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UnitedHealth's Q3 earnings top $5B; Hagibis claims projection; Voce targets Argo


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UnitedHealth's Q3 earnings top $5B; Hagibis claims projection; Voce targets Argo

UnitedHealth Group Inc.'s third-quarter earnings from operations grew to $5.01 billion from $4.59 billion a year earlier, led by double-digit growth rates across each of the Optum businesses. Premiums increased to $47.40 billion from $44.61 billion in the third quarter of 2018.

Activist shareholder Voce Capital Management LLC is once again criticizing Argo Group International Holdings Ltd. after the insurer received a subpoena from the SEC. The disclosure of an investigation by federal regulators "vividly illustrates the need for immediate and sweeping changes" at the company, Voce Capital said in a press release.

Typhoon Hagibis, which hit Japan on Oct. 12, "is expected to produce a large volume of commercial insurance claims" stemming from wind, rain, flooding and storm surge, according to global loss adjuster Sedgwick. In addition to property and business interruption losses, Sedgwick expects contingent business interruption losses because of disruption to supply chains.

Credit Suisse analysts said American International Group Inc.'s catastrophe allowance for Japan could be depleted by Typhoon Hagibis, Reinsurance News reported. The analysts added that the insurance giant may have already exhausted its $550 million excess of $200 million occurrence coverage for Japan after Typhoon Faxai.

Twelve Capital expects the ultimate assessment of the insured losses for the typhoon to be a more complex and therefore more extended process than usual. This view is primarily driven by the investment manager's expectation that the major drivers for the insured losses for Typhoon Hagibis will be flood claims.

Shares in the big three Japanese insurers, Sompo Holdings Inc., MS&AD Insurance Group Holdings Inc. and Tokio Marine Holdings Inc., were all up more than 2% in trading on Tuesday, the first day since the typhoon that Tokyo's stock market was open, The Insurance Insider noted.

MS Amlin PLC ceased underwriting aviation insurance renewals or new business, effective Oct. 14, confirming its exit from the aviation insurance market. The portfolio's runoff will be managed internally rather than outsourced under a reinsurance to close arrangement.

SGAM Covéa is sponsoring a €100 million all-natural perils catastrophe bond, Hexagon II Reinsurance DAC series 2019-1, Artemis reported. The company will issue a single tranche of notes, which will be sold to institutional investors and insurance-linked securities funds.

Germany's HDI Global SE will increase its stake in Vietnam's PetroVietnam Insurance to 42.78% from 41.05% by purchasing 4 million additional shares, Viet Nam News reported.

Arthur J. Gallagher & Co. acquired Helsingborg, Sweden-based insurance broker Proinova.

A study conducted by insurance brokerage Pacific Prime found that 97 countries saw increases in average international health insurance premiums for both individuals and families. Of the 100 countries, the average international health insurance premiums for individuals ranged from $8,887 in the U.S. to $2,728 in Thailand.

Now featured on S&P Global Market Intelligence

Stable cost trends, growing membership may lead to solid Q3 for health insurers: Revenue for eight of the top 10 public U.S. managed care insurers is expected to be up year over year, while six of 10 should see a rise in EPS, according to an S&P Global Market Intelligence examination of sell-side analyst forecasts.

Nationwide, State Auto turn to insurtech partnerships for digital transformation: Through investments in and partnerships with existing insurtechs, Nationwide and State Auto have undergone major shifts in how they leverage technology to conduct their auto and homeowners businesses.

In other parts of the world

Asia-Pacific: HK regulator slashes bank buffers; ASIC to clamp down on financial products

Europe: Dutch banks need €3B; Woodford fund shut down; Italy may cut bank loss tax help

Middle East & Africa: Mashreqbank gets new chairman, CEO; Absa's CIB unit eyes China office

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng fell 0.07% to 26,503.93, and the Nikkei 225 lifted 1.87% to 22,207.21.

In Europe, around midday, the FTSE 100 fell 0.30% to 7,191.84, and the Euronext 100 was up 0.50% to 1,095.97.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

On the macro front

The Redbook Index for retail sales is due out today.

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