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Insurance earnings roundup, April 28

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Insurance earnings roundup, April 28

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

Life and health

reportedfirst-quarter operating earnings of $286.3 million, or 97 cents per share,compared with $326.4 million, or $1.09 per share, in the year-ago quarter.

TheS&P Capital IQ consensus normalized EPS estimate for the quarter was 99cents.

Netincome available to common stockholders for the quarter was $368.0 million, or$1.25 per share, down from $414.2 million, or $1.39 per share, for the firstquarter of 2015.


reportedfirst-quarter operating income of $120.8 million, or $1.85 per share, comparedwith $121.8 million, or $1.77 per share, in the year-ago quarter.

TheS&P Capital IQ consensus normalized EPS estimate for the quarter was $1.96.

Netincome totaled $76.5 million, or $1.17 per share, compared with $125.1 million,or $1.81 per share, in the year-ago period.


reportedfirst-quarter net operating income of $103 million, or 21 cents per share,compared with $154 million, or 31 cents per share, in the year-ago period.

TheS&P Capital IQ consensus normalized EPS estimate for the quarter was 15cents.

Netincome available to the company's common stockholders was $53 million, or 11cents per share, down from $154 million, or 31 cents per share, in the year-agoquarter.

Netoperating income and net income for the quarter included settlement and legalexpenses of $54 million, or 11 cents per share.


reportedfirst-quarter non-GAAP net income of $20.1 million, or $1.10 per share,compared with $4.7 million, or 26 cents per share, in the year-ago quarter.

TheS&P Capital IQ consensus normalized EPS estimate for the quarter was 40cents.

GAAPnet income was $18.0 million, or 99 cents per share, compared with a loss of$2.1 million, or 12 cents per share, in the first quarter of 2015.

Forthe full year 2016, the company reaffirmedits guidance for total revenue of $195 million to $203 million, adjusted EBITDAof $11.5 million to $17.0 million and non-GAAP net income per share of 38 centsto 68 cents.

TheS&P Capital IQ consensus normalized EPS estimate for 2016 is 50 cents.

Managed care

first-quarter operatingearnings of $810.8 million, or $2.30 per share, down from $844.3 million, or$2.39 per share, in the year-ago quarter.

Thedecrease was primarily due to lower operating earnings in the company's groupinsurance segment as a result of lower underwriting margins in its disabilityproducts.

TheS&P Capital IQ consensus normalized EPS estimate for the quarter was $2.24.

GAAPnet income for the quarter came in at $726.6 million, or $2.06 per share,compared to $777.5 million, or $2.20 per share, in the 2015 first quarter. Netincome for the most recent quarter includes 24 cents per share of net charges.

Aetna increased its full-year 2016 operating earnings pershare projection to a range of $7.90 to $8.10, compared to expectations, as ofMarch 15, of at least $7.75.

TheS&P Capital IQ consensus normalized EPS estimate for 2016 is $8.00.


reportedfirst-quarter adjusted net income of $29 million, or 51 cents per share,compared with $31 million, or 62 cents per share, in the year-ago quarter.

TheS&P Capital IQ consensus normalized EPS estimate for the quarter was 78cents.

Netincome was $24 million, or 43 cents per share, down from $28 million, or 56cents per share.

Theinsurer also revisedits full-year 2016 outlook. Molina now expects total revenue to be between$17.3 billion and $17.4 billion, EBITDA of $610 million to $660 million,adjusted net income per share of $2.50 to $2.95, and net income per share of$2.15 to $2.60.

TheS&P Capital IQ consensus normalized EPS estimate for 2016 is $3.77.

Mortgage guaranty

reportedfirst-quarter net operating income of C$91 million, or 99 Canadian cents per share,down from C$97 million, or C$1.03 per share, in the same quarter of 2015.

Netoperating income would have been flat year over year absent an increase in thecorporate tax rate and a C$5 million prior-year favorable tax adjustment.

TheS&P Capital IQ consensus normalized EPS estimate was 95 cents.

Netincome totaled C$88 million, or 96 cents per share, compared with C$107million, or C$1.08 per share, in the year-ago quarter.

Multiline

reportedfirst-quarter core earnings of $385 million, or 95 cents per share, comparedwith $452 million, or $1.04 per share, in the prior-year period.

TheS&P Capital IQ consensus normalized EPS estimate for the first quarter was$1.01.

Coreearnings from personal lines declined to $23 million from $75 million year overyear, while the personal lines combined ratio deteriorated to 99.9% from 92.1%.Commercial lines core earnings increased to $249 million from $234 million.

Net income was $323 million, or 79 cents per share, comparedwith $467 million, or $1.08 per share, in the first quarter of 2015.

Property & casualty
reportedfirst-quarter net income attributable to the company of $481 million, or 91cents per share, compared to $482 million, or 88 cents per share, in theyear-ago quarter.

AdjustedEPS for the quarter was 92 cents, compared to 91 cents in the year-ago period.

TheS&P Capital IQ consensus normalized EPS estimate for the quarter was 89cents.


FairfaxFinancial Holdings Ltd. reporteda first-quarter net loss attributable to shareholders of $51.0 million, or aloss of $2.76 per share, compared with net earnings attributable toshareholders of $225.2 million, or $9.71 per share.

Comprehensive income attributable to shareholders totaled$21.4 million, compared with $117.9 million in the first quarter of 2015.


reported net earningsattributable to controlling interests of $46.5 million, or 26 cents per share,for the first quarter of 2016, up from $21.9 million, or 13 cents per share, inthe year-ago period.

Adjustednet EPS for the quarter was 34 cents, versus 27 cents in the year-ago period.

TheS&P Capital IQ consensus normalized EPS estimate for the quarter was 30cents.


reported first-quarternet income of $122.9 million, or 43 cents per share, up from $103.4 million, or36 cents per share, in the year-ago quarter.


first-quarteroperating income of $46.8 million, or 89 cents per share, up from $39.1million, or 74 cents per share, in the year-ago period.

Netincome totaled $45.9 million, or 87 cents per share, compared with $38.8million, or 74 cents per share, in the prior-year quarter.


first-quarter adjustednet operating income available to the company of $117.4 million, or $1.39 pershare, compared with $135.5 million, or $1.56 per share, in the year-ago period.

TheS&P Capital IQ consensus normalized EPS estimate for the quarter was $1.25.

Netincome available to the company totaled $166.8 million, or $1.98 per share,versus $173.4 million, or $1.98 per share, in the prior-year period.


reported first-quarternet income from operations of $2.1 million, or 5 cents per share, down from$22.2 million, or 54 cents per share, in the first quarter of 2015.

Netincome totaled $3.0 million, or 7 cents per share, compared with $24.7 million,or 60 cents per share, in the year-ago quarter.