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1、EquityResearch3July2017U.S.Insurance/LifeINDUSTRYUPDATE2QPreview:TougherMacroPicture,U.S.Insurance/LifeButFavorableFundamentalsPOSITIVEUnchangedThemacropicturehasbecomemorechallengingforthelifeinsurersincludinga10-Forafulllistofourratings,pricetargetandyearUSTreasuryyieldnearyea
2、r-to-datelowsat2.2%,andaflatyieldcurve.Favorableearningschangesinthisreport,pleaseseeequitymarketperformanceispartiallyoffsettingthesefactorsforthelifeinsurersandtableonpage2.annuitycompanies.Despitemacroheadwinds,theUSLifeInsurerscanstillgeneratedecentcoreEPSgrowthalongwithlowd
3、ouble-digitoperatingROEs.U.S.Insurance/LifeJayGelb,CFATheregulatorysituationismixedwiththeDoLfiduciarystandardruleexpectedtobe1.212.526.1561implementedlargelyasinitiallyproposed,althoughtheriskofFedregulationoflifejay.gelb@barclays.cominsurersisexpectedtobeoffthetablebyyear-end2
4、017(favorableforMET,PRU,AIG).BCI,US2QFocusAreas.MET’sspinoffofBrighthouseisexpectedtobecompletedonAugustSueLee4.The$3.3-$3.8bndividendfromBrighthousetoMETshouldbefullydeployable,inour+12125268190view.PRU’stonehasbeenupbeatonitsInternationalbusinessespeciallyinJapan,itssue.lee@ba
5、rclays.comBCI,USUSvariableannuityreturnonassetscouldimprove,andAssetManagementsegmenttrendsshouldbefavorable.AFLhasbeenconfidentinachievinglong-termJapanandAndrewKarpUSsalesgrowthtargets;weexpectanupdateonsuccessionplanningfollowingthe+12125269015recentdepartureAlfac’spresidentP
6、aulAmoswhoisthesonofCEODanAmos.AMPandrew.karp@barclays.comhasbeenupbeatonthepotentialforfurthermarginexpansionintheAdvice&WealthBCI,USsegment.UNMhasbeenconstructiveon2017withlowriskofalong-termcarecharge.KaraMarciscanoVOYAhasappearedconfidentinitsabilitytoachieveitsongoingbusine
7、ssoperating+12125269031ROEtargetof13.5%-14.5%by2018,returnexcesscapitaltoshareholders,andde-riskkara.marciscano@barclays.comitsclosedblockvariableannuity(CBVA)exposure.ATHdidnotacquireFGL(asweBCI,USexpected),andweanticipateanupdateonplanstodeployexcesscapital.Basedonshiftingmana
8、gementresponsibilities,weenvisionsuccessionplan
