Covered, high-yielding — but flat since 2021. A 4.52% yield on a 15.7% trailing payout is covered income: $0.45 a quarter, declared Aug. 7, 2026 and payable Nov. 2, 2026. The yield is the highest among the life insurers here, but the rate has not moved since the November 2021 raise — this is steady income, not compounding income.
Key risk: Legacy life-insurance exposure — guaranteed universal life reserves and interest-rate sensitivity have driven reinsurance deals and capital moves; a reserve charge or rating pressure would hit the dividend story before the payout ratio shows it.
Changes if: The quarterly rate stays frozen for another full year, or the trailing payout climbs past 40%. A cut after five flat years would re-grade this card outright.
- ✓Payout-coverage check: 15.7% of trailing earnings — $1.80 a year against earnings that cover it more than six times over. Covered on current earnings.
- ✓Yield check: 4.52% indicated — $0.45/qtr × 4 at the $39.84 close on Oct. 23, 2026. Real, earned yield, not a special or a return of capital.
- !Dividend growth check: No increase since November 2021 — the quarterly rate has held at $0.45 for five years. Covered, but not compounding.
What this grade doesn't say: It screens the dividend only — covered, real, compounding. It says nothing about valuation or price: a well-covered payer can still be overpriced, and its price can still fall.