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Earnings roundup: Hannover Re, Liberty Mutual post higher Q2 earnings

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Earnings roundup: Hannover Re, Liberty Mutual post higher Q2 earnings

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

Multiline

Zurich Insurance Group AG reported first-half after-tax net income attributable to shareholders of $1.79 billion, up from $1.50 billion in the prior-year period.

EPS for the period was $11.97, up from $9.97 a year earlier. Return on common shareholders' equity also increased year over year, to 12.5% from 11.3%.

The group's business operating profit was $2.42 billion, up from the year-ago $2.17 billion.

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Hannover Re reported second-quarter group net income was €281.9 million, up from €270.2 million in the year-ago quarter. EPS was €2.34, compared with the year-ago €2.24.

Net underwriting profit was €63.5 million, versus the year-ago loss of €55.4 million.

Life and health

Dai-ichi Life Holdings Inc. reported fiscal first-quarter net income attributable to shareholders of parent company dropped to ¥41.44 billion from ¥71.94 billion in the year-ago period.

EPS was ¥35.54, versus the year ago ¥61.16.

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Legal & General Group PLC's first-half profit attributable to equity holders dropped to £771 million from £946 million in the same period in 2017.

EPS for the half was 12.94 pence, lower than 15.88 pence a year ago. Return on equity also fell year over year to 20.3% from 26.7%.

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Sony Financial Holdings Inc. reported net income of ¥16.3 billion for the fiscal first quarter ended June 30, up from ¥10.1 billion a year ago.

Ordinary profit was higher at ¥23.2 billion, compared with ¥15.8 billion, due to gains on sale of securities in the general account and an increase in profit on higher policies in force.

Property and casualty

Suncorp Group Ltd. reported net profit after tax for the year ended June 30 dropped to A$1.06 billion, or 80.54 Australian cents per share, from A$1.08 billion, or 82.55 cents per share, in the year ended June 2017.

Cash earnings for the year were A$1.10 billion, or 83.37 cents per share, versus A$1.15 billion, or 87.72 cents per share, in the previous year.

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Liberty Mutual Holding Co. Inc. reported higher earnings in the second quarter thanks in part to lower catastrophe losses and the sale of Liberty Life Assurance of Boston.

Second-quarter net income attributable to the company was $981 million, up from $126 million over the same period in 2017. Liberty Mutual also said that partnerships, limited liability companies and other equity method income boosted net income results, as they rose by nearly 175% year over year to $291 million.

Consolidated net income from continuing operations for the quarter was $509 million, an increase of $434 million from the year-ago period's $75 million.

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Maiden Holdings Ltd. reported second-quarter net income attributable to common shareholders of $5.9 million, or a loss of 7 cents per common share, up from a net loss of $22.4 million, or a loss of 26 cents per common share, in the prior-year quarter.

Non-GAAP operating loss was $10.7 million, or a loss of 13 cents per common share, compared with a loss of $12.5 million, or a loss of 14 cents per common share, in the year-ago quarter.