| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 6, 2026 | 2/12 | No flags | 0 | 0 | Call sheet → |
| Q1'26 | May 7, 2026 | 8/12 | 2 medium, 4 low flags | 4 | 0 | Call sheet → |
| Q4'25 | February 5, 2026 | 8/12 | 4 medium, 2 low flags | 4 | 2 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Year 2 acceleration of New Frontier will deliver higher growth (Q1) Q2 growth slowed versus Q1; no evidence of acceleration yet. |
| Q1'26 | Pending | Free cash flow ratio 65-75% maintenance Two-year average 81% but Q1 specific ratio not disclosed |
| Q1'26 | Exceeded | Group Life mortality ratio improvement from favorable trends Reduced guidance range and delivered 80.1%, well below even new targets |
| Q1'26 | Delivered | RIS total spread 100-120 basis points guidance Q1 at 119 basis points, top end of range with strong VII contribution |
| Q1'26 | Delivered | Adjusted ROE 15-17% target range Q1 hit 17% at top of range, maintaining strong performance |
| Q1'26 | Exceeded | Direct expense ratio 12.1% target for 2026 Q1 came in at 11.9% despite PineBridge headwind, ahead of schedule |
| Q1'26 | Pending | MIM adjusted earnings expected $240-280M in 2026 Q1 at $47M implies $50M+ per quarter needed to hit range, guidance reiterated |
| Q4'25 | Delivered | Direct expense ratio improvement ahead of schedule 11.7% full year vs 12.1% target, well ahead of 5-year 11.3% goal |
| Q4'25 | Delivered | Variable investment income above $425M quarterly guidance Q4 came in at $497M, though full year missed $1.7B target |
| Q4'25 | Delivered | Close PineBridge acquisition in Q4 Closed at end of Q4, now part of MIM segment |
| Q4'25 | Exceeded | Record Q4 shaping up for PRT business Delivered $14B for full year with $12B in Q4, indeed a record |
| Q4'25 | Missed | Continued momentum in Asia sales into Q4 Q4 sales growth decelerated to 18% from 34% in Q3 - significant momentum loss |
| Q4'25 | Missed | 400 basis points improvement in nonmedical health ratio across Q3 and Q4 Only achieved 230bps in Q3, Q4 was 72.2% - didn't get the full 400bps promised |
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