With earnings season in gear, S&P Global Market Intelligence presents a snapshot of recently reported financial results for companies in the insurance space.
Life and health
FGL Holdings reported total adjusted operating income of $36 million, or 62 cents per share, for the fourth quarter of 2017, compared with $41 million, or 70 cents per share, in the prior-year period.
Total adjusted operating income included $3 million in the month of December 2017, after the company was officially formed as FGL Holdings from CF Corp.'s acquisition of Fidelity & Guaranty Life. Through October and November, the preceding company recorded adjusted operating income of $36 million.
The company recorded a net loss available to common shareholders of $104 million, or a loss of 49 cents per share, through the month of December 2017. For the months of October and November 2017, the company posted net income available to common shareholders of $28 million, or 47 cents per share. In the fourth quarter of 2016, the company reported $108 million in net income available to common shareholders, or $1.85 on a per-share basis.
The newly implemented U.S. tax code led the company to record a $131 million, or 61 cents per share, reduction to its net income for the quarter.
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National Western Life Group Inc. reported fourth-quarter 2017 net earnings of $39.6 million, or $11.19 per class A share, compared with $23.6 million, or $6.67 per class A share, in the prior-year period.
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Health Insurance Innovations Inc.
The S&P Capital IQ consensus normalized EPS estimate for the quarter was 34 cents.
Net income attributable to the company was $3.8 million, or 30 cents per share, for the period, compared with a net loss attributable to the company of $188,000, or a loss of 2 cents per share, in the year-ago quarter.
The company's net income for the quarter included an $800,000 reduction caused by the recently overhauled U.S. tax code.
For full year 2018, Health Insurance Innovations expects revenue to be between $290 million and $300 million, an approximate 15% to 20% year-over-year gain. The company also expects to see adjusted EPS for 2018 to grow 48% to 55% from 2017 to between $2.45 and $2.55.
The S&P Capital IQ consensus normalized EPS estimate for 2018 is $2.03.
Third Point Reinsurance Ltd. reported fourth-quarter 2017 net income available to common shareholders of $44.3 million, or 42 cents per share, compared with a net loss of $46.7 million, or a loss of 45 cents per share, in the prior-year period.
The S&P Capital IQ consensus normalized EPS estimate for the quarter was 44 cents.
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Ambac Financial Group Inc. reported fourth-quarter 2017 adjusted earnings of $5.5 million, or 12 cents per share, compared with an adjusted loss of $149.8 million, or $3.30 per share, in the third quarter of 2017.
Net loss attributable to common shareholders was $19.5 million, or 43 cents per share, compared with a loss of $190.9 million, or $4.20 per share, in the previous quarter.
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Conifer Holdings Inc.
Net income for the quarter was $221,000, or 3 cents per share, an increase from a net loss of $4.4 million, or a loss of 58 cents per share, in the year-ago quarter.
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National Security Group Inc. reported fourth-quarter 2017 net income of $669,000, or 26 cents per share, compared with a net loss of $104,000, or a loss of 4 cents per share, in the fourth quarter of 2016.
Pretax income from operations for the quarter were $2.2 million for the fourth quarter of 2017, compared with a pretax loss from operations of $664,000 during the same period in 2016.
The company's net income for the quarter was adversely impacted by an increase to income tax expense of $803,000 from re-evaluating its deferred tax assets and liabilities as a result of the recently overhauled U.S. tax code.
