With the 30 year U.S. Treasury yield touching 5.22% and investors suddenly rethinking what “risk free” really costs, long dated cash flows are being repriced in real time. That can pressure some stocks and potentially open the door for others. This article walks through three U.S. life insurers and long duration liability managers that are closely tied to this rates reset and explains how the current backdrop might matter for their shares.

The stocks covered below are just a starting sample, as the full screen surfaced 13 more U.S. life insurers and long duration liability managers with equally compelling narratives that are not detailed in this article. To identify and analyze the companies that best fit your own view on long term yields, head straight into the U.S. Life Insurers and Long-Duration Liability Managers screener.

Lincoln National (LNC)

Overview: Lincoln National is a U.S. based insurer and retirement provider that sells life insurance, annuities, group benefits and workplace retirement plans to employers and individuals through financial advisors and intermediaries. Its products are aimed at helping customers protect income, manage long term care needs and build retirement savings.

Operations: Lincoln National generates about US$19.4b in annual revenue, mainly from Group Protection at US$6.2b, Life Insurance at US$6.0b, Annuities at US$5.7b and Retirement Plan Services at US$1.4b, almost entirely in the United States.

Market Cap: US$8.4b

Lincoln National stands out in this higher rate world because its large life, annuity and retirement books can reinvest at today’s yields. Management has linked this to spread expansion and stronger cash generation in recent calls. At the same time, the stock trades on a low P/E and independent analysis points to a wide gap between current pricing and estimated fair value, even after a run of strong recent earnings and high ROE. Investors do still need to weigh legacy product and reinsurance risks, dividend coverage questions and fresh leadership changes such as the CFO transition. For investors who expect higher long term yields to persist, this mix of rate sensitivity, capital actions and valuation may warrant closer review.

Lincoln National’s low P/E and wide gap to estimated fair value suggest a story investors have not fully priced in yet. Compare that valuation with the 3 key rewards and 3 important warning signs (1 is major!)

Build your own undervalued life insurer shortlist

Lincoln National and the two other insurers in this article all surfaced from a single Simply Wall St screen, but your best ideas are likely to come from filters tailored to your own view on rates, valuation gaps and balance sheet strength. Use our flexible Screener to mix metrics like P/E, financial health, dividends and risks into your own watchlist, or lean on the ready made themes in our Investing Ideas.

Brookfield Wealth Solutions (BNT)

Overview: Brookfield Wealth Solutions is a Bermuda based insurer that focuses on retirement services, wealth protection products and capital solutions, offering a mix of annuities, life insurance and specialty property and casualty coverage to both individuals and institutions.

Market Cap: US$14.9b

Brookfield Wealth Solutions could be interesting for investors who think higher long term yields will keep rewarding firms that manage pension like promises and complex liabilities. The company sits squarely in that niche through its annuity and life franchises, while also running a broad specialty P&C book. Earnings have grown strongly over five years, yet recent results show pressure with a loss of US$466 million over the first half of 2026 and a relatively low 3.2% return on equity. The stock trades on a rich P/E and above one cash flow based fair value estimate, so investors are paying a premium for that long dated opportunity set and need to be comfortable with external funding risk and earnings volatility.

Brookfield Wealth Solutions appears to be a growth story that is currently paused due to funding and earnings questions. See how its annuity and specialty P&C ambitions compare in the analyst forecasts for Brookfield Wealth Solutions that could reframe the entire thesis.

Globe Life (GL)

Overview: Globe Life provides life and supplemental health insurance to lower middle and middle income U.S. families, offering products such as whole and term life, Medicare supplement, accident and critical illness cover, final expense and hospital insurance. It reaches customers through direct to consumer marketing, exclusive and general agency independent agents, and brokers.

Operations: Globe Life generates about US$3.4b from Life insurance, US$1.6b from Health insurance excluding Medicare Part D, and US$1.2b from Investments, with virtually all of its US$6.2b revenue coming from the United States.

Market Cap: US$13.7b

Globe Life sits at the intersection of higher long term rates and steady protection demand, which is why many investors are watching it closely. Management has highlighted that its long dated liabilities allow it to reinvest in long term bonds and commercial mortgages at yields around 5.6% to 9%, while higher net investment income does not reprice future policy benefits. At the same time, the stock is described as trading well below one cash flow based fair value estimate and on a lower P/E than many peers, while recent net margins are reported near 19.6% and return on equity is reported at almost 20%. The catch is elevated debt and funding risk, regulatory investigations and reliance on agent led distribution. Understanding how these pieces fit together is key to assessing whether the current setup offers enough compensation for those risks.

Globe Life’s mix of high reported margins, long dated reinvestment yields and a stock described as priced below one cash flow based fair value estimate looks like a puzzle investors have not fully cracked. The 2 key rewards and 1 important warning sign could surface the one factor that flips the whole risk reward story.

Seeking Fresh Alternatives Before Others Do

New themes move fast. Some stocks sit quiet, then suddenly show breakout momentum while others start dropping once the crowd catches on. Check these under the radar ideas while it matters and get in early.

• Target resilient companies that aim to hold up when volatility rises by scanning the 88 resilient stocks with low risk scores before those opportunities get fully priced in.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.