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Insurance earnings roundup, Aug. 9

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Insurance earnings roundup, Aug. 9

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

Financial guaranty

Ambac Financial Group Inc. posted second-quarter adjusted income of $70.4 million, or $1.54 per share, compared with an adjusted loss of $91.2 million, or a loss of $2.01 per share, in the first quarter.

Net income to common shareholders was $7.1 million, or 16 cents per share, versus a net loss of $125.4 million, or a loss of $2.77 per share, in the first quarter.

Life and health

Manulife Financial Corp. reported second-quarter core earnings of C$1.17 billion, or 57 Canadian cents per common share, compared with C$833 million, or 40 cents per common share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 54 cents.

Second-quarter net income attributed to shareholders was C$1.26 billion, or 61 cents per common share, up from C$704 million, or 34 cents per common share, in the year-ago period.

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Sun Life Financial Inc. reported second-quarter underlying net income of C$689 million, or C$1.12 per share, compared with C$554 million, or 90 Canadian cents per share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 98 cents.

Reported net income rose year over year to C$574 million, or 93 cents per share, from C$480 million, or 78 cents per share.

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Athene Holding Ltd. reported second-quarter operating income of $280 million, or $1.43 per operating class A share, up from operating income of $179 million, or 96 cents per operating class A share, in the year-ago quarter.

Net income was $326 million, or $1.65 per class A share, up from net income of $193 million, or $1.04 per class A share, in the year-ago quarter.

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Independence Holding Co. saw second-quarter net income attributable to the company rise to $14.3 million, or 86 cents per common share, from $4.4 million, or 26 cents per common share, in the year-ago quarter.

Property and casualty

Baldwin & Lyons Inc. reported a second-quarter net loss of $12.3 million, or a loss of 82 cents per share, compared with net income of $6.0 million, or 40 cents per share, in the year-ago quarter.

The company also reported a net operating loss of $14.5 million, or a loss of 96 cents per share, compared with net operating income of $5.8 million, or 39 cents per share, in the prior-year period.

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Echelon Financial Holdings Inc. reported second-quarter net operating income of C$3.3 million, or 28 Canadian cents per share, compared with C$2.9 million, or 24 Canadian cents per share, in the year-ago quarter.

Net income was C$3.2 million, or 26 cents per share, compared with C$2.2 million, or 15 cents per share, in the prior-year period.

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Conifer Holdings Inc. reported a second-quarter net loss of $1.1 million, or a loss of 14 cents per share, compared with a net loss of $513,000, or a loss of 7 cents per share, in the prior-year quarter.

The company reported an adjusted operating loss of $2.1 million, or a loss of 28 cents per share, compared with an adjusted operating loss of $1.6 million, or a loss of 22 cents per share, in the year-ago quarter.

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First Acceptance Corp. posted a net loss of $903,000, or a loss of 2 cents per share, for the three months ended June 30, compared with a net loss of $19.9 million, or a loss of 48 cents per share, for the corresponding period a year earlier.