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Insurance earnings roundup, May 9

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Insurance earnings roundup, May 9

With earnings season in gear,S&P Global Market Intelligence presents a snapshot of recently reported financialresults for companies in the insurance space.

Financial guaranty

recorded first-quarter non-GAAP combined operating incomeof $16 million, or 12 cents per share, compared with $34 million, or 18 cents pershare, in the first quarter of 2015.

The GAAPnet loss for the quarter was $78 million, or 58 cents per share, versus GAAP netincome of $69 million, or 37 cents per share, in the year-ago period.


Life and health

first-quarter operatingincome of $26.3 million, or $1.05 per share, compared with $23.8 million, or 95cents per share, for the first quarter of 2015.

Increasedfirst-quarter 2016 operating income per share reflects a decrease in death benefitsin the life insurance segment compared to the first quarter of 2015; the benefitof investment fee income of 4 cents per share, primarily due to bond prepayments;and a growing book of profitable business.

Net incomeattributable to the company was $25.9 million, or $1.04 per common share, comparedto $23.6 million, or 94 cents per common share, in the year-ago quarter.


reported first-quarternet income attributable to the company of $905,000, or 12 cents per share, up from$53,000, or 1 cent per share, in the first quarter of 2015.

Adjustednet income was $2.5 million, or 17 cents per share, up from $185,000 a year ago,or 1 cent per share.

The companyalso raised its guidancefor full year 2016. It now expects revenue of $138 million to $144 million and adjustedEPS of 38 cents to 42 cents. The company previously expected to generate revenuesin the range of $130 million to $136 million, and adjusted EPS between 34 centsand 38 cents.


Property and casualty

first-quarter operating income of$24.8 million, or 46 cents per share, compared with $34.7 million, or 61 cents pershare, in the prior-year period.

Net incomewas $19.3 million, or 36 cents per share, compared with $37.8 million, or 67 centsper share, in the first quarter of 2015.


first-quarter net incomeof $9.7 million, or 23 cents per share attributable to common shareholders, comparedwith $8.7 million, or 20 cents per share attributable to common shareholders, inthe year-ago quarter.

The companyalso updated its 2016outlook. It continues to expect net earned premiums for its lender services segmentto be in the range of $115 million to $125 million, with a combined ratio of 85%to 90%. The company raised its projected ceding fees in the program services segmentto a range of $61 million to $66 million from a range of $55 million to $65 million.


first-quarter net incomeattributable to common shareholders of $4.7 million, or 38 cents per share, comparedwith $2.1 million, or 17 cents per share, in the first quarter of 2015.

Adjustedoperating income, after tax, was $4.4 million, or 34 cents per share, compared to$3.5 million, or 27 cents per share, a year ago.