Citi analyst Suneet Kamath opened "Negative Catalyst Watches" on both Sell-rated Brighthouse Financial (BHF) and Neutral-rated Prudential Financial (PRU) into Q3 earnings season. For Brighthouse, the analyst has concerns over low interest rates and distributable earnings. For Prudential, he sees the potential for an earnings disappointment. For the life insurance sector, 2020 consensus estimates could be too high due to pressure from low rates and the potential for an ongoing negative impact from Q3 assumption reviews. Further, forward estimates for U.S. life do not reflect the potential for higher credit losses, which are excluded from operating earnings, Kamath tells investors in a research note.