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In This List

Earnings roundup: Humana, NMI Holdings book higher earnings YOY in Q2

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Earnings roundup: Humana, NMI Holdings book higher earnings 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.

Life and health

MetLife Inc. posted second-quarter adjusted earnings of $1.32 billion, or $1.38 per share, compared with $1.33 billion, or $1.30 per share in the prior-year period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $1.34.

Net income for the quarter was $1.68 billion, or $1.77 per share, versus $845 million, or 83 cents per share, in the second quarter of 2018.

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Prudential Financial Inc. logged second-quarter after-tax adjusted operating income of $1.31 billion, or $3.14 per share, compared with $1.30 billion, or $3.01 per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate was $3.22.

Net income attributable to the company was $708 million, or $1.71 per share, versus $197 million, or 46 cents per share, in the 2018 second quarter.

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Sun Life Financial Inc. booked second-quarter underlying net income of C$739 million, or C$1.24 per share, up from C$729 million, or C$1.20 per share, in the second quarter of 2018.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was C$1.24.

Reported net income declined year over year to C$595 million, or C$1.00 per share, from C$706 million, or C$1.16 per share.

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Great-West Lifeco Inc.'s second-quarter net earnings attributable to common shareholders came in at C$459 million, or 48.9 Canadian cents per share, compared with C$831 million, or 83.9 cents per share, in the prior-year quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 78 cents.

Adjusted net earnings attributable to common shareholders amounted to C$658 million, or 70.1 cents per share, versus C$831 million, or 83.9 cents per share, in the second quarter of 2018.

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Lincoln National Corp.'s second-quarter net income available to common stockholders amounted to $363 million, or $1.79 per share, down from $377 million, or $1.70 per share, in the year-ago period.

Adjusted income from operations was $478 million, or $2.36 per share, compared with $454 million, or $2.02 per share, in the prior-year quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the period was $2.37.

Managed care

Humana Inc. saw its second-quarter adjusted consolidated pretax income climb to $1.07 billion, or $6.05 per share, from $812 million, or $3.96 per share, in the second quarter of 2018.

GAAP consolidated pretax income ticked up year over year to $1.23 billion, or $6.94 per share, from $19 million, or $1.39 per share.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $5.27.

The company also raised its guidance for the year. The company now forecasts GAAP EPS for 2019 to be about $17.97, while adjusted EPS is anticipated to be approximately $17.60. It previously projected GAAP EPS to fall in a range between about $16.63 and $16.88, while adjusted EPS had been expected to be between $17.25 and $17.50.

The S&P Global Market Intelligence consensus normalized EPS estimate for 2019 is $17.46.

Mortgage guaranty

Radian Group Inc. booked second-quarter net income of $166.7 million, or 78 cents per share, compared with $208.9 million, or 96 cents per share, in the year-ago quarter.

Adjusted second-quarter pretax operating income rose year over year to $215.8 million from $191.0 million. Adjusted net operating income per share was 80 cents, up from 69 cents in the second quarter of 2018.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 72 cents.

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NMI Holdings Inc. logged second-quarter net income of $39.1 million, or 56 cents per share, up from $25.2 million, or 37 cents per share, in the prior-year period.

The company's adjusted net income for the quarter came in at $41.4 million, or 59 cents per share, compared with $27.4 million, or 40 cents per share, in the second quarter of 2018.

The S&P Global Market Intelligence consensus normalized EPS estimate for the period was 55 cents.

Property and casualty

Willis Towers Watson PLC booked second-quarter net income attributable to the company of $138 million, or $1.06 per share, an increase from $58 million, or 44 cents per share, in the prior-year period.

Adjusted net income increased to $232 million, or $1.78 per share, from $225 million, or $1.70 per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $1.75.

Willis Towers Watson raised its adjusted EPS guidance to a range of $10.75 to $11.10 for 2019, versus the previous guidance of $10.60 to $10.85.

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Direct Line Insurance Group PLC's first-half consolidated profit attributable to owners of the company fell year over year to £211.8 million from £238.0 million.

EPS for the period was 14.7 pence, compared with 16.6 pence a year ago.

Operating profit dropped to £274.3 million from £305.5 million.

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Hanover Insurance Group Inc. reported second-quarter operating income of $77.7 million, or $1.88 per share, compared with $76.2 million, or $1.77 per share, in the year-ago quarter.

The company saw net income of $74.0 million, or $1.79 per share, for the second quarter, down from $99.3 million, or $2.31 per share, in the second quarter of 2018.

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Selective Insurance Group Inc. booked second-quarter net income of $72.3 million, or $1.21 per share, compared with $58.8 million, or 99 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the period was $1.06.

The company's second-quarter operating income came in at of $69.1 million, or $1.16 per share, versus $60.1 million, or $1.01 per share, in the year-ago period.

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Safety Insurance Group Inc. reported second-quarter net income of $25.9 million, or $1.68 per share, down from $26.8 million, or $1.75 per share, in the prior-year period.

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James River Group Holdings Ltd. logged second-quarter adjusted net operating income of $20.2 million, or 66 cents per share, versus $17.6 million, or 58 cents per share, in the past-year period.

Net income for the quarter was $20.3 million, or 66 cents per share, up from $17.0 million, or 56 cents per share, in the same period a year ago.

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AMERISAFE Inc. recorded second-quarter operating net income of $17.4 million, or 90 cents per share, compared with $17.8 million, or 92 cents per share, in the year-ago quarter.

Net income for the period amounted to $17.9 million, or 93 cents per share, compared with $17.0 million, or 88 cents per share, in the second quarter of 2018.

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Universal Insurance Holdings Inc. posted second-quarter net income of $37.3 million, or $1.08 per common share, a decrease from $46.1 million, or $1.29 per common share, in the same quarter of 2018. Adjusted EPS was $1.05 in the second quarter, compared with $1.33 in the year-ago period.

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United Insurance Holdings Corp. reported a second-quarter core loss of $3.5 million, or a loss of 8 cents per share, compared with core income of $15.5 million, or 36 cents per share, in the year-ago quarter.

Net loss attributable to the company for the quarter was $2.9 million, or a loss of 7 cents per share, versus net income attributable to the company of $14.7 million, or 34 cents per share, in the past-year period.

Reinsurance

Swiss Re AG logged consolidated group net income of $953 million in the first half, a decrease from $1.01 billion in the year-ago period.