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Earnings roundup: Assured Guaranty, AIG, Manulife earnings up YOY in Q2

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

Assured Guaranty Ltd. booked second-quarter operating income of $141 million, or $1.38 per share, up from $74 million, or 66 cents per share, in the year-ago quarter.

Net income amounted to $142 million, or $1.39 per share, versus $75 million, or 67 cents per share, in the prior-year period.

Life and health

Manulife Financial Corp. reported second-quarter net income attributed to shareholders of C$1.48 billion, or 73 Canadian cents per common share, up from C$1.26 billion, or 61 cents per common share, in the year-ago period.

Core earnings grew year over year to C$1.45 billion, or 72 cents per common share, compared with C$1.43 billion, or 70 cents per common share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 71 cents.

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Legal & General Group PLC reported first-half profit after tax attributable to equity holders of £874 million, up year over year from £771 million.

EPS for the period came in at 14.74 pence, compared to 13.00 pence in the year-ago period. Return on equity fell to 20.2% from 20.3%.

The group's operating profit rose to £1.01 billion from £909 million a year earlier.

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Primerica Inc. booked second-quarter adjusted operating income before income taxes of $123.9 million, or $2.21 per share, an increase from $112.8 million, or $1.93 per share, in the prior-year quarter.

Net income for the period was $97.4 million, or $2.28 per share, versus $86.7 million, or $1.95 per share, in the year-ago quarter.

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National Western Life Group Inc.'s second-quarter earnings from operations, excluding net realized gains and losses on investments, amounted to $34.0 million, or $9.62 per class A share, up from $30.3 million, or $8.58 per class A share, in the prior-year period.

Net earnings attributable to class A shares were $32.7 million, or $9.53 per share, versus $31.5 million, or $9.18 per share, in the 2018 second quarter.

Multiline

Ageas SA/NV's second-quarter net result rose to €354.6 million from €193.5 million in the prior-year period.

Property and casualty

American International Group Inc. posted second-quarter after-tax adjusted income of $1.27 billion, or $1.43 per share, compared with $961 million, or $1.05 per share, the previous year.

Net income was $1.10 billion, or $1.24 per share, versus $937 million, or $1.02 per share, in the prior-year period.

The S&P Global Market Intelligence consensus estimate for normalized EPS for the period was $1.16.

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MS&AD Insurance Group Holdings Inc.'s net income attributable to owners of the parent for the quarter ended June 30 rose 14.5% to ¥95.99 billion from ¥83.86 billion a year ago.

EPS for the fiscal first quarter increased year over year to ¥164.58 from ¥141.69.

Ordinary profit dropped to ¥117.92 billion from ¥125.40 billion, while ordinary income increased to ¥1.498 trillion from ¥1.462 trillion.

As of Aug. 6, US$1 was equivalent to ¥106.34.

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Insurance Australia Group Ltd.'s full-year 2019 net profit after tax rose 16.6% to A$1.08 billion from A$923 million year over year.

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Liberty Mutual Holding Co. Inc.'s second-quarter net income attributable to the company fell to $399 million from $981 million in the year-ago period.

Consolidated net income from continuing operations for the quarter came in at $399 million, down from $509 million in the prior-year period.

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ProAssurance Corp. recorded second-quarter net income of $11.5 million, or 21 cents per share, down from $28.4 million, or 53 cents per share, in the second quarter of 2018.

Non-GAAP operating income came in at $4.1 million, or 8 cents per share, compared with $26.0 million, or 48 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the period was 15 cents.

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United Fire Group Inc. logged a second-quarter adjusted operating loss of $14.9 million, or a loss of 59 cents per share, compared with an adjusted operating loss of $868,000, or a loss of 3 cents per share, in the prior-year quarter.

The net loss was $4.2 million, or a loss of 17 cents per share, compared with net income of $157,000, or 1 cent per share, in the year-ago period.

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Sirius International Insurance Group Ltd. booked second-quarter net income attributable to common shareholders of $7 million, or 5 cents per share, down from $98 million, or 78 cents per share, in the year-ago period.

The operating loss attributable to common shareholders for the quarter was $19 million, versus an operating income attributable to common shareholders of $41 million, in the prior-year quarter.

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Third Point Reinsurance Ltd. reported second-quarter net income available to common shareholders of $53.1 million, or 57 cents per share, up from $19.6 million, or 19 cents per share, in the year-ago quarter.

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Global Indemnity Ltd. logged second-quarter net income of $14.7 million, or $1.02 per share, an increase from $7.2 million, or 50 cents per share, in the prior-year quarter.

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NI Holdings Inc. posted second-quarter net income attributable to the company of $2.5 million, up from $226,000 in the year-ago quarter.

Basic EPS for the quarter was 11 cents, up from 1 cent in the prior-year period.

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Hallmark Financial Services Inc.'s second-quarter operating earnings increased to $7.6 million, or 42 cents per share, from $4.7 million, or 26 cents per share, in the prior-year period.

Net income for the quarter was $13.0 million, or 71 cents per share, up from $5.1 million, or 28 cents per share, in the second quarter of 2018.

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Protective Insurance Corp. recorded second-quarter net income of $1.5 million, or 11 cents per share, down from $2.5 million, or 17 cents per share, in the year-ago quarter.

Reinsurance

Munich Re logged second-quarter consolidated result attributable to equity holders of €993 million, up from €724 million a year ago.

EPS climbed year over year to €6.88 from €4.84.