{
  "report_rows": [
    {
      "kpi": "Net Operating EPS (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$3.75 vs. cons $3.695",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Health Underwriting Margin % (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~25.8% vs. cons 25.0%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Life Underwriting Margin % (Q2 2026)",
      "prediction": "IN-LINE",
      "answer": "pred ~41.5% vs. cons 41.2%",
      "confidence": "HIGH"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Net Operating EPS (FY 2026)",
      "prediction": "BETTER",
      "answer": "guide ~$15.75 mid vs. cons $15.67",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Health Underwriting Margin (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "reaffirm 23%-27%; tone more confident vs. cons 24.7%",
      "confidence": "HIGH"
    },
    {
      "kpi": "American Income Agent Count (qualitative)",
      "prediction": "UNKNOWN",
      "answer": "early positive signs from Q2 comp fix; H2 recovery on track",
      "confidence": "LOW"
    },
    {
      "kpi": "Bermuda Entity Update (qualitative)",
      "prediction": "UNKNOWN",
      "answer": "reciprocal jurisdiction confirmed; 2027 cash flow detail provided",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -1.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -1.5,
  "day5_path": "FADE",
  "day5_rationale": "FADE - modest sell-the-news on high run-up; small raise absorbed quickly; agent count uncertainty keeps a lid on re-rating",
  "day5_confidence": "MEDIUM"
}