What does Evercore ISI mean when they say we valued something at 11.5x FCF but the company is a life insurer or bank? How do they determine FCF for a bank?

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Hey - thanks for your response and offering to help. For context, I am an A1 in PE looking to switch to MMHF and have been learning to model. Have access to research reports but not models. 

A few good companies that seem to be valued using the FCF approach are Jackson, Corebridge. I think the entire life insurance sector covered by Tom Gallagher uses this approach. 

JXN

• While our $37 price target represents a sizeable discount to peers at just 5-6x FCF (Aug 9 Earnings)
•  Favorable equity markets / interest rates lead to better FCF than we anticipate (Aug 9 Earnings)
• additional actuarial refinement cause further pressure on the RBC ratio, suppressing FCF generation (Aug 9 Earnings)
•  We could see a wide valuation range of around $20 per share (5x FCF) to $36 (9x FCF) before settling into a more stable valuation range. We note that VA heavy peer valuations range from EQH at around 9x FCF, to BHF at 10x, and LNC at 11x. We also suspect that deep value buyers will likely step in at a 20% FCF yield level (or around $20 per share), despite the short term selling pressure from the spin. (September 08, 2021 INITIATE)

https://ibb.co/C8MPwpp