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Insurance earnings roundup, Aug. 2

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

Financial guaranty

Assured Guaranty Ltd. reported second-quarter operating income of $141 million, or $1.16 per share, an increase from $136 million, or $1.01 per share, in the year-ago period.

Net income totaled $153 million, or $1.24 per share, compared with $146 million, or $1.09 per share, in the second quarter of 2016.

Life and health

MetLife Inc. reported second-quarter operating earnings of $1.41 billion, or $1.30 per share, compared with $924 million, or 83 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.28.

Net income was $838 million, or 77 cents per share, compared with $64 million, or 6 cents per share, a year ago.

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Prudential Financial Inc. reported second-quarter after-tax adjusted operating income of $919 million, or $2.09 per share, up from $829 million, or $1.84 per share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $2.71.

Net income attributable to the company declined to $491 million, or $1.12 per share, in the second quarter, from $921 million, or $2.04 per share, in the second quarter of 2016.

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Great-West Lifeco Inc. reported second-quarter net earnings attributable to common shareholders of C$585 million, or 59.1 Canadian cents per share, compared with C$671 million, or 67.5 cents per share, in the prior-year quarter.

The S&P Capital IQ consensus GAAP EPS estimate for the quarter was 57 cents.

Net earnings for the quarter included restructuring costs of C$127 million, primarily related to the realignment of the company's Canada segment operations. Excluding these costs, adjusted net earnings for the second quarter were C$712 million, or 71.9 cents per share, up from C$671 million, or 67.5 cents per share, for the same quarter last year.

The company attributed the increase in adjusted net earnings to strong business results and the impact of ongoing expense management initiatives.

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Lincoln National Corp. reported second-quarter net income available to common stockholders of $412 million, or $1.81 per common share, compared with $325 million, or $1.35 per common share, in the year-ago period.

Second-quarter income from operations was $419 million, or $1.85 per share, versus $373 million, or $1.56 per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.74.

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American Equity Investment Life Holding Co. reported second-quarter non-GAAP operating income of $63.7 million, or 71 cents per share, compared with $50.1 million, or 60 cents per share, in the second quarter of 2016.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 60 cents.

The company saw second-quarter net income of $26.9 million, or 30 cents per common share, compared with $14.7 million, or 18 cents per common share, in the year-ago quarter.

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Fidelity & Guaranty Life reported adjusted operating income of $37 million, or 63 cents per share, for the fiscal third quarter of 2017, compared with $48 million, or 82 cents per share, in the prior-year period.

The company posted net income of $32 million, or 54 cents per common share, up from $10 million, or 16 cents per common share, in the prior-year period.

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Health Insurance Innovations Inc. reported second-quarter net income attributable to company of $4.4 million, or 35 cents per share, compared with $1.9 million, or 24 cents per share, in the prior-year quarter.

Adjusted net income for the second quarter was $7.5 million, or 46 cents per share, compared with $3.9 million, or 27 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 34 cents.

The company also revised its full-year guidance, now expecting to generate revenue in the range of $225 million to $230 million. Adjusted EPS is expected to be between $1.45 and $1.55 for 2017. Previously the company was expecting revenue to be between $212 million and $222 million and adjusted EPS to be between $1.40 to $1.50.

Managed care

Humana Inc. reported second-quarter GAAP consolidated pretax income of $1.04 billion, compared to $636 million in the year-ago quarter.

GAAP EPS was $4.46 per share, compared to $2.06 per share in the year-ago quarter.

Adjusted EPS for the quarter was $3.49, compared to $3.29 in the year-ago quarter.

The S&P Global consensus normalized EPS estimate for the second quarter was $3.07.

Humana raised its GAAP and adjusted EPS guidance for full year 2017. The company now expects GAAP EPS of about $17.83, up from the previous guidance of at least $16.91. Adjusted EPS is now projected to be approximately $11.50, up from the previous guidance of at least $11.10

The S&P Global consensus normalized EPS estimate for full year 2017 is $11.15.

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Molina Healthcare Inc. reported a second-quarter adjusted net loss of $225 million, or $4.01 per share, compared with adjusted net income of $38 million, or 67 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 87 cents.

The company's net loss was $230 million, or $4.10 per share, compared to net income of $33 million, or 58 cents per share, a year earlier.

Additionally, Molina withdrew its previously stated, full-year 2017 EPS and adjusted EPS guidance because of its results for the most recent quarter and uncertain medical cost trends in Florida, Illinois, New Mexico and Puerto Rico health plans. The company said other reasons for revoking the guidance include uncertainty surrounding the funding of marketplace cost-sharing subsidies and potential variability in the timing of benefits achieved and costs incurred as a result of its restructuring plan.

Property and casualty

American International Group Inc. reported second-quarter after-tax operating income of $1.45 billion, or $1.53 per share, compared with $1.31 billion, or $1.15 per share, in the prior-year period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.20.

Net income for the quarter was $1.13 billion, or $1.19 per share, compared with $1.91 billion, or $1.68 per share, a year earlier. The company said its net income for the quarter reflected net realized capital losses of $69 million compared to net realized capital gains of $1.0 billion a year earlier.

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Cincinnati Financial Corp. reported second-quarter operating income of $107 million, or 64 cents per share, up from $95 million, or 57 cents per share, in the second quarter of 2016.

Net income was $100 million, or 60 cents per share, versus $123 million, or 74 cents per share, in the year-ago quarter.

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Hanover Insurance Group Inc. reported reported second-quarter operating income of $72.3 million, or $1.69 per share, compared with $54.0 million, or $1.24 per share, in the prior-year quarter.

The company saw net income of $78.4 million, or $1.83 per share, for the second quarter, compared with $2.0 million, or 5 cents per share, in the prior-year quarter.

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Third Point Reinsurance Ltd. reported second-quarter net income of $74.6 million, or 71 cents per share, compared with $53.4 million, or 51 cents per share, in the year-ago quarter.

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United Fire Group Inc. reported second-quarter operating income of $1.2 million, or 5 cents per share, compared with $2.1 million, or 8 cents per share, in the prior-year quarter.

Net income was $3.0 million, or 12 cents per share, versus $3.1 million, or 12 cents per share, in the year-ago period.

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Safety Insurance Group Inc. posted second-quarter net income of $21.1 million, or $1.39 per share, compared with $21.4 million, or $1.41 per share, in the year-ago quarter.

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HCI Group Inc. reported second-quarter net income of $9.5 million, or 93 cents per share, up from $7.0 million, or 71 cents per share, in the year-ago period.