Barclays analyst Jay Gelb downgraded the U.S. Life Insurance sector to Neutral from Positive because he doubts valuations will improve in a volatile environment. A sub-3% yield on 10-year Treasuries, a flat yield curve, declining equity markets and long-term care insurance risks are viewed as factors in the "substantial de-rating of life insurer valuations," Gelb tells investors in a research note. The analyst prefers the Property and Casualty sector based on its "lower beta and less exposure to a volatile macro environment." As part of the sector rating change, the analyst upgraded Ameriprise Financial (AMP) to Overweight from Equal Weight. He also continues to see value in Prudential (PRU), Unum Group (UNM) and Lincoln National (LNC). His Underweight rated names are Brighthouse Financial (BHF) and Torchmark (TMK).