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In This List

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Earnings roundup: Aflac, Principal Financial post lower YOY earnings in Q3

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

Ping An Insurance (Group) Co. of China Ltd.'s net profit grew 63.2% year over year through the nine-month period ended Sept. 30.

Net profit attributable to shareholders of the parent company jumped to 129.57 billion Chinese yuan from 79.40 billion yuan in the prior-year period. Operating profit attributable to shareholders of the parent company expanded 21.5% to 104.06 billion yuan.

As of Oct. 23, US$1 was equivalent to 7.06 Chinese yuan.

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Aflac Inc. logged third-quarter adjusted earnings of $863 million, or $1.16 per share, versus $792 million, or $1.03 per share, a year ago.

Net earnings were $777 million, or $1.04 per share, compared with $845 million, or $1.09 per share, in the year-ago period.

Net earnings included pretax net realized investment losses of $119 million, or 16 cents per share, versus pretax net gains of $88 million, or 11 cents per share, a year earlier.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $1.07 per share.

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Principal Financial Group Inc. recorded third-quarter non-GAAP operating earnings of $345.3 million, or $1.23 per share, compared with $481.2 million, or $1.67 per share, in the year-ago period.

Net income attributable to the company fell to $277.1 million, or 98 cents per share, from $456.3 million, or $1.59 per share, in the third quarter of 2018.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $1.45.

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EHealth Inc. posted a third-quarter net loss of $11.0 million, or 47 cents per share, compared with a net loss of about $9.0 million, or 47 cents per share, in the prior-year quarter.

Non-GAAP net loss for the quarter was $10.1 million, or 43 cents per share, versus a net loss of $4.2 million, or 22 cents per share, a year ago.

The S&P Global Market Intelligence consensus normalized estimate for the quarter was a loss of 63 cents per share.

The company updated its guidance for certain GAAP and non-GAAP measures for 2019 due to the third quarter reduction in fair value of the earnout liability assumed in connection with its acquisition of GoMedigap and a change in the income tax rate.

EHealth expects GAAP net income for 2019 to be in the range of $20.9 million to $25.9 million, assuming the impact of the noncash charge related to the fair value of the earnout liability in connection with the GoMedigap acquisition remains at $15.1 million.

Supposing that the impact of the noncash charge related to the fair value of the earnout liability in connection with the GoMedigap acquisition remains at 60 cents per diluted share, the company anticipates GAAP EPS to be between 83 cents and $1.03 and non-GAAP EPS to be in the range of $1.86 to $2.06.

Multiline

Topdanmark A/S reported third-quarter after-tax profit of 285 million Danish kroner, down from 459 million kroner from a year ago.

After-tax EPS for the quarter slid year over year to 3.3 kroner from 5.3 kroner. Pretax profit fell to 371 million kroner from 592 million kroner.

As of Oct. 23, US$1 was equivalent to 6.72 Danish kroner.

Property and casualty

Cincinnati Financial Corp. logged third-quarter net income of $248 million, or $1.49 per share, a decrease from $553 million, or $3.38 per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the period was 88 cents.

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Arthur J. Gallagher & Co. booked 5.8% third-quarter year-over-year growth in organic commissions, fees, supplemental revenues and contingent revenues.

Net earnings attributable to controlling interests came in at $126.1 million, or 66 cents per share, down slightly from $127.6 million, or 68 cents per share, a year ago.

The S&P Global Market Intelligence consensus normalized EPS estimate for the period was 79 cents.

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Erie Indemnity Co. posted third-quarter net income of $94.2 million, or $1.80 per share, up from $80.4 million, or $1.54 per share, in the third quarter of 2018.

Reinsurance

Scor SE's consolidated net income group share increased 44.4% to €115 million in the third quarter from €80 million a year earlier.

EPS rose year over year to 62 cents from 43 cents. Annualized return on equity for the quarter was 7.5%, compared to 5.4% a year ago.

Gross written premiums grew to €4.05 billion from €3.80 billion.

Title

First American Financial Corp. recorded third-quarter net income of $187.2 million, or $1.65 per share, up from $151.5 million, or $1.34 cents per share, in the same quarter of 2018.

The S&P Global Market Intelligence consensus normalized EPS estimate for the period was $1.44.