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    Jack Matten • BMO Capital Markets

    Jack Matten's questions to Primerica Inc (PRI) leadership

    Jack Matten's questions to Primerica Inc (PRI) leadership • Q2 2025

    Question

    Jack Matten of BMO Capital Markets asked about the specific incentives that drove strong July recruiting and the trend in recruiting pressure during Q2. He also questioned the strategy behind maintaining a high RBC ratio of 490% and plans for deploying excess capital.

    Answer

    CEO Glenn Williams detailed that a discount on the licensing fee for new recruits drove the strong July numbers. EVP & CFO Tracy Tan explained the high RBC ratio is partly due to statutory limits on dividend capacity but also reflects a strategic desire to maintain a strong rating and support future growth. She added that all options for capital deployment are being evaluated.

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    Jack Matten's questions to Mediaalpha Inc (MAX) leadership

    Jack Matten's questions to Mediaalpha Inc (MAX) leadership • Q2 2025

    Question

    Jack Matten, on for Michael Zaremski, requested further detail on the adjusted EBITDA outlook, asking if the change was mainly due to the smaller under-65 business and the margin profile of new P&C supply partners.

    Answer

    CFO Patrick Thompson confirmed the primary driver of take rate compression was the reduced mix of the under-65 business. He noted that within P&C, take rates were also modestly impacted by a spend shift to top carriers and the onboarding of a large, lower-take-rate supply partner. He emphasized that the conversion of contribution to EBITDA continues to improve due to operational efficiency.

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    Jack Matten's questions to Equitable Holdings Inc (EQH) leadership

    Jack Matten's questions to Equitable Holdings Inc (EQH) leadership • Q2 2025

    Question

    Jack Matten of BMO Capital Markets followed up on the Individual Retirement business, asking about the duration of the RILA roll-off dynamic and confirming the Q3 baseline assumptions. He also asked if the Bermuda entity could lead to a higher long-term payout ratio.

    Answer

    CFO Robin Raju explained the roll-off of the older, pre-2020 RILA book will continue for the next few quarters and confirmed the Q3 baseline of $220M-$225M excludes any MVA benefit. Regarding Bermuda, he stated its primary benefit is ensuring cash flow consistency by aligning with their economic hedging framework, rather than unlocking a material amount of new capital for a higher payout.

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    Jack Matten's questions to Aflac Inc (AFL) leadership

    Jack Matten's questions to Aflac Inc (AFL) leadership • Q2 2025

    Question

    Jack Matten of BMO Capital Markets questioned if the consistent remeasurement gains would lead to changes in actuarial assumptions during the upcoming Q3 unlocking and inquired about capital deployment priorities, including potential M&A, given the high cash balance at the holding company.

    Answer

    An Aflac executive confirmed that the 2024 assumptions already included a small improvement in Japan's hospitalization trends and that forward-looking assumptions will be updated in Q3. Regarding capital, the executive reiterated Aflac's disciplined approach, prioritizing organic growth and shareholder returns through dividends and buybacks, which have demonstrated strong IRRs, over immediate M&A.

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    Jack Matten's questions to Aflac Inc (AFL) leadership • Q2 2025

    Question

    Jack Matten questioned whether the persistent remeasurement gains in both the U.S. and Japan might lead to assumption changes in the upcoming annual unlocking. He also asked about capital deployment priorities, particularly regarding potential M&A to accelerate U.S. group business growth.

    Answer

    An unnamed executive explained that while they true-up experience quarterly, forward-looking assumptions are unlocked in Q3. They noted that the 2024 assumptions already included a small improvement trend for hospitalization in Japan. Regarding capital, the executive reiterated Aflac's philosophy of prioritizing organic growth at good IRRs, followed by tactical deployment to shareholders via dividends and buybacks, which have yielded strong returns.

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    Jack Matten's questions to Aflac Inc (AFL) leadership • Q4 2024

    Question

    Jack Matten asked for an outlook on commercial real estate trends for Aflac's portfolio in 2025 and inquired about any other product launches in Japan that could affect the sales cadence.

    Answer

    Global CIO Brad Dyslin described the CRE market as having potentially bottomed but facing a long, slow recovery, with 2025 expected to resemble 2024. Koichiro Yoshizumi of Aflac Japan noted that beyond the major cancer launch, sales will be supported by a recently rebranded medical product and a growing force of newly hired agents from 2023 and 2024.

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    Jack Matten's questions to Lemonade Inc (LMND) leadership

    Jack Matten's questions to Lemonade Inc (LMND) leadership • Q2 2025

    Question

    Jack Matten inquired about the drivers of the car insurance loss ratio improvement, the full-year IFP guidance not implying further acceleration, and the nature of a one-time tax refund.

    Answer

    CFO Tim Bixby highlighted a notable 20-point loss ratio improvement from a car policy's first term to its renewal and noted a trend of reduced frequency but increased severity. Co-Founder, Chairman & CEO Daniel Schreiber added that improvements are across both new and renewal business. Regarding guidance, Bixby cited seasonality and the ongoing 'clean the book' effort in the home business as headwinds tempering acceleration. He also confirmed the tax refund was a one-time ERC credit and is not expected to recur.

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    Jack Matten's questions to Principal Financial Group Inc (PFG) leadership

    Jack Matten's questions to Principal Financial Group Inc (PFG) leadership • Q2 2025

    Question

    Jack Matten of BMO Capital Markets asked about the drivers of healthy loss ratios in group life and disability and the state of pricing competition for non-dental lines. He also questioned if RIS margins could exceed the target range given market tailwinds.

    Answer

    President of Benefits & Protection, Amy Friedrich, attributed strong disability results to favorable incidence trends, partly driven by hybrid work arrangements, and described competition in life and disability as 'relatively stable.' For RIS margins, President Christopher Littlefield stated that while they are confident in operating at the upper end of the target range, they do not expect to exceed it as they balance expense discipline with investments for future growth.

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    Jack Matten's questions to Unum Group (UNM) leadership

    Jack Matten's questions to Unum Group (UNM) leadership • Q4 2024

    Question

    Jack Matten asked for details on the elevated claims incidence in the Closed Block (LTC) segment and the reasons for management's confidence that it would moderate in 2025.

    Answer

    CFO Steve Zabel explained that while Q4 incidence was elevated, it was consistent with Q3 and is expected to normalize in 2025, a view supported by claims inventory levels. He noted the 2025 earnings outlook for the block is higher, driven by this expected moderation in incidence as well as better anticipated yields from the alternative investment portfolio.

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