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U.S. Insurance Industry Analysis

UpdatedJun 28, 2026
DataAggregated Company Financials
Companies127
  • 7D4.9%
  • 3M8.7%
  • 1Y-1.2%
  • YTD2.1%

In the last week, the Insurance industry is up 4.9%, with Progressive up 9.5%. Meanwhile, Maase actually underperformed within the industry, shrinking 32% in the last week. Overall in the last year, the industry is flat. As for the next few years, earnings are expected to grow by 2.2% per annum.

Industry Valuation and Performance

Has the U.S. Insurance Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 28 Jun 2026US$1.4tUS$958.6bUS$113.9b11.7x12.1x1.4x
Tue, 26 May 2026US$1.3tUS$959.6bUS$114.0b11.3x11.5x1.4x
Thu, 23 Apr 2026US$1.3tUS$950.2bUS$107.8b11.5x12.5x1.4x
Sat, 21 Mar 2026US$1.3tUS$946.4bUS$105.4b10.8x12.1x1.3x
Mon, 16 Feb 2026US$1.3tUS$950.2bUS$106.1b12.2x12.5x1.4x
Wed, 14 Jan 2026US$1.4tUS$931.1bUS$99.3b12.6x13.8x1.5x
Fri, 12 Dec 2025US$1.4tUS$931.1bUS$99.3b13.4x13.7x1.5x
Sun, 09 Nov 2025US$1.4tUS$931.8bUS$100.0b13.2x13.5x1.5x
Tue, 07 Oct 2025US$1.4tUS$919.0bUS$88.6b14.2x16.2x1.6x
Thu, 04 Sep 2025US$1.4tUS$919.1bUS$88.6b14.6x15.9x1.5x
Sat, 02 Aug 2025US$1.4tUS$917.2bUS$88.8b13.9x15.4x1.5x
Mon, 30 Jun 2025US$1.4tUS$904.1bUS$82.6b14.3x17.1x1.6x
Wed, 28 May 2025US$1.4tUS$902.8bUS$82.1b15.2x17.5x1.6x
Fri, 25 Apr 2025US$1.4tUS$903.1bUS$91.4b13.7x15.5x1.6x
Sun, 23 Mar 2025US$1.5tUS$897.3bUS$93.0b13.8x15.7x1.6x
Tue, 18 Feb 2025US$1.4tUS$895.6bUS$93.1b12.7x15x1.6x
Thu, 16 Jan 2025US$1.4tUS$892.9bUS$91.5b12.4x14.8x1.5x
Sat, 14 Dec 2024US$1.4tUS$893.2bUS$91.1b13.1x15.1x1.5x
Mon, 11 Nov 2024US$1.4tUS$891.6bUS$91.1b12.8x15.5x1.6x
Wed, 09 Oct 2024US$1.4tUS$855.0bUS$87.4b13.8x15.5x1.6x
Fri, 06 Sep 2024US$1.4tUS$855.4bUS$87.0b14x16.1x1.6x
Sun, 04 Aug 2024US$1.3tUS$851.7bUS$86.4b13.7x15x1.5x
Tue, 02 Jul 2024US$1.2tUS$823.4bUS$79.2b13.2x14.8x1.4x
Thu, 30 May 2024US$1.2tUS$823.4bUS$79.2b12.5x14.8x1.4x
Sat, 27 Apr 2024US$1.1tUS$803.7bUS$71.4b14.1x16x1.4x
Mon, 25 Mar 2024US$1.2tUS$792.6bUS$67.0b14.5x17.6x1.5x
Wed, 21 Feb 2024US$1.1tUS$783.9bUS$65.9b13.1x17.1x1.4x
Fri, 19 Jan 2024US$1.1tUS$790.2bUS$48.8b12.3x23.2x1.4x
Sun, 17 Dec 2023US$1.1tUS$792.9bUS$47.7b13.3x22.7x1.4x
Tue, 14 Nov 2023US$1.1tUS$792.8bUS$47.1b12.1x22.7x1.4x
Thu, 12 Oct 2023US$1.0tUS$799.5bUS$38.9b15x26.8x1.3x
Sat, 09 Sep 2023US$1.0tUS$799.3bUS$38.7b14.4x26.4x1.3x
Mon, 07 Aug 2023US$1.0tUS$798.1bUS$40.5b15.9x25.2x1.3x
Wed, 05 Jul 2023US$986.3bUS$777.7bUS$36.9b15.9x26.7x1.3x
Price to Earnings Ratio

26.7x


Total Market Cap: US$986.3bTotal Earnings: US$36.9bTotal Revenue: US$777.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Insurance Industry Price to Earnings3Y Average 17x202420252026
Current Industry PE
  • Investors are pessimistic on the American Insurance industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 12.1x which is lower than its 3-year average PE of 17.0x.
  • The industry is trading close to its 3-year average PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 46% per year over the last three years.
  • Revenues for these companies have grown 7.2% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Financials industry?

US Market-2.52%
Financials0.55%
Insurance4.86%
Property and Casualty Insurance6.40%
General Insurance5.71%
Reinsurance4.86%
Insurance Brokers4.00%
Life and Health Insurance1.41%
Industry PE
  • Investors are most optimistic about the Insurance Brokers industry even though it's trading below its 3-year average PE ratio of 35.7x.
    • Analysts are expecting annual earnings growth of 14.2%, which is lower than the prior year's growth of 58.4% per year.
  • Investors are most pessimistic about the Reinsurance industry, which is trading below its 3-year average of 10.0x.
Forecasted Growth
  • Analysts are most optimistic on the Insurance Brokers industry, expecting annual earnings growth of 14% over the next 5 years.
  • However this is lower than its past earnings growth rate of 58% per year.
  • In contrast, the Property and Casualty Insurance industry is expected to see its earnings decline by 4.6% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
PGR ProgressiveUS$224.349.5%
+US$11.4b		-15.0%PE11.3x
CB ChubbUS$341.445.6%
+US$7.0b		19.8%PE11.7x
ALL AllstateUS$239.618.3%
+US$4.7b		22.4%PE5.1x
TRV Travelers CompaniesUS$327.376.4%
+US$4.2b		24.3%PE9.2x
MRSH Marsh & McLennan CompaniesUS$169.034.1%
+US$3.2b		-22.1%PE20.8x

Latest News

FNF
US$46.71
Fidelity National Financial
7D
-0.2%
1Y
-17.4%
AFL
US$120.15
Aflac
7D
4.1%
1Y
14.4%
Narrative Update • Jun 25

AFL: Future Returns Will Balance Carrier Momentum With Valuation And Execution Uncertainty

Analysts have nudged their Aflac price targets higher, with recent moves such as Piper Sandler's increase to $130 from $125 and Morgan Stanley's to $125 from $120. These changes reflect updated views after first quarter results and a focus on insurance carriers.
PGR
US$224.34
Progressive
7D
9.5%
1Y
-15.0%
Narrative Update • Jun 25

PGR: AI And Underwriting Discipline Will Support Stronger Margins Through 2028

Analysts have trimmed the Progressive fair value estimate by about $6 to $284.11, reflecting lower margin and P/E assumptions after recent price target reductions of around $2 to $18 across several research firms. Analyst Commentary Recent Street research around Progressive points to a mixed but generally constructive tone, with several bullish analysts highlighting long term earnings potential, valuation support, and execution on underwriting and expense discipline.
FG
US$27.02
F&G Annuities & Life
7D
-1.7%
1Y
-15.9%
Narrative Update • Jun 24

FG: Leadership Changes And Index Inclusion Will Support Balanced Return Potential

Analysts have maintained their $27.00 price target for F&G Annuities & Life, citing relatively steady fair value assumptions, a slight adjustment to the discount rate, and consistent revenue growth, profit margin, and future P/E inputs in their models. What's in the News F&G Annuities & Life announced that Chief Executive Officer Chris Blunt will retire from his current role, while continuing as a Director of F&G and Chief Executive Officer of subsidiary Peak Altitude Equity, LLC.
AJG
US$226.01
Arthur J. Gallagher
7D
5.6%
1Y
-28.9%
LNC
US$36.72
Lincoln National
7D
-1.2%
1Y
6.2%
Narrative Update • Jun 24

LNC: Earnings Momentum And Mortality Trends Will Drive Future Repricing Potential

Lincoln National's updated analyst price target reflects a modest reset in expectations to around the low $40s, with analysts citing recent Q1 earnings updates, mixed target revisions between $39 and $44, and ongoing momentum in life insurance and international business trends as key drivers of their refreshed views. Analyst Commentary Recent research on Lincoln National points to a split in opinion, but there is a clear pocket of bullish analysts who see the stock as having room to perform if the company continues to execute on its current plan and maintains earnings momentum.
TRV
US$327.37
Travelers Companies
7D
6.4%
1Y
24.3%
Narrative Update • Jun 24

TRV: Margin Pressures And AI Initiatives Will Shape Future Underwriting Returns

Analysts have trimmed the updated fair value estimate for Travelers Companies by about $2 to $312.91. The revision reflects a blend of recently lower and higher price targets as they weigh softer pricing, slower growth, margin pressure, and higher earnings estimates across the property and casualty peer group.
WDH
US$1.11
Waterdrop
7D
-10.5%
1Y
-16.5%
PFG
US$107.75
Principal Financial Group
7D
-1.7%
1Y
36.1%
Narrative Update • Jun 23

PFG: Earnings Momentum And Capital Returns Will Support Future Margin Resilience

Analysts have lifted the fair value estimate for Principal Financial Group to $101.50 from $93.83, pointing to updated price targets in the $107 to $111 range and citing Q1 earnings momentum, diversified business lines, and expectations for steady revenue and margins. Analyst Commentary Recent Street research on Principal Financial Group gives you a mix of optimism and caution, with several price target moves clustering in the low US$100s and a shift in ratings that focuses on execution, earnings quality, and how much of the story is already reflected in the stock price.
MRSH
US$169.03
Marsh & McLennan Companies
7D
4.1%
1Y
-22.1%
AON
US$328.69
Aon
7D
3.4%
1Y
-6.8%
Narrative Update • Jun 23

AON: Higher Organic Growth Potential And AI Services Will Support Future Upside

Analysts have trimmed their consolidated price target on Aon by about $3 to reflect a slightly lower fair value estimate near $382, even as some research points to higher long term organic growth potential while others reset targets following recent sector results. Analyst Commentary Recent research on Aon shows a split picture, with some bullish analysts pointing to higher organic growth potential and others resetting targets after sector results and Q1 updates.
FAF
US$67.06
First American Financial
7D
-2.3%
1Y
9.5%
Analysis Article • Jun 22

First American Financial (FAF) Stock Could Be 20.4% Undervalued on Housing and Tech Narrative

First American Financial (FAF) has drawn fresh attention after recent share moves, with the stock last closing at $68.63. Investors are weighing this price against its recent performance and fundamentals, including revenue of $7,707.9 million. See our latest analysis for First American Financial. Recent trading suggests momentum has been building for First American Financial, with the share price return of 4.4% over the past week and 18.21% over the last 90 days, alongside a 1 year total...
CB
US$341.44
Chubb
7D
5.6%
1Y
19.8%
ALL
US$239.61
Allstate
7D
8.3%
1Y
22.4%
Narrative Update • Jun 16

ALL: Rich Multiple Will Face Slowing Auto Policy Momentum Despite Buybacks

Analysts have nudged their price target for Allstate higher to $192.30 from $190.85, reflecting updated assumptions for the discount rate, revenue growth, profit margin, and future P/E that slightly adjust how they value the stock. What's in the News Allstate reported Q1 2026 adjusted diluted EPS of $10.65, which was 47% above analyst consensus, and net income of $2.4b compared with $566 million a year earlier, supported by an 82.0 Property Liability combined ratio and lower catastrophe losses (source: Allstate Reports Strong Q1 2026 Earnings with Market Share Gains and New $4 Billion Buyback Program).
MAAS
US$12.77
Maase
7D
-32.4%
1Y
n/a
BNT
US$42.78
Brookfield Wealth Solutions
7D
-3.9%
1Y
4.1%