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Insurance earnings roundup, Aug. 4

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Insurance earnings roundup, Aug. 4

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

Managed care

Cigna Corp. reported second-quarter adjusted income from operations of $750 million, or $2.91 per share, compared to $515 million, or $1.98 per share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $2.48.

Shareholders' net income for the quarter came in at $813 million, or $3.15 per share, versus $510 million, or $1.97 per share, in the year-ago period.

Results of the most recent quarter include a special item benefit of $47 million after tax, or 18 cents per share, associated with the terminated merger agreement with Anthem Inc., compared with an after-tax charge in the second quarter of 2016 of $26 million, 10 cents per share, for merger-related transaction costs.

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WellCare Health Plans Inc. posted second-quarter GAAP net income of $74.1 million, or $1.65 per share, down from $90.8 million, or $2.04 per share, in the prior-year period.

The year-over-year decrease was due to the $26.1 million, pretax, or 37 cents per share, loss on extinguishment of debt related to the company's early redemption of its $900.0 million of 5.75% senior notes on April 7, and one-time transaction and integration costs of $25.6 million, pretax, or 36 cents per share, related to the acquisition of Universal American, partially offset by continued operational execution.

Non-GAAP adjusted net income for the quarter was $113.4 million, or $2.52 per share, compared with adjusted net income of $99.5 million, or $2.23 per share, in the year-ago quarter.

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

WellCare Health Plans increased its full-year 2016 adjusted EPS guidance to a range of $6.75 to $6.95 from its previous guidance range of $6.55 to $6.80.

The S&P Capital IQ consensus normalized EPS estimate for 2017 is $6.89.

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Mortgage guarantee

Essent Group Ltd. reported second-quarter net income of $72.1 million, or 77 cents per share, compared to $52.3 million, or 57 cents per share, in the prior-year quarter.

The S&P Capital IQ consensus GAAP EPS estimate for the quarter was 70 cents.

Comprehensive income totaled $80.6 million in the second quarter, compared with $63.0 million in the year-ago quarter.

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Property and casualty

Berkshire Hathaway Inc. reported operating earnings of $4.12 billion, or $2,505 per class A equivalent share, compared with $4.61 billion, or $2,803 per class A equivalent share, in the year-ago quarter.

Net earnings attributable to shareholders were $4.26 billion, or $2,592 per class A equivalent share, down from $5.00 billion, or $3,042 per class A equivalent share, in the second quarter of 2016.

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Aon Plc reported second-quarter net income attributable to shareholders of $769 million, or $2.93 per share, compared to $300 million, or $1.11 per share, in the year-ago quarter.

Adjusted net income attributable to shareholders was $404 million, or $1.53 per share, versus $404 million, or $1.50 per share, in the prior-year period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.44.

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White Mountains Insurance Group Ltd. saw second-quarter net income attributable to common shareholders drop to $15.5 million, or $3.39 per share, from $341.1 million, or $66.79 per share, in the year-ago quarter.

Comprehensive income attributable to common shareholders for the period was $16.2 million, versus $449.2 million a year ago.

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OneBeacon Insurance Group Ltd. reported a second-quarter operating loss of $8.1 million, or a loss of 9 cents per share, compared with operating income of $8.5 million, or 9 cents per share, a year ago.

Net loss attributable to common shareholders for the period was $100,000, compared with net income attributable to common shareholders of $24.5 million in the year-ago period.

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Title

Investors Title Co. reported second-quarter net income attributable to the company of $5.7 million, or $2.99 per share, up from $4.5 million, or $2.35 per share, in the year-ago period.