The Travelers Companies, Inc., through its subsidiaries, provides a range of commercial and personal property, and casualty insurance products and services to businesses, government units, associations, and individuals in the United States and internationally. The company operates through three segments: Business Insurance, Bond & Specialty Insurance, and Personal Insurance. The Business Insurance segment offers workers' compensation, commercial automobile and property, general liability, commercial multi-peril, employers' liability, public and product liability, professional indemnity, marine, aviation, onshore and offshore energy, construction, terrorism, personal accident, and kidnap and ransom insurance products. This segment operates through select accounts, which serve small businesses; commercial accounts that serve mid-sized businesses; national accounts, which serve large companies; and national property and other that serve large and mid-sized customers, commercial trucking industry, and agricultural businesses, as well as markets and distributes its products through brokers, wholesale agents, and program managers. The Bond & Specialty Insurance segment provides surety, fidelity, management and professional liability, and other property and casualty coverages and related risk management services through independent agencies and brokers. The Personal Insurance segment offers property and casualty insurance covering personal risks, primarily automobile and homeowners' insurance to individuals through independent agencies and brokers. The Travelers Companies, Inc. was founded in 1853 and is based in New York, New York.

Компания The Travelers Companies, Inc. демонстрирует смешанную картину по ключевым фундаментальным метрикам. Мультипликаторы, такие как P/E и P/S, находятся ниже медианы отрасли, что указывает на недооцененность, однако P/B значительно выше, что может свидетельствовать о переоцененности. Эффективность компании по ROE и ROA впечатляет, так как оба показателя превышают медианные значения, что говорит о высоком качестве управления активами. Тем не менее, текущие коэффициенты ликвидности, такие как current_ratio, остаются на уровне ниже медианы, что вызывает опасения относительно способности компании покрывать краткосрочные обязательства. Долговая нагрузка, представленная debt_equity_ratio, ниже медианных значений, что является положительным моментом. Прибыль и выручка показывают положительную динамику, однако снижение дивидендной доходности может негативно сказаться на восприятии инвесторами. В целом, несмотря на сильные показатели в некоторых областях, есть риски, связанные с ликвидностью и переоцененностью по P/B, что требует осторожного подхода к оценке дальнейших перспектив компании.

The Travelers Companies, Inc.

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the SPDR Dow Jones Industrial Average ETF Trust (Symbol: DIA) where we have detected an approximate $835.4 million dollar outflow -- that's a 1.9% decrease week over week (from 89,342,867 to 87,642,867). Among the largest underlying components of DIA, in trading today Sherwin-Williams Co (Symbol: SHW) is off about 2%, American Express Co. (Symbol: AXP) is up about 0.5%, and Travelers Companies Inc (Symbol: TRV) is lower by about 1.8%. For a complete list of holdings, visit the DIA Holdings page » The chart below shows the one year price performance of DIA, versus its 200 day moving average:
Looking at the chart above, DIA's low point in its 52 week range is $397.41 per share, with $505.30 as the 52 week high point — that compares with a last trade of $489.80. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
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Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Also see:
Stocks Going Ex-Dividend
BNSO Split History
Cheap REIT Stocks
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy ETF Outflows: DIA, SHW, AXP, TRV

Cincinnati Financial Corporation's CINF reported first-quarter 2026 operating income of $2.10 per share, which surpassed the Zacks Consensus Estimate by 8.8%. The bottom line improved significantly from a loss of 24 cents per share in the year-ago quarter.
Total operating revenues for the quarter were $2.9 billion, reflecting a 12% year-over-year increase. The figure, however, missed the Zacks Consensus Estimate by 0.7%.
Quarterly results benefited from strong premium growth, improved pricing, and higher net investment income, alongside a sharp reduction in losses and related expenses.
Cincinnati Financial Corporation Price, Consensus and EPS Surprise
Cincinnati Financial Corporation price-consensus-eps-surprise-chart | Cincinnati Financial Corporation Quote
Operational Update
Earned premiums climbed 11% year over year to $2.6 billion, driven by premium growth initiatives, price increases and higher insured exposures. The figure marginally missed the Zacks Consensus Estimate by 0.7%.
Net investment income, net of expenses, increased 14% year over year to $318 million, primarily due to a 12% rise in interest income from fixed-maturity securities and a 13% jump in equity portfolio dividends. The figure marginally beat the Zacks Consensus Estimate by 3.6%
Total benefits and expenses declined 6% year over year to $2.4 billion, mainly due to a 12% decrease in loss and loss expense.
In its property and casualty insurance business, CINF reported underwriting income of $115 million, which improved significantly from a loss of $298 million. The figure was below the Zacks Consensus Estimates of $129.7 million.
The combined ratio, a key measure of underwriting profitability, improved 1770 basis points year over year to 95.6, outperforming the consensus estimate of 96.3.
Quarterly Segment Update
Commercial Lines Insurance: Total revenues of $1.2 billion increased 5% year over year, missing the Zacks Consensus Estimate by 1.2%. The upside was primarily driven by a 5% rise in earned premiums.
Underwriting income was $18 million, down 81% year over year. The combined ratio improved 670 basis points year over year to 98.6%. The Zacks Consensus Estimate was 96.3%.
Personal Lines Insurance: Total revenues of $875 million increased 25% year over year, driven by an 25% rise in earned premiums. The Zacks Consensus Estimate was $856 million.
Underwriting profit increased significantly year over year to $30 million from a loss of $357 million, surpassing the Zacks Consensus Estimate of $28 million. The combined ratio improved 5450 basis points year over year to 96.8%. The figure was on par with the Zacks Consensus Estimate.
Excess and Surplus Lines Insurance: Total revenues of $181 million grew 11% year over year, aided by an 11% increase in earned premiums. The Zacks Consensus Estimate was $185 million.
Underwriting profit increased 5% year over year to $21 million, significantly surpassing the Zacks Consensus Estimates of $14.1 million. The combined ratio deteriorated 100 basis points year over year to 89.3%. The Zacks Consensus Estimate was 92.7%.
Life Insurance: Total revenues were $140 million, up 8% year over year, driven by 6% higher earned premiums and 8% higher investment income, net of expenses.The Zacks Consensus Estimate was $136 million.
Total benefits and expenses increased 4% year over year to $107 million.
Financial Update
As of March 31, 2026, Cincinnati Financial reported total assets of $41.2 billion, up 0.5% from the 2025-end level.
Long-term debt was $791 million as of March 31, 2026, up 0.1% from the 2025-end level.
The company’s debt-to-capital ratio remained flat at 4.9% from the 2025-end level.
As of March 31, 2026, CINF’s book value per share decreased 0.7% year over year to $101.60.
Zacks Rank
Cincinnati Financial currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
The Travelers Companies, Inc. TRV reported first-quarter 2026 core income of $7.71 per share, which beat the Zacks Consensus Estimate by 10.5%. The bottom line surged fourfold year over year. Travelers’ total revenues remained flat from the year-ago quarter to $11.9 billion. The top-line figure, however, missed the Zacks Consensus Estimate by 3.7%.
Net written premiums increased 2% year over year to a record $10.3 billion, driven by strong growth across Business Insurance and Bond & Specialty Insurance segments. Net investment income increased 8.4% year over year to $1 billion. The figure matched the Zacks Consensus Estimate.
The Progressive Corporation’s PGR first-quarter 2026 earnings per share of $4.96 beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 6.7% year over year.
Operating revenues grew 8.2% year over year to $22.3 billion driven by 8% higher net premiums earned, a 12.7% increase in net investment income, a 3.5% rise in fees and other revenues, and 13.5% higher service revenues. The top line missed the Zacks Consensus Estimate by 1.2%. Net premiums earned grew 8% to $20.9 billion. The reported figure beat the Zacks Consensus Estimate by 1.5%.
Selective Insurance Group SIGI reported first-quarter 2026 operating income of $1.69 per share, which missed the Zacks Consensus Estimate by 2.3%. The bottom line decreased 11% year over year.
Operating revenues of $1.4 billion increased 6.4% from the year-ago quarter’s level, driven primarily by higher net premiums earned and net investment income. However, the top line missed the Zacks Consensus Estimate by 0.5%. Net premiums written decreased 1% to $1.3 billion. The figure was on par with our estimate.
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Cincinnati Financial Q1 Earnings Beat Estimates on Higher Premiums

Brown & Brown, Inc.’s BRO first-quarter 2026 adjusted earnings of $1.39 per share beat the Zacks Consensus Estimate by 2.2%. The bottom line increased 7.8% year over year.
The quarterly results were supported by higher commissions and fees, improved investment income and higher adjusted EBITDAC, though partially offset by elevated expenses and flat organic growth.
BRO’s Q1 Details
Total revenues of $1.9 billion beat the Zacks Consensus Estimate by 1.4%. The top line improved 35.4% year over year. The upside can be primarily attributed to commission and fees, which grew 35.7% year over year to $1.8 billion. The figure beat the Zacks Consensus Estimate for commission and fees by 1%. Improved investment and other income added to the top line.
Brown & Brown, Inc. Price, Consensus and EPS Surprise
Organic revenues remained flat year over year at $1.3 billion.
Investment income and other income increased 10.5% year over year to $21 million.
Adjusted EBITDAC was $731 million, up 36.6% year over year. The EBITDAC margin improved 40 basis points year over year to 38.5%.
Total expenses increased 40% to $1.36 billion due to a rise in employee compensation and benefits, other operating expenses, amortization, depreciation and interest.
Financial Update of BRO
Brown & Brown exited the first quarter with cash and cash equivalents of $1 billion, which decreased 7% from the 2025-end level.
Long-term debt was $6.5 billion as of March 31, 2026, down 4.5% from the 2025-end level.
Net cash provided by operating activities was $262 million, up 23% year over year.
Dividend Update
The board of directors approved a regular quarterly cash dividend of 16.5 cents per share to be paid out on May 20, 2026, to shareholders of record as of May 11, 2026.
Zacks Rank
BRO currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
The Travelers Companies, Inc. TRV reported first-quarter 2026 core income of $7.71 per share, which beat the Zacks Consensus Estimate by 10.5%. The bottom line surged fourfold year over year. Travelers’ total revenues remained flat from the year-ago quarter at $11.9 billion. The top-line figure, however, missed the Zacks Consensus Estimate by 3.7%.
Net written premiums increased 2% year over year to a record $10.3 billion, driven by strong growth across Business Insurance and Bond & Specialty Insurance segments. Net investment income increased 8.4% year over year to $1 billion. The figure matched the Zacks Consensus Estimate.
RLI Corp. RLI reported first-quarter 2026 operating earnings of 83 cents per share, which missed the Zacks Consensus Estimate by 2.3%. The bottom line decreased 13.2% from the prior-year quarter.
Operating revenues for the reported quarter were $454 million, up 4.4% year over year, driven by higher net premiums earned and net investment income. The top line beat the Zacks Consensus Estimate by 1%. Gross premiums written increased 3% year over year to $503.9 million. Net investment income increased 15.2% year over year to $42.3 million. The Zacks Consensus Estimate for the metric was pegged at $40.2 million, while our estimate was $38.3 million.
W.R. Berkley Corporation WRB reported first-quarter 2026 operating income of $1.30 per share, which beat the Zacks Consensus Estimate by 15%. The bottom line increased 28.7% year over year.
Total revenues were $3.7 billion, up 5% year over year, driven by higher net premiums earned, improved net investment income, higher revenues from non-insurance businesses and increased other income. The top line missed the consensus estimate by 0.28%. Net premiums written were about $3.2 billion, up 1.3% year over year. The figure beat our estimate as well as the Zacks Consensus Estimate of $3.18 billion.
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Brown & Brown Q1 Earnings Top Estimates on Higher Commissions

Earnings Season Surprises

Kinsale Capital Group, Inc. KNSL delivered first-quarter 2026 net operating earnings of $5.11 per share, which outpaced the Zacks Consensus Estimate by 8.7%. The bottom line increased 37.7% year over year.
Operating revenues increased 10.2% year over year to $467 million, which surpassed the Zacks Consensus Estimate by 0.1%.
The quarterly results benefited from growth in net premiums written, increased net investment income and disciplined underwriting supported by efficient capital management. However, these gains were partially offset by elevated operating expenses.
Kinsale Capital Group, Inc. Price, Consensus and EPS Surprise
KNSL’s Operational Update
Gross written premiums of $482 million decreased 0.5% year over year, primarily due to a 28.3% decline in the Commercial Property Division. Net written premiums climbed 5.6% year over year to $403.3million.
Net investment income increased 26.5% year over year to $55.4 million. The increase was primarily driven by growth in the company’s investment portfolio.However, net investment income missed the Zacks Consensus Estimate by 0.5%.
Total expenses increased 5.1% year over year to $327 million due to a rise in underwriting, acquisition and insurance expenses as well as interest expense. Our model estimate was $289.6 million.
Kinsale Capital’s underwriting income was $94.5 milion, up 40% year over year. The increase was driven by growth in net earned premiums, higher favorable development of loss reserves from prior accident years, and lower catastrophe losses. Underwriting income surpassed our model estimate by 14.5%.
The combined ratio improved 470 basis points (bps) year over year to 77.4 compared with the Zacks Consensus Estimate of 79.1. The loss ratio improved 580 bps to 56.3, reflecting lower catastrophe losses and favorable reserve development. The expense ratio deteriorated 110 bps year over year to 21.1.
Financial Update
Kinsale Capital exited the first quarter of 2026 with cash and cash equivalents of $ 223.2 million, which increased 36.7% from the 2025-end level.
As of March 31, 2026, stockholders’ equity increased 0.4% year over year to approximately $1.9 billion.
Book value per share was $85.31 as of March 31, 2026, up 1.1% from the 2025-end level.
Annualized operating return on equity improved 150 bps year over year to 24 % in the reported quarter.
Capital Deployment
KNSL repurchased 0.2 million shares for $62.5 million in the first quarter of 2026. The insurer had $187.5 million remaining under its authorization as of March 31, 2026.
KNSL paid a cash dividend of 25 cents per share in the first quarter of 2026.
Zacks Rank
KNSL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
Selective Insurance Group (SIGI) reported first-quarter 2026 operating income of $1.69 per share, which missed the Zacks Consensus Estimate by 2.3%. The bottom line decreased 11% year over year.
Operating revenues of $1.4 billion increased 6.4% from the year-ago quarter’s level, driven primarily by higher net premiums earned and net investment income. The top line misses the Zacks Consensus Estimate by 0.5%. Net premiums written (NPW) decreased 1% to $1.3 billion. The figure was on par with our estimate.
The Travelers Companies, Inc. TRV reported first-quarter 2026 core income of $7.71 per share, which beat the Zacks Consensus Estimate by 10.5%. The bottom line surged fourfold year over year. Travelers’ total revenues remained flat from the year-ago quarter to $11.9 billion. The top line missed the Zacks Consensus Estimate by 3.7%.
Net written premiums increased 2% year over year to a record $10.3 billion, driven by strong growth across Business Insurance and Bond & Specialty Insurance segments. Net investment income rose 8.4% year over year to $1 billion. The figure matched the Zacks Consensus Estimate.
The Progressive Corporation’sPGR first-quarter 2026 earnings per share of $4.96 beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 6.7% year over year.
Operating revenues grew 8.2% year over year to $22.3 billion, driven by 8% higher net premiums earned, a 12.7% increase in net investment income, a 3.5% rise in fees and other revenues, and 13.5% higher service revenues. The top line missed the Zacks Consensus Estimate by 1.2%. Net premiums earned grew 8% to $20.9 billion. The reported figure beat the Zacks Consensus Estimate by 1.5%.
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KNSL Q1 Estimates Beat on Strong Underwriting, Revenues Rise Y/Y

Principal Financial Group, Inc.’s PFG first-quarter 2026 operating net income of $2.07 per share beat the Zacks Consensus Estimate by 2.9%. The bottom line increased 14% year over year.
Total revenues decreased 4.5% year over year to $3.5 billion, missing the Zacks Consensus Estimate by 14.5%
Principal Financial witnessed operating earnings rising on strong fee income, assets under management ("AUM") growth and improved underwriting across segments. Despite a modest decline in total revenues, lower expenses and margin expansion led to a significant increase in the bottom line.
Behind the Headlines
Total expenses decreased 8.2% year over year to $3 billion due to lower benefits, claims and settlement expenses as well as operating expenses.
Principal Financial Group, Inc. Price, Consensus and EPS Surprise
As of March 31, 2026, Principal Financial’s AUM were $770.2 billion, included within assets under administration of $1.8 trillion.
Q1 Segment Update
Retirement and Income Solution: Revenues increased 4% year over year to $750 million due to higher premiums and other considerations, fees and other revenues, and net investment income.
Pre-Tax operating earnings increased 6% year over year to $302.1 million, primarily due to higher net revenues and disciplined expense management.
Investment Management: Revenues of $426 million were up 2% from the prior-year quarter due to higher fees and other revenues and net investment income.
Pre-Tax operating earnings increased 8% year over year to $125.1 million, primarily due to higher operating revenues less pass-through expenses. The operating margin has increased 100 bps year over year to 30%.
International Pension: Revenues increased 15% year over year to $169.3 million, owing to lower premiums and other considerations, fees and other revenues, and net investment income.
Pre-Tax operating earnings of $83.4 million increased 17% year over year, driven by higher net revenues and disciplined expense management.
Specialty Benefits: Premiums and fees increased 4% year over year to $861.4 million, owing to higher premiums and other considerations as well as net investment income.
Pre-tax operating earnings of $136.8 million increased 29% year over year, primarily due to more favorable underwriting.
Life Insurance: Revenues increased 1% year over year to $238.6 million, owing to higher premiums and other considerations, fees and other revenues, and net investment income.
Pre-tax operating earnings of $33.2 million surged more than threefold year over year, driven by growth in the business, expense management discipline and improved mortality experience.
Corporate: Pre-tax operating loss of $122.1 million was wider than the year-ago loss of $105.6 million.
Financial Update
As of March. 31, 2026, cash and cash equivalents were $3.5 billion, which decreased 12.4% from the 2025-end level.
In the first quarter of 2026, long-term debt was $4.2 billion, which remained flat from the 2025 end level. As of March 31, 2026, book value per share (excluding cumulative change in fair value of funds withheld, embedded derivative and AOCI other than foreign currency translation adjustment) was $60.30, up 10% from the 2025-end level.
Dividend and Share Repurchase Update
Principal Financial returned $374 million of capital to its shareholders in the first quarter of 2026, including $200 million of share repurchases and $174 million of dividends.
Board of directors raised the second-quarter dividend by 8% to 82 cents per share. The dividend will be payable on June 27, 2026, to its shareholders of record as of June 2.
Zacks Rank
Principal Financial currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
The Travelers Companies, Inc. TRV reported first-quarter 2026 core income of $7.71 per share, which beat the Zacks Consensus Estimate by 10.5%. The bottom line surged fourfold year over year. Travelers’ total revenues of $11.9 billion remain flat compared with the year-ago quarter. The top-line figure, however, missed the Zacks Consensus Estimate by 3.7%.
Net written premiums increased 2% year over year to a record $10.3 billion, driven by strong growth across Business Insurance and Bond & Specialty Insurance segments. Net investment income increased 8.4% year over year to $1 billion. The figure matched the Zacks Consensus Estimate.
The Progressive Corporation’s PGR first-quarter 2026 earnings per share of $4.96 beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 6.7% year over year.
Operating revenues grew 8.2% year over year to $22.3 billion driven by 8% higher net premiums earned, a 12.7% increase in net investment income, a 3.5% rise in fees and other revenues, and 13.5% higher service revenues. The top line missed the Zacks Consensus Estimate by 1.2%. Net premiums earned grew 8% to $20.9 billion. The reported figure beat the Zacks Consensus Estimate by 1.5%.
RLI Corp. RLI reported first-quarter 2026 operating earnings of 83 cents per share, which missed the Zacks Consensus Estimate by 2.3%. The bottom line decreased 13.2% from the prior-year quarter.
Operating revenues for the reported quarter were $454 million, up 4.4% year over year, driven by higher net premiums earned and net investment income. The top line beat the Zacks Consensus Estimate by 1%.Gross premiums written increased 3% year over year to $503.9 million. Net investment income increased 15.2% year over year to $42.3 million. The Zacks Consensus Estimate for the metric was pegged at $40.2 million, while our estimate was $38.3 million.
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PFG Q1 Earnings Top Estimates, Revenues Decline Y/Y, Dividend Up

Thursday, April 23, 2026
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including UnitedHealth Group Inc. (UNH), Morgan Stanley (MS) and RTX Corp. (RTX), as well as two micro-cap stocks United Homes Group, Inc. (UHG) and Motorsport Games Inc. (MSGM). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
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Ahead of Wall Street
The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.
You can read today's AWS here >>> Jobless Claims Move Up Slightly, Pre-Markets Move Down
Today's Featured Research Reports
Shares of UnitedHealth have declined -0.6% over the past six months against the Zacks Medical - HMOs industry’s decline of -3.4%. The company is facing rising medical costs, which continue to pressure margins, reflected in an elevated MCR despite recent improvement, while elevated debt and interest expenses strain financial flexibility. It is currently overvalued compared with the industry. As such, we have a neutral recommendation.
Nevertheless, UnitedHealth’s first-quarter earnings beat estimates. It has shown steady revenue growth, driven by Optum and UnitedHealthcare. Its strong market position and expansion initiatives, amid rising healthcare demand, support long-term growth.
UnitedHealth expects total revenues to be over $439 billion in 2026. Optum remains a key driver via pharmacy services, tech integration and government solutions. Commercial membership also grew for UNH, aiding margins despite headwinds in government programs. Robust cash generation supports shareholder returns and financial flexibility.
(You can read the full research report on UnitedHealth here >>>)
Morgan Stanley’s shares have outperformed the Zacks Financial - Investment Bank industry over the past six months (+17.4% vs. +6.2%). The company’s first-quarter 2026 results showed capital markets strength. Increased focus on asset and wealth management operations, along with its strategic alliances and acquisitions, will support its top line.
The EquityZen acquisition broadens private markets capabilities and should deepen client relationships over time. The performance of the investment banking (IB) business will continue to be driven by a strong pipeline, resilient M&A demand, lower rates and the company’s global footprint. Its efficient capital distributions reflect a solid balance sheet.
However, expenses will remain elevated due to expansion and tech investments. While trading revenues have been rising, growth in the same might become challenging in the future due to the volatile nature of the business.
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Shares of RTX have outperformed the Zacks Aerospace - Defense industry over the past six months (+2.1% vs. -7.6%). The company’s first-quarter 2026 earnings beat expectations. It continues to receive ample orders for its wide range of combat-proven defense products from the Pentagon and its foreign allies. Steadily improving global commercial air traffic boosts the company's sales.
Strong volumes and a favorable mix across large commercial engines and Pratt Canada operations are expected to support the company’s growth momentum in the commercial aerospace market. This resulted in RTX registering a backlog of $271 billion as of March 31, 2026.
Yet, the uncertainties created by the recent imposition of U.S. government-issued import tariffs pose a risk for RTX. Supply-chain challenges continue to affect the aerospace sector, which may adversely impact RTX.
(You can read the full research report on RTX here >>>)
United Homes Group’s shares have underperformed the Zacks Real Estate - Development industry over the past six months (-32.4% vs. -0.1%). This microcap company with market capitalization of $69.42 million has seen its volumes, orders and EBITDA decline, reflecting weak demand, rising cancelations and reliance on incentives, constraining operating leverage.
Cash usage and leverage remain elevated, increasing rate sensitivity. A pending merger provides near-term value clarity but adds execution risk. Valuation suggests the market is pricing in sustained demand softness, margin pressure and execution risk, while assigning limited credit to longer-term margin expansion.
Nevertheless, Product repositioning and cost reengineering are supporting structural margin resilience, with margins expanding despite heavier discounting, driven by lower build costs and design standardization. Southeast exposure aligns with migration and affordability tailwinds, while pricing remains stable. Backlog growth improves visibility, and a land-light model limits capital risk and enhances flexibility.
(You can read the full research report on United Homes Group here >>>)
Shares of Motorsport Games have outperformed the Zacks Gaming industry over the past six months (+67.8% vs. -23.5%). This microcap company with a market capitalization of $21.73 million has its investment case centered on a flagship racing title that has evolved into a durable monetization platform through ongoing content updates and a growing subscription ecosystem.
Strong digital mix and disciplined cost control are driving margin expansion and improving operating leverage, while enhanced liquidity provides flexibility to fund platform expansion and new development. Engagement-led growth, supported by competitive features and community infrastructure, reinforces recurring revenue potential and user retention.
However, risks stem from heavy reliance on a single franchise and key distribution channels, alongside exposure to licensing commitments and execution demands tied to multi-platform expansion. Earnings sustainability increasingly depends on continued content success and subscription growth, while potential dilution and financing constraints could limit shareholder upside.
(You can read the full research report on Motorsport Games here >>>)
Other noteworthy reports we are featuring today include Arista Networks, Inc. (ANET), Sandisk Corp. (SNDK) and The Travelers Companies, Inc. (TRV).
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
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Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
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Top Research Reports for UnitedHealth, Morgan Stanley & RTX

Globe Life Inc. GL reported first-quarter 2026 net operating income of $3.43 per share, which missed the Zacks Consensus Estimate by 0.9%. The bottom line, however, improved 11.7% year over year, driven by higher insurance underwriting income.
While higher premiums, stronger underwriting income, and increased investment income supported results, these gains were offset by elevated expenses, resulting in an earnings miss.
Globe Life Inc. Price, Consensus and EPS Surprise
Behind the Headlines
Globe Life reported total premium revenues of $1.3 billion, up 6% year over year. This upside was primarily driven by higher premiums from Life and Health insurance.
Net investment income increased 3.3% year over year to $289.8 million.
The company reported operating revenues of $1.56 billion, up 5.3% from the year-ago quarter’s level. The improvement was driven by growth in Life and Health insurance premiums and improved net investment income. The top line missed the Zacks Consensus Estimate by 0.4%
Excess investment income, a measure of profitability, increased 2.2% year over year to $36.7 million.
Total insurance underwriting income increased 5% year over year to $352.4 million. The increase can be attributed to higher Health underwriting income.
Administrative expenses were up 7.7% year over year to $94.3 million.
Total benefits and expenses increased 5.3% year over year to $1.2 billion, primarily due to higher total policyholder benefits, amortization of deferred acquisition costs, commissions, premium taxes, and non-deferred acquisition costs, and other operating expense.
Segmental Results of GL
Premium revenues at Life increased 3% year over year to $853.2 million, driven by higher premiums written by distribution channels like American Income and Liberty National. American Income and Liberty National rose 5% and 4%, respectively. Net sales of $157.4 million increased 6% year over year. Underwriting margins increased 3% to $349.1 million.
Health insurance premium revenues rose 13% year over year to $416.9 million, primarily driven by higher premiums from United American, Family Heritage and Direct to Consumer. Net health sales increased 58% to $106.2 million. Underwriting margins increased 12% to $94.5 million.
Globe Life’s Financial Update
Shareholders’ equity, excluding accumulated other comprehensive income (AOCI), as of March 31, 2026, increased 5.3% year over year to $7.8 billion.
As of March 31, 2026, Globe Life reported book value per share, excluding AOCI, of $98.56, up 12.1% year over year.
Operating return on equity, excluding AOCI, was 14% in the reported quarter, which contracted 10 basis points year over year.
GL’s Share Repurchase
Globe Life repurchased 1.4 million shares worth $203 million in the reported quarter.
2026 View
Globe Life raised its full-year 2026 net operating income to the range of $15.40-$15.90 per diluted share.
GL's Zacks Rank
Globe Life currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
The Progressive Corporation PGR reported first-quarter 2026 earnings per share of $4.96, which beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 6.7% year over year. PGR’s net premiums written were $23.6 billion in the reported quarter, up 6.5% from $22.2 billion a year ago. Net premiums earned grew 8% to $20.9 billion, which beat the Zacks Consensus Estimate by 1.5%.
Progressive’s operating revenues grew 8.2% year over year to $22.3 billion, driven by higher net premiums earned, an increase in net investment income, a rise in fees and other revenues and higher service revenues. The top line missed the Zacks Consensus Estimate by 1.2%
The Travelers Companies, Inc. TRV reported first-quarter 2026 core income of $7.71 per share, which beat the Zacks Consensus Estimate by 10.5%. The bottom line surged fourfold year over year. The increase was primarily driven by lower catastrophe losses and higher net investment income. Travelers’ total revenues remained flat year over year at $11.9 billion. The top-line figure, however, missed the Zacks Consensus Estimate by 3.7%.
Net written premiums increased 2% year over year to a record $10.3 billion, driven by strong growth across Business Insurance and Bond & Specialty Insurance segments. TRV’s net investment income increased 8.4% to $1 billion, primarily due to the long-term fixed income investment portfolio.
W.R. Berkley Corporation WRB reported first-quarter 2026 operating income of $1.30 per share, which outpaced the Zacks Consensus Estimate by 15%. The bottom line increased 23.4% year over year. W.R. Berkley’s net premiums written were about $3.7 billion, up 2.8% year over year. Operating revenues totaled $3.6 billion, up 4% year over year. However, the top line missed the consensus estimate by 0.28%.
WRB’s net investment income grew 6.6% to $338.2 million. Total expenses increased 2.2% to $3 billion. The loss ratio decreased 100 basis points (bps) to 62.2, while the expense ratio improved 80 bps year over year to 28.6.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners Up
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Globe Life Q1 Earnings Miss Estimates, Rise Y/Y on Higher Premiums

RLI Corp. RLI reported first-quarter 2026 operating earnings of 83 cents per share, which missed the Zacks Consensus Estimate by 2.3%. The bottom line decreased 13.2% from the prior-year quarter.
The quarterly results reflect underwriting strain from catastrophe losses, though investment income and casualty growth offer resilience.
Operational Performance
Operating revenues for the reported quarter were $454 million, up 4.4% year over year, driven by higher net premiums earned and net investment income. The top line beat the Zacks Consensus Estimate by 1%.
RLI Corp. Price, Consensus and EPS Surprise
Gross premiums written (GPW) increased 3% year over year to $503.9 million, driven by strong growth in the casualty segment (up 10%). Our estimate was $523.9 million.
Net investment income increased 15.2% year over year to $42.3 million. The Zacks Consensus Estimate was $40.2 million, while our estimate for the metric was pegged at $38.3 million. The investment portfolio’s total return was -0.4% in the quarter.
Total expenses increased 8% year over year to $385.7 million, primarily due to higher loss and settlement expenses and interest expense on debt. Our estimate was $349.4 million.
Underwriting income fell 18% year over year to $57.8 million. Our estimate was $71.4 million. The combined ratio deteriorated 370 basis points (bps) year over year to 86, reflecting higher catastrophe losses. Our estimate was 82.
Segmental Results
Casualty lines’ GPW rose 10.3% year over year to $307.0 million. The figure was below our estimate of $300.9 million.
The underwriting income increased significantly to $7.3 million from $2.1 million, up 249% year over year, supported by strong premium growth. The combined ratio improved 200 bps year over year to 97.1%. The figure was below our estimate of 99%.
Property lines’ GPW fell 9.0% year over year to $154.8 million. The figure was below our estimate of $180.1 million.
The underwriting income declined to $48.2 million, down 15.3% primarily due to catastrophe losses and lower premium volumes. The combined ratio deteriorated 480 bps year over year to 61.9%. Our estimate was 55%.
Surety lines’ GPW remained largely flat at $42.1 million. The figure was on par with our estimate.
The underwriting income dropped sharply to $2.3 million from $11.6 million, reflecting weaker reserve development and higher expenses. The combined ratio worsened significantly to 93.7% from 68.5%, up 2,520 bps year over year. Our estimate was 74.7%.
Financial Update
RLI exited the quarter with total investments and cash of $4.9 billion, up 4.8% from 2025-end.
Book value was $19.54 per share as of March. 31, 2026, up 1% from the figure as of Dec. 31, 2025.
Net cash flow from operations was $42.8 million, down 58.6% year over year.
The statutory surplus decreased 1.7% from 2025-end to $1.8 billion as of March. 31, 2025.
Return on equity was 22.5%, expanding 490 bps from the year-ago period.
Dividend Update
On March 16, 2026, the insurer paid a regular quarterly dividend of 16 per cent per share for the first quarter. RLI’s cumulative dividends totaled more than $1.1 billion, paid over the last five years.
Zacks Rank
RLI currently has a Zacks Rank #4 (Sell).
Performance of Another Insurer
The Travelers Companies, Inc. TRV reported first-quarter 2025 core income of $7.71 per share, which beat the Zacks Consensus Estimate by 10.5%. The bottom line surged fourfold year over year. Travelers’ total revenues remain flat from the year-ago quarter to $11.9 billion. The top-line figure, however, missed the Zacks Consensus Estimate by 3.7%.
Net written premiums increased 2% year over year to a record $10.3 billion, driven by strong growth across Business Insurance and Bond & Specialty Insurance segments. Net investment income increased 8.4% year over year to $1 billion. The figure matched the Zacks Consensus Estimate.
The Progressive Corporation PGR first-quarter 2026 earnings per share of $4.96 beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 6.7% year over year.
Operating revenues grew 8.2% year over year to $22.3 billion driven by 8% higher net premiums earned, a 12.7% increase in net investment income, a 3.5% rise in fees and other revenues, and 13.5% higher service revenues. The top line missed the Zacks Consensus Estimate by 1.2%. Net premiums earned grew 8% to $20.9 billion. The reported figure beat the Zacks Consensus Estimate by 1.5%.
W.R. Berkley Corporation WRB reported first-quarter 2026 operating income of $1.30 per share, which beat the Zacks Consensus Estimate by 15%. The bottom line increased 28.7% year over year.
Total revenues were $ 3.7 billion, up 5% year over year, driven by higher net premiums earned, improved net investment income, higher revenues from non-insurance businesses and increased other income. The top line missed the consensus estimate by 0.28%. W.R. Berkley’s net premiums written were about $3.2 billion, up 1.3% year over year. The figure missed our estimate as well as the Zacks Consensus Estimate of $3.18 billion.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners Up
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RLI Corp. (RLI) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

RLI Q1 Earnings Miss Estimates, Investment Income Increases Y/Y

Selective Insurance Group SIGI reported first-quarter 2026 operating income of $1.69 per share, which missed the Zacks Consensus Estimate by 2.3%. The bottom line decreased 11% year over year.
The company’s quarterly performance reflects significantly higher catastrophe losses and weaker underwriting, partially offset by strong investment income tailwinds.
Behind the Headlines
Operating revenues of $1.4 billion increased 6.4% from the year-ago quarter’s level, driven primarily by higher net premiums earned and net investment income. However, the top line misses the Zacks Consensus Estimate by 0.5%.
Selective Insurance Group, Inc. Price, Consensus and EPS Surprise
On a year-over-year basis, net premiums written ("NPW") decreased 1% to $1.3 billion, due to a decline in standard personal lines and standard commercial lines. The figure was on par with our estimate.
After-tax net investment income increased 18% year over year to $113 million.
Underwriting income of $17 million declined 53% year over year, caused by higher catastrophe losses and an increased loss ratio.
The combined ratio deteriorated 220 basis points year over year to 98.3. The Zacks Consensus Estimate was 98.3, while our estimate was 98.1
Total expenses rose 7% year over year to $1.2 billion, mainly due to loss expenses incurred, corporate expenses and other expenses. The figure was on par with our estimate.
Segmental Results
Standard Commercial Lines’ NPW was down 1% year over year to $992.4 million, due to lower new business. This was below our estimate of $908.4 million.
The combined ratio was 100.2, deteriorating by 380 basis points year over year. The Zacks Consensus Estimate was 99, while our estimate was 98.1.
Standard Personal Lines’ NPW declined 6% year over year to $82.5 million, reflecting reduced new business volume, while underwriting performance improved meaningfully. The average renewal price rose 10.1%, and retention was 78%. The figure was below our estimate of $89.6 million.
The combined ratio was 92.8, improved significantly by 520 basis points. The Zacks Consensus Estimate was pegged at 101, while our estimate was 106.5.
Excess & Surplus Lines’ NPW rose 1% year over year to $150.7 million, driven by average renewal pure price increases of 4.1%. Our estimate was $174 million.
The combined ratio was 89.5, improving 300 basis points year over year. The Zacks Consensus Estimate was pegged at 87.2, while our estimate was 90.1.
Financial Update
Selective Insurance exited the first quarter of 2026 with total assets of $15.3 billion, up 1% from the December-end 2025 level.
Long-term debt remained stable at $901.9 million, while adjusted book value per share rose 2% to $58.94 as of March 31, 2026.
Operating return on common equity in the first quarter was 12%, contracted 14.4% a year ago.
Share Repurchase and Dividend Update
During the first quarter of 2026, the company repurchased shares worth $30 million.
A quarterly cash dividend of 43 cents per common share is payable on June 1, 2026, to its shareholders of record as of May 15.
2026 Guidance
SIGI estimates a GAAP combined ratio of 96.5-97.5.
Selective Insurance estimates after-tax net investment income of $465 million.
SIGI assumes no prior-year casualty reserve development.
The overall effective tax rate is expected to be around 21.5%.
Weighted average shares are estimated to be 60.5 million on a fully diluted basis.
Zacks Rank
SIGI currently has a Zacks Rank #4 (Sell).
Performance of Other Insurers
The Travelers Companies, Inc. TRV reported first-quarter 2026 core income of $7.71 per share, which beat the Zacks Consensus Estimate by 10.5%. The bottom line surged four folds year over year. Travelers’ total revenues remained flat from the year-ago quarter to $11.9 billion. The top-line figure missed the Zacks Consensus Estimate by 3.7%.
Net written premiums increased 2% year over year to a record $10.3 billion, driven by strong growth across Business Insurance and Bond & Specialty Insurance segments. Net investment income rose 8.4% year over year to $1 billion. The figure matched the Zacks Consensus Estimate.
The Progressive Corporation’s PGR first-quarter 2026 earnings per share of $4.96 beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 6.7% year over year.
Operating revenues grew 8.2% year over year to $22.3 billion driven by 8% higher net premiums earned, a 12.7% increase in net investment income, a 3.5% rise in fees and other revenues, and 13.5% higher service revenues. The top line missed the Zacks Consensus Estimate by 1.2%. Net premiums earned grew 8% to $20.9 billion. The reported figure beat the Zacks Consensus Estimate by 1.5%.
W.R. Berkley Corporation WRB reported first-quarter 2026 operating income of $1.30 per share, which beat the Zacks Consensus Estimate by 15%. The bottom line increased 28.7% year over year.
Total revenues were $3.7 billion, up 5% year over year, driven by higher net premiums earned, improved net investment income, higher revenues from non-insurance businesses and increased other income. The top line missed the consensus estimate by 0.28%. W.R. Berkley’s net premiums written were about $3.2 billion, up 1.3% year over year. The figure missed our estimate as well as the Zacks Consensus Estimate of $3.18 billion.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners Up
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
P/E	10.87 13.54
Price/Sales	1.40 2.13
P/B	2.11 1.22
P/FCF	6.88 10.71

Indicator	TTM Median
ROE	20.43 10.44
ROA	4.44 1.19
ROI	15.92 6.98
Net Worth	67.05 1.04
Quick Ratio	0.00 1.37
Current Ratio	0.26 0.97

Indicator	TTM Median
Net Profit Margin	12.78 17.29
Operating Margin	16.84 23.38
Gross Margin	44.25 70.06
Return on tangible equity	23.62 12.56

Indicator	TTM Median
EPS	7.71 0.66
EPS Forecast	6.98 0.67
Revenue	12.43B 81.00M
Gross Profit	6.60B —
EBITDA	4.47B —

The Travelers Companies, Inc.

Recent quarterly and TTM performance

Valuation

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Efficiency

Other ratios

Revenue