurchased, and $73.5 million of common stock dividends, bringing year-to-date capital return to approximately $750 million.
Strong balance sheet with holding company liquidity of $1.5 billion and weighted average risk-based capital ratio of approximately 480 percent, well above target levels.
Book value per common share of $68.28 grew 3.8 percent over the year-ago quarter; book value per common share excluding accumulated other comprehensive income (AOCI) of $80.10 grew 3.2 percent over the year-ago quarter.
CHATTANOOGA, Tenn.–(BUSINESS WIRE)–
Unum Group (NYSE: UNM) today reported net income of $256.9 million ($1.61 per diluted common share) for the second quarter of 2026, compared to net income of $335.6 million ($1.92 per diluted common share) for the second quarter of 2025.
Included in net income for the second quarter of 2026 is a before-tax net investment loss on the Company’s investment portfolio of $5.2 million, strategic actions impact of $30.7 million before tax, and the Closed Block segment before-tax adjusted operating loss of $75.4 million, as well as the tax benefit on these items of $22.2 million. Included in net income for the second quarter of 2025 is a before-tax net investment loss on the Company’s investment portfolio of $17.7 million and the Closed Block segment before-tax adjusted operating loss of $10.8 million, as well as the tax benefit on these items of $3.9 million. Excluding the items above, after-tax adjusted operating income was $346.0 million ($2.16 per diluted common share) in the second quarter of 2026, compared to $360.2 million ($2.06 per diluted common share) in the second quarter of 2025.
We applied updates throughout this document which reflects changes to prior year reported information to align to current year presentation. See “Non-GAAP Financial Measures” beginning on page 4 for more information regarding this update.
“We delivered another solid performance in the second quarter across multiple dimensions,” said Richard P. McKenney, president and chief executive officer. “Our top-line saw steady growth in premiums with increasing sales and good retention, while operating margins remain healthy in our core operations. We remain on track to close the recently announced long-term care reinsurance transaction in the second half of the year, further improving the risk profile of the Closed Block. The strong cashflow profile of our businesses have allowed us to return substantial capital to shareholders with year-to-date share repurchases of $600 million and dividends of $150 million. Our diversified employee benefits business model and strong capital position enable us to stay focused on executing our strategy and delivering long-term value for shareholders.”
RESULTS BY SEGMENT
We measure and analyze our segment performance on the basis of “segment adjusted operating income” or “segment adjusted operating loss”, which differ from income before income tax as presented in our consolidated statements of income due to the exclusion of investment gains or losses, reserve assumption updates, and certain other items as specified in the reconciliations below. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. Reserve assumption updates may result in increases or decreases to earnings. These performance measures are in accordance with U.S. generally accepted accounting principles (GAAP) guidance for segment reporting, but they should not be viewed as a substitute for income before income tax, net income, or net loss.
Unum US Segment
Unum US reported an increase of 3.6 percent in segment adjusted operating income to $329.6 million in the second quarter of 2026, compared to $318.2 million in the second quarter of 2025. Premium income increased 3.3 percent to $1,858.2 million in the second quarter of 2026, compared to $1,798.6 million in the second quarter of 2025. Net investment income increased 0.5 percent to $155.8 million in the second quarter of 2026, compared to the $155.1 million in the second quarter of 2025. Sales increased 7.4 percent to $281.8 million in the second quarter of 2026, compared to $262.4 million in the second quarter of 2025.
Within the Unum US operating segment, the group disability line of business reported a 17.4 percent decrease in segment adjusted operating income to $103.1 million in the second quarter of 2026, compared to $124.8 million in the second quarter of 2025. Premium income for the group disability line of business was $827.5 million in the second quarter of 2026, which increased compared to $797.1 million in the second quarter of 2025, due primarily to sales and higher persistency, partially offset by the expected run off in medical stop-loss premium. Net investment income was $74.5 million in the second quarters of both 2025 and 2026. The benefit ratio for the second quarter of 2026 was 65.8 percent, compared to 62.2 percent in the second quarter of 2025, due to higher incidence in the short-term disability product line, primarily related to our paid family and medical leave products. Also contributing to the higher benefit ratio in the second quarter of 2026 compared to the second quarter of 2025 were prior period pricing actions. Persistency in the group long-term disability product line was 91.1 percent for the first half of 2026, compared to 90.6 percent for the first half of 2025. Persistency in the group short-term disability product line was 91.1 percent for the first half of 2026, compared to 88.2 percent for the first half of 2025.
The group life and accidental death and dismemberment line of business reported a 32.8 percent increase in segment adjusted operating income to $93.2 million in the second quarter of 2026, compared to $70.2 million in the second quarter of 2025. Premium income for this line of business increased 6.6 percent to $553.5 million in the second quarter of 2026, compared to the $519.2 million in the second quarter of 2025, due to sales and higher persistency. Net investment income increased 10.4 percent to $23.3 million in the second quarter of 2026, compared to $21.1 million in the second quarter of 2025, due to an increase in the allocation of net investment income on corporate owned excess assets. The benefit ratio in the second quarter of 2026 was 66.0 percent, compared to 69.7 percent in the second quarter of 2025, due to lower claim incidence in the group life and accidental death and dismemberment product lines, partially offset by higher average claim size in the accidental death and dismemberment product line. Persistency in the group life product line was 92.2 percent for the first half of 2026, compared to 89.7 percent for the first half of 2025. Persistency in the accidental death and dismemberment product line was 92.0 percent for the first half of 2026, compared to 88.3 percent for the first half of 2025.
The supplemental and voluntary line of business reported an increase of 8.2 percent in segment adjusted operating income to $133.3 million in the second quarter of 2026, compared to $123.2 million in the second quarter of 2025. Premium income for the supplemental and voluntary line of business decreased 1.1 percent to $477.2 million in the second quarter of 2026, compared to $482.3 million in the second quarter of 2025, due primarily to the impact of ceding a portion of the individual disability product line as a part of the 2025 Fortitude Re reinsurance transaction, partially offset by sales in all product lines. Net investment income was $58.0 million in the second quarter of 2026, which was generally consistent compared to $59.5 million in the second quarter of 2025. The benefit ratio was 47.4 percent in the second quarter of 2026, compared to 48.5 percent in the second quarter of 2025, primarily due to lower incidence in the individual disability product line, partially offset by higher incidence in the voluntary benefits product line. Persistency in the voluntary benefits product line was 76.0 percent for the first half of 2026, compared to 76.4 percent for the first half of 2025. Persistency in the individual disability product line was 87.8 percent for the first half of 2026, compared to 88.0 percent for the first half of 2025. Persistency in the dental and vision product line was 78.9 percent for the first half of 2026, compared to 82.4 percent for the first half of 2025.
Unum International Segment
The Unum International segment reported segment adjusted operating income of $24.3 million in the second quarter of 2026, a decrease of 41.6 percent from $41.6 million in the second quarter of 2025. Premium income increased 6.7 percent to $289.3 million in the second quarter of 2026, compared to $271.1 million in the second quarter of 2025. Net investment income decreased 8.7 percent to $42.2 million in the second quarter of 2026, compared to $46.2 million in the second quarter of 2025. Sales decreased 19.4 percent to $52.4 million in the second quarter of 2026, compared to $65.0 million in the second quarter of 2025.
The Unum UK line of business reported segment adjusted operating income, in local currency, of £15.3 million in the second quarter of 2026, a decrease of 48.0 percent from £29.4 million in the second quarter of 2025. Premium income was £175.5 million in the second quarter of 2026, an increase of 5.2 percent from £166.9 million in the second quarter of 2025, due primarily to in-force block growth in the group life and supplemental product lines. Net investment income was £28.6 million in the second quarter of 2026, a decrease of 10.3 percent from £31.9 million in the second quarter of 2025, due to lower income from inflation index-linked bonds. The benefit ratio was 82.2 percent in the second quarter of 2026, compared to 75.0 percent in the second quarter of 2025, due primarily to higher average claim size in the group long-term disability product line. Sales decreased 14.9 percent to £32.6 million in the second quarter of 2026, compared to £38.3 million in the second quarter of 2025. Persistency in the group long-term disability product line was 90.4 percent for the first half of 2026, compared to 92.3 percent for the first half of 2025. Persistency in the group life product line was 87.1 percent for the first half of 2026, compared to 89.9 percent for the first half of 2025. Persistency in the supplemental product line was 92.8 percent for the first half of 2026, compared to 93.0 percent for the first half of 2025.
Colonial Life Segment
Colonial Life reported segment adjusted operating income of $131.4 million in the second quarter of 2026, an 11.9 percent increase compared to $117.4 million in the second quarter of 2025. Premium income increased 3.3 percent to $477.4 million in the second quarter of 2026, compared to $462.1 million in the second quarter of 2025, due to prior period sales. Net investment income increased 17.6 percent to $50.1 million in the second quarter of 2026, compared to $42.6 million in the second quarter of 2025, due to higher miscellaneous income, an increase in the allocation of net investment income from our corporate owned excess assets, and an increase in the yield on invested assets. The benefit ratio was 46.7 percent in the second quarter of 2026, compared to 48.3 percent in the second quarter of 2025, primarily due to claims experience in the life and cancer and critical illness product lines. Sales increased 6.0 percent to $134.1 million in the second quarter of 2026, compared to $126.5 million in the second quarter of 2025. Persistency in the Colonial Life segment was 78.2 percent for the first half of 2026, compared to 78.5 percent in 2025.
Corporate Segment
The Corporate segment reported a segment adjusted operating loss of $44.5 million in the second quarter of 2026, which excludes the strategic actions impact of $30.7 million, an increase compared to a segment adjusted operating loss of $31.7 million in the second quarter of 2025, due primarily to lower net investment income, which was driven by a decrease in miscellaneous investment income.
Closed Block Segment
The Closed Block segment reported a segment adjusted operating loss of $75.4 million in the second quarter of 2026, an increase compared to segment adjusted operating loss of $10.8 million in the second quarter of 2025, driven primarily by lower net investment income and the amortization of the cost of reinsurance related to the 2025 Fortitude Re reinsurance transaction. As a result of benefits experience during the second quarter of 2026, the net premium ratio increased to 97.8 percent from 97.6 percent as of March 31, 2026. Results also reflect robust protections at our Fairwind entity, measured by statutory reserves and excess capital above our best estimate reserves, at approximately $2.2 billion, and continued risk management actions including approximately 15 percent achievement of our current premium rate approval program.
OTHER INFORMATION
Shares Outstanding
The Company’s weighted average number of shares outstanding, assuming dilution, was 160.0 million for the second quarter of 2026, compared to 174.4 million for the second quarter of 2025. Shares outstanding totaled 158.3 million at June 30, 2026. During the second quarter of 2026, the Company repurchased 2.5 million shares at a total cost of $202.1 million.
Capital Management
At June 30, 2026, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 480 percent, and the holding companies had available holding company liquidity of $1,536.5 million.
Book Value
Book value per common share as of June 30, 2026 was $68.28, compared to $65.76 at June 30, 2025. Book value per common share excluding AOCI as of June 30, 2026 was $80.10, compared to $77.62 at June 30, 2025.
Effective Income Tax Rate
The effective income tax rate used to determine after-tax adjusted operating income was 21.5 percent in the second quarter of 2026. The effective income tax rate used to determine after-tax adjusted operating income was 19.1 percent in the second quarter of 2025, which differed from the U.S. statutory tax rate of 21 percent primarily due to tax credits.
Outlook
Full-year 2026 outlook for after-tax adjusted operating income per share of $8.60 to $8.90 which represents growth of approximately 8 percent to 12 percent when comparing to our redefined full-year 2025 result of $7.93 per share.
NON-GAAP FINANCIAL MEASURES
We analyze our performance using non-GAAP financial measures which exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. We believe the following non-GAAP financial measures are better performance measures and better indicators of the revenue and profitability and underlying trends in our business:
After-tax adjusted operating income or loss, which excludes investment gains or losses, Closed Block segment after-tax adjusted operating income or loss, reserve assumption updates, and certain other items;
Book value per common share, which is calculated excluding AOCI;
Premium income in constant currency, which excludes the impact of fluctuations in exchange rates between the U.S. dollar and the local currencies in which our Unum International segment is conducted. Given volatility in foreign currency exchange markets, exchange rates can fluctuate between periods. We believe translating prior period results using current period local currency exchange rates provides a more comparable view of our results; and
Adjusted operating return on equity, which is calculated using our core operating segments’ after-tax segment adjusted operating income or loss and our core operating segments’ equity adjusted to exclude the unrealized gain or loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain or loss on derivatives.
After-tax segment adjusted operating income or loss, which excludes investment gains or losses and reserve assumption updates, as well as certain other items, as applicable.
We measure and analyze our segment performance on the basis of “segment adjusted operating revenue” and “segment adjusted operating income” or “segment adjusted operating loss”, which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the following items:
Segment adjusted operating income or loss, which excludes investment gains or losses and reserve assumption updates, as well as certain other items, as applicable.
Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. Investment gains or losses and unrealized gains or losses on securities depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our Company. We believe after-tax adjusted operating income is a better performance measure and better indicator of the profitability and underlying trends in our business. Book value per common share excluding AOCI provides a more comparable and consistent view of our results, as AOCI tends to fluctuate depending on market conditions and general economic trends.
We have completed reinsurance transactions to exit significant portions of our Closed Block businesses and we are no longer accepting new enrollments on existing group long-term care policies. As a result of these actions and the continued run-off of the Closed Block business, Closed Block segment earnings are less relevant to our financial results and as such, we exclude the results of the Closed Block segment from after-tax adjusted operating income. As part of this update, we also determined that it is no longer necessary to adjust after-tax adjusted operating income to exclude the amortization of the cost of reinsurance, the amortization of the deferred gain on reinsurance, and the impact of non-contemporaneous reinsurance, because the majority of these items are included in Closed Block segment results. Prior period financial information has been adjusted to conform to this updated presentation.
Cash flow assumptions used to calculate our liability for future policy benefits are reviewed at least annually and updated, as needed, with the resulting impact reflected in net income. While the effects of these assumption updates are recorded in the reporting period in which the review is completed, these updates reflect experience emergence and changes to expectations spanning multiple periods. We believe that by excluding the impact of reserve assumption updates we are providing a more comparable and consistent view of our results.
We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability.
CONFERENCE CALL INFORMATION
Members of Unum Group senior management will host a conference call on Wednesday, July 29, 2026, at 8:00 am (Eastern Time) to discuss the results of operations for the second quarter of 2026. Topics may include forward-looking information, such as the Company’s outlook on future results, trends in operations, and other material information.
To receive dial in information for the call, please register in advance by using the following URL:
https://registrations.events/direct/Q4I330796029. Upon registration you will receive a dial-in number to use to access the event. It is recommended that you register at least 10 minutes before the start of the event. In addition, a live webcast of the call will also be available at www.investors.unum.com in a listen-only mode. It is recommended that webcast viewers access the “Investors” section of the Company’s website and opt-in to the webcast approximately 5-10 minutes prior to the start of the call. A replay of the webcast will be available on the Company’s website. A replay of the call will also be available through Wednesday, August 5, 2026 by using the registration URL noted above.
In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the second quarter of 2026 is available on the “Investors” section of the Company’s website.
ABOUT UNUM GROUP
Unum Group (NYSE: UNM), a leading international provider of workplace benefits and services, has been helping workers and their families thrive for more than 175 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, and vision insurance; leave and absence management support; and behavioral health services. In 2025, Unum Group reported revenues of $13.1 billion and paid $8.3 billion in benefits. The Fortune 500 company is recognized as one of the World’s Most Ethical Companies by Ethisphere®.
Certain information in this news release constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments and speak only as of the date made. These forward-looking statements, including statements about anticipated after-tax adjusted operating income per share, are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) fluctuation in insurance reserve liabilities, claim payments, and pricing due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (2) sustained periods of low interest rates; (3) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity or unfavorable returns on our investment portfolio; (4) changes in, or interpretations or enforcement of, laws and regulations; (5) a cybersecurity attack or other security breach resulting in compromised data or the unauthorized acquisition of confidential data; (6) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cybersecurity attack, or other event; (7) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (8) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (9) ineffectiveness of our derivatives hedging programs due to changes in forecasted cash flows, the economic environment, counterparty risk, ratings downgrades, capital market volatility, collateral requirements, changes in interest rates, and/or regulation; (10) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (11) our use of artificial intelligence technology, as well as changes in artificial intelligence laws and regulations; (12) the impact of pandemics and other public health issues on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (13) changes in our financial strength and credit ratings; (14) the ability of our reinsurers to meet their obligations to us and availability of reinsurance in the market; (15) our ability to hire and retain qualified employees; (16) disruptions to our business or our ability to access data caused by the use and reliance on third party vendors, including vendors providing web and cloud-based applications; (17) ability to generate sufficient internal liquidity and/or obtain external financing; (18) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, social issues, third-party vendors, external events, and/or cyber or other information security incidents; (19) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; (20) effectiveness of our risk management program; (21) contingencies and the level and results of litigation; (22) fluctuation in foreign currency exchange rates; and (23) our ability to meet sustainability standards and expectations of investors, regulators, customers, and other stakeholders.
For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2025. The forward-looking statements in this news release are being made as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.
Unum Group
FINANCIAL HIGHLIGHTS
(Unaudited)
($ in millions, except share data)
Three Months Ended June 30
Six Months Ended June 30
2026
2025
2026
2025
Revenue
Premium Income
$
2,817.8
$
2,748.0
$
5,611.8
$
5,450.9
Net Investment Income
478.4
560.7
961.8
1,073.9
Net Investment Loss
(5.2
)
(17.7
)
(10.2
)
(224.5
)
Other Income
79.0
70.4
161.8
152.7
Total Revenue
3,370.0
3,361.4
6,725.2
6,453.0
Benefits and Expenses
Policy Benefits Including Remeasurement Loss (Gain)
2,001.2
1,976.1
4,005.2
3,847.1
Commissions
364.3
343.5
732.8
686.7
Interest and Debt Expense
53.3
52.0
106.4
104.0
Deferral of Acquisition Costs
(187.4
)
(174.9
)
(378.0
)
(347.5
)
Amortization of Deferred Acquisition Costs
135.4
132.2
269.6
257.6
Other Expenses
673.7
615.5
1,357.0
1,244.5
Total Benefits and Expenses
3,040.5
2,944.4
6,093.0
5,792.4
Income Before Income Tax
329.5
417.0
632.2
660.6
Income Tax Expense
72.6
81.4
143.3
135.9
Net Income
$
256.9
$
335.6
$
488.9
$
524.7
PER SHARE INFORMATION
Net Income Per Common Share
Basic
$
1.61
$
1.93
$
3.02
$
2.98
Assuming Dilution
$
1.61
$
1.92
$
3.01
$
2.97
Weighted Average Common Shares – Basic (000s)
159,660.2
174,110.9
161,848.1
176,142.6
Weighted Average Common Shares – Assuming Dilution (000s)
160,024.1
174,431.9
162,192.9
176,598.6
Outstanding Shares – (000s)
158,304.1
172,138.4
Reconciliation of Non-GAAP Financial Measures
Three Months Ended June 30
Six Months Ended June 30
2026
2025
2026
2025
(in millions of dollars, except per share data)
Net Income
$
256.9
$
335.6
$
488.9
$
524.7
Excluding Before-Tax Reconciling Items:
Net Investment Loss
Net Investment Loss Related to the 2025 Fortitude Re Reinsurance Transaction
—
(8.5
)
—
(184.4
)
Net Investment Loss, Other
(5.2
)
(9.2
)
(10.2
)
(40.1
)
Total Net Investment Loss
(5.2
)
(17.7
)
(10.2
)
(224.5
)
Closed Block Segment After-Tax Adjusted Operating Loss
(75.4
)
(10.8
)
(220.7
)
(2.8
)
Strategic Actions
(30.7
)
—
(30.7
)
—
Total Before Tax Reconciling Items
(111.3
)
(28.5
)
(261.6
)
(227.3
)
Income Tax Benefit on Reconciling Items1
(22.2
)
(3.9
)
(52.0
)
(43.0
)
After-tax Adjusted Operating Income
$
346.0
$
360.2
$
698.5
$
709.0
After-Tax Adjusted Operating Income per share
2.16
2.06
4.31
4.01
1 The income tax benefit on reconciling items represents the aggregate tax impact of the reconciling items presented above. The tax effects are calculated discretely using applicable statutory tax rates for the jurisdictions in which the underlying adjustments occur. The effective tax rate on reconciling items may differ from the Company’s consolidated effective tax rate.
June 30
2026
2025
(in millions)
per share
(in millions)
per share
Total Stockholders’ Equity (Book Value)
$
10,809.5
$
68.28
$
11,320.0
$
65.76
Excluding:
Net Unrealized Loss on Securities
(2,292.8
)
(14.49
)
(2,253.7
)
(13.09
)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits
1,174.5
7.42
1,058.9
6.15
Net Loss on Derivatives
(279.2
)
(1.76
)
(285.0
)
(1.66
)
Subtotal
12,207.0
77.11
12,799.8
74.36
Excluding:
Foreign Currency Translation Adjustment
(266.7
)
(1.69
)
(220.7
)
(1.28
)
Subtotal
12,473.7
78.80
13,020.5
75.64
Excluding:
Unrecognized Pension and Postretirement Benefit Costs
(205.8
)
(1.30
)
(340.2
)
(1.98
)
Total Stockholders’ Equity, Excluding Accumulated Other Comprehensive Loss
$
12,679.5
$
80.10
$
13,360.7
$
77.62
Three Months Ended
June 30, 2026
June 30, 2025
Premium Income
Premium Income in Local Currency1
Weighted Average Premium Income Exchange Rate2
Premium Income in Constant Currency
Unum International
Unum UK
$
235.5
£
166.9
1.342
$
224.0
Unum Poland
53.8
zł
180.9
0.273
49.4
Total
289.3
273.4
Unum US
1,858.2
$
1,798.6
1,798.6
Colonial Life
477.4
$
462.1
462.1
Core Operations
$
2,624.9
$
2,534.1
1 Premium income shown in millions of pounds for Unum UK, millions of zlotys for Unum Poland, and millions of U.S. dollars for Unum US and Colonial Life.
2 Exchange rate is calculated using the average foreign currency exchange rates for the most recent period, applied to the comparable prior period.
After-Tax Segment Adjusted Operating Income (Loss)
Average Allocated Equity1
Annualized Adjusted Operating Return on Equity
Three Months Ended June 30, 2026
Unum US
$
261.0
$
4,293.3
24.3
%
Unum International
21.0
788.5
10.7
%
Colonial Life
104.0
2,141.9
19.4
%
Core Operating Segments
386.0
7,223.7
21.4
%
Corporate
(40.0
)
1,493.9
Closed Block
(61.2
)
3,491.8
Total
$
284.8
$
12,209.4
1 Excludes unrealized loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net loss on derivatives and is calculated using the stockholders’ equity balances presented below.
Three Months Ended June 30
2026
(in millions)
Net Income
$
256.9
Excluding Before-Tax Reconciling Items:
Net Investment Loss
(5.2
)
Strategic Actions
(30.7
)
Total Before Tax Reconciling Items
(35.9
)
Income Tax Benefit on Reconciling Items1
(8.0
)
After-tax Segment Adjusted Operating Income
$
284.8
1 The income tax benefit on reconciling items represents the aggregate tax impact of the reconciling items presented above. The tax effects are calculated discretely using applicable statutory tax rates for the jurisdictions in which the underlying adjustments occur. The effective tax rate on reconciling items may differ from the Company’s consolidated effective tax rate.
6/30/2026
3/31/2026
Total Stockholders’ Equity
$
10,809.5
$
10,892.4
Excluding:
Net Unrealized Loss on Securities
(2,292.8
)
(2,432.3
)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits
1,174.5
1,395.1
Net Loss on Derivatives
(279.2
)
(282.1
)
Total Adjusted Stockholders’ Equity
$
12,207.0
$
12,211.7
Three Months Ended
6/30/2026
Average Adjusted Stockholders’ Equity
$
12,209.4
Three Months Ended June 30
2026
2025
(in millions of dollars)
Income Before Income Tax
$
329.5
$
417.0
Excluding:
Net Investment Loss
Net Investment Loss Related to the 2025 Fortitude Re Reinsurance Transaction
TrackGuard+ pairs a 21–26% premium bonus with up to 28% penalty-free liquidity, so clients don’t have to choose between growth and access
ZIONSVILLE, Ind.–(BUSINESS WIRE)–
Delaware Life Insurance Company, a leading provider of innovative and customizable financial solutions, today launched TrackGuard+, a bonus fixed index annuity (FIA) that combines a high upfront premium bonus, a strong lineup of index crediting strategies, enhanced in-contract liquidity, and principal protection in a single solution.
The new product accelerates contract value on day one with a high upfront premium bonus, which provides an enhanced base for compound growth on a tax-deferred basis. Whether clients have fallen off track from their goals due to past performance or a lack of savings, TrackGuard+ can provide a boost toward their long-term goals.
“Many of today’s savers want their retirement dollars working harder from day one – not sitting idle waiting for growth to catch up, in other words, long-term is now,” said Colin Lake, President & CEO of Delaware Life Marketing. “That’s why we built TrackGuard+ around a high upfront bonus that puts more money to work the moment a client funds their contract. Paired with protection against the four risks that define modern retirement – longevity, inflation, volatility, and emotion – TrackGuard+ gives clients a stronger starting position and the confidence to stay invested through whatever comes next.”
TrackGuard+ features:
Upfront premium bonus1: A 21-26% premium bonus (varies by state) credited to contract value at issue, providing an immediate boost to contract value and a higher base on which interest credits are calculated. Even if the bonus is later recaptured on withdrawal or surrender, the client keeps all the interest credited to the bonus from contract issue.
Strong lineup of indexes and crediting strategies: Clients can allocate across theS&P 500® Dynamic Intraday TCA, Nasdaq-100 Volatility Control 12%, BlackRock U.S. Equity Bitcoin Balanced Risk 12%, Barclays Aries, and the S&P 500®.
Enhanced liquidity2: Beginning in the second contract year, clients can carry forward any unused free withdrawal percent from the prior year, stacking on top of the standard 7% annual allowance for up to a maximum of 28% penalty-free access in a single year. The benefit applies even following a prior-year withdrawal, giving clients maximum flexibility without sacrificing the premium bonus.
Enhanced Return of Premium benefit3: Starting in year 5, policyholders are guaranteed at least 100% of premium upon surrender. The benefit increases to amounts exceeding 100% of premium in later years.
Premium Guard benefit4: At the end of year 10, the Premium Guard benefit ensures the account value is at least equal to premiums plus premium bonus (less prior withdrawals and recaptured premium bonus).
Together, these features deliver long-term accumulation potential without losing a portion of the upfront bonus – so clients don’t have to choose between growth and access.
“Retirees shouldn’t have to choose between growing their money today and accessing it tomorrow,” said Daniel Buermann, Delaware Life Marketing Co-Head of National Accounts, IMO Channel. “TrackGuard+ was built to eliminate that tradeoff. An upfront premium bonus, enhanced Return of Premium protection, and expanded liquidity in a single contract give financial professionals something differentiated: a solution that compounds long-term value while keeping clients’ money within reach when they need it.”
1 Paid on all first-year premiums. The premium bonus varies by state and is subject to a recapture schedule if the contract is surrendered during the surrender period.
2 Available after the first contract year, this benefit enhances the penalty-free withdrawal amount by accumulating any unused free withdrawal amount percentage from the prior year and carrying it over into the following year. Allows for a free withdrawal amount greater than 7% beginning in Year 3. A maximum of 21% may be carried over each year – allowing for a maximum total free withdrawal amount of up to 28% in any given contract year. A 0.95% fee is deducted from the account value at the end of each year during the surrender charge period. Withdrawals of taxable amounts are subject to ordinary income tax and if made before age 59½, may be subject to a 10% federal income tax penalty. Distributions of taxable amounts from a non-qualified annuity may also be subject to an additional 3.8% federal tax on net investment income.
3 Total Premium less net withdrawals (net of CDSC & MVA, and Bonus Recapture).
4 The Premium Guard Credit will be applied pro-rata across the current allocations after any applicable fees are taken.
Annuity products issued by Delaware Life Insurance Company (Zionsville, IN), which is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Product availability and features may vary by state. Guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company and are subject to product terms, exclusions, and limitations.
Annuities are long-term investment vehicles designed for retirement purposes. Annuity contracts contain exclusions, limitations, reductions of benefits, and terms for keeping them in force. They are not intended to replace emergency funds, to be used as income for day-to-day expenses, or to fund short-term savings goals.
The downside protection provided by a fixed index annuity ensures that during crediting periods in which the index return is negative or flat, no less than 0% interest is credited to the index strategy. Any annual rider charge or fee will continue to be deducted from the account value regardless of index performance or interest credited. As a result, in a crediting period where 0% interest is credited, the rider charge will reduce your account value. Fixed index annuities are not securities and do not participate directly in the stock market or any index and are not investments.
This communication is for informational purposes only. It is not intended to provide, and should not be interpreted as individualized investment, legal, or tax advice. To obtain such advice, please consult with your investment, legal, or tax professional.
About Delaware Life Insurance Company
Delaware Life is a life insurance and annuity company that empowers financial professionals with a wide array of customizable solutions. A subsidiary of Group 1001, we were born out of the advisor industry, and we understand how important it is to find the right fit for every client, every situation, and every individual need. We’re passionate about equipping you with annuities that give your customers peace of mind and a successful future – allowing them to plan with confidence for whatever’s next.
About Group 1001
Group 1001 Insurance Holdings, LLC (“Group 1001 Insurance” or “Group 1001”) is a collective that empowers companies to create positive growth. Our insurance and annuities are easy to understand and accessible to all. Our online investing platform gives individuals control over their savings. Our technology and innovation help companies succeed. And our strategic partnerships bring people together through education and sports.
As of March 31, 2026, Group 1001 Insurance had more than 1,500 employees and combined assets under management of $86.1 billion and provides over 540,000 active annuity contracts and life insurance policies. It comprises the following brands: Delaware Life, Gainbridge℠, Clear Spring Life and Annuity Company, Clear Spring Property and Casualty Group, and the RVI Group, among others.
LIMRA researchers gave their predictions for life insurance and annuity sales during a recent LinkedIn Live event.
New annualized life insurance premium growth is expected in every product line except for fixed universal life, said Karen Terry, LIMRA corporate vice president and director of insurance research.
Indexed universal life saw a bit of a slowdown in growth in second quarter, although sales are still up, she said. IUL saw strong sales in second and third quarters of 2025, she said, and she predicted sales growth of between 8% and 12% by the end of 2026. IUL premium softened over the past two months – it’s not yet a trend yet but worth watching.
The final expense boom is still going strong, Terry said, with final expense driving the majority of whole life growth in the first quarter.
Growth in variable universal life premium is still being moved by private placement, but growth is showing up outside private placement as well, she said.
“Whole life and term are more attractive in times like these, but we’re seeing strength in IUL and products where people are seeking higher returns,” she said. “I think it’s great the consumers are still investing in our products during times of volatility.”
In addition to premium growth, policy count continues to rise, Terry said. “We went through decades with no policy growth, but since 2022, we are seeing an increase in policy growth every quarter.”
The annuity industry ‘humming along’
The annuity industry “is humming along,” with 10 straight quarters of sales topping $100 billion, said Keith Golembiewski, LIMRA assistant vice president and director of annuity research.
Preliminary figures show that annuity sales will see another record quarter in Q2, with record-setting sales expected for registered index-linked annuities.
“We do well in times of volatility and uncertainty because annuities can provide some certainty for our clients,” he said.
Looking back at the first quarter of 2026, Golembiewski said annuity sales are coming off of strong tailwinds. Of the last 25 quarters, 17 was positive performance of the S&P 500.
Looking at the rest of 2026
IUL sales trends will be a focus of predictions for the remainder of 2026, Terry said.
“We’re going to look at IUL to see if the second quarter slowdown continues but we don’t think it will,” she said.
Continued strong growth in the final expense and accumulation markets also will be a focus in the second half of the year, she said.
Researchers will pay attention to interest rates and the overall economy to see what impacts they will have on life insurance sales, Terry said.
“It’s like trying to predict the weather; there’s a lot of volatility out there.”
On the annuity side, Golembiewski said, “We’re confident we’re going to get to the $450 billion range in sales.”
“There are a lot of variables out there. But we have a cushion from an annuity standpoint. Historically, our rates today are higher than a decade ago. So even if rates come down, we have some cushion there.”
Even if equity markets are more bearish in the second half of 2026, “our products deliver downside protection,” Golembiewski said. “We have the ability to sell these products and offer that protection.”
SINGAPORE–(BUSINESS WIRE)– AM Best is maintaining its stable outlook on Vietnam’s non-life insurance segment, citing robust demand, technology adoption and healthy macroeconomic factors.
The Best’s Market Segment Report, “Market Segment Outlook: Vietnam Non-Life Insurance,” states that the country’s positive macroeconomic performance has been underpinned by buoyant electronic exports, and increasing foreign direct investment, driven by the global investment boom in artificial intelligence-related technology and infrastructure. The strong macroeconomic fundamentals, along with increased government expenditure, continue to drive commercial insurance demand and support operating earnings, despite increasing competition.
“Vietnam’s non-life market has been attractive to foreign insurance groups and domestic financial conglomerates seeking growth and diversification. As market competition intensifies, insurers’ underwriting discipline faces challenges from these new entrants and incumbents seeking growth,” said Ken Lau, senior financial analyst, AM Best.
According to the report, operating earnings in 2025 exhibited a strong recovery from the prior year, due in large part to favourable underwriting earnings as the market recovers from the impact of Typhoon Yagi in 2024. Vietnam’s non-life insurance market also showed strong top-line growth in 2025, and the positive trend extended into the first half of 2026. AM Best expects the market’s overall operating performance to remain resilient, underpinned by stable investment returns and positive underwriting results, along with easing reinsurance market conditions.
“Non-life insurers in Vietnam continue to benefit from ample reinsurance capacity and more favourable renewal terms in 2026 and are increasingly well-positioned to optimise their reinsurance programmes to protect against the potential impact of severe catastrophic events,” said Chris Lim, director, AM Best.
AM Best’s outlook on Vietnam’s non-life segment will be highlighted in a presentation at the Vietnam Insurance Summit, to be held on 31 July 2026, in Da Nang, Vietnam. Additionally, Rob Curtis, managing director and chief executive officer of AM Best’s Singapore operations, will be in attendance and available for meetings. To arrange a meeting with Curtis, please email rob.curtis@ambest.com. Visitors to AM Best’s exhibit booth (No. 10) also can learn more about the rating agency’s role in the insurance industry. AM Best is a diamond sponsor of the event, which will take place at KOI Resort & Residence Da Nang. To learn more about the summit, visit here.
To view current Best’s Market Segment Outlooks, please visit here.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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, a bonus fixed index annuity (FIA) that combines a high upfront premium bonus, a strong lineup of index crediting strategies, enhanced in-contract liquidity, and principal protection in a single solution.
