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Earnings roundup: Ping An Insurance, Achmea earnings up YOY

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

Ping An Insurance (Group) Co. of China Ltd.'s first-half consolidated net profit attributable to shareholders of the parent company was up by 68.1% year over year to 97.68 billion Chinese yuan.

The life and health insurance businesses' operating profit, after tax, increased by 36.1% to 48.43 billion yuan. Ping An Property & Casualty's operating profit grew 69.5% year over year to 10.04 billion yuan.

As of Aug. 14, US$1 was equivalent to 7.02 Chinese yuan.

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NN Group NV logged a 30.7% year-over-year increase in second-quarter net result to €606 million from €463 million.

EPS for the quarter increased to €1.78 from the year-ago €1.34. Net operating return on equity was 8.8%, compared to 11.7% a year earlier.

The operating result declined to €445 million from €508 million a year ago.

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Samsung Life Insurance Co. Ltd. recorded second-quarter net profit of 309 billion South Korean won, slightly up from 305 billion won in the prior-year quarter.

Insurance profit for the quarter decreased to 337 billion won from 358 billion won a year earlier due to a deterioration in loss rate.

As of Aug. 14, US$1 was equivalent to 1,217.04 South Korean won.

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Aegon NV reported first-half net income of €618 million, up 26% from €491 million a year ago, reflecting realized gains and lower other charges.

Net underlying earnings dipped 4% year over year to €833 million from €863 million as a result of outflows in fee businesses in the U.S. and increased investments to support growth.

Financial guaranty

Syncora Holdings Ltd.'s first-half operating income came in at $42.0 million, or 48 cents per share, compared with an operating loss of $45.3 million, or a loss of 52 cents per share, in the year-ago period.

The company reported first-half net income attributable to controlling interest of $37.4 million, or a loss of 41 cents per share, versus a net loss attributable to controlling interest of $107.5 million, or a loss of $1.24 per share, in the first half of 2018.

Multiline

Achmea BV booked net result of €234 million in the first half, compared with €133 million in the first half of 2018.

The company's result before tax was €284 million, up from €200 million in the prior-year period.

Total income amounted to €13.41 billion, versus €10.86 billion a year ago.

Reinsurance

General Insurance Corp. of India posted profit after tax of 1.08 billion Indian rupees for the quarter ended June 30, compared with 7.71 billion rupees in the prior-year quarter.

EPS after extraordinary items was 0.62 rupees for the quarter, compared with 4.40 rupees in the prior-year period.

As of Aug. 14, US$1 was equivalent to 71.53 Indian rupees.