With earnings season in gear, S&P Global Market Intelligence presents a snapshot of recently reported financial results for companies in the insurance space.
Assured Guaranty Ltd. reported fourth-quarter 2017 operating income of $91 million, or 77 cents per share, down from $139 million, or $1.05 per share, in the prior-year period.
Net income for the quarter was $52 million, or 44 cents per share, compared with $197 million, or $1.49 per share, in the same period a year earlier.
The company's net income for the fourth quarter of 2017 included a $61 million provisional tax expense related to the estimated impact from the recently overhauled U.S. tax code.
Property and casualty
Erie Indemnity Co. reported fourth-quarter 2017 net income of $32.1 million, or 61 cents per share, down from $45.8 million, or 87 cents per share, in the fourth quarter of 2016.
Net income was reduced by $10.1 million, or 19 cents per share, for the fourth quarter of 2017 due to recently enacted federal tax reform, the company said. Operating income increased slightly year over year to $58.0 million for the quarter.
James River Group Holdings Ltd. reported fourth-quarter 2017 net income of $224,000, or 1 cent per share, compared with $25.7 million, or 85 cents per share, in the prior-year quarter.
Adjusted net operating income for the period was $4.1 million, or 13 cents per share, versus $23.2 million, or 77 cents per share, in the year-ago quarter.