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Earnings roundup: Primerica, National Western Life book higher Q2 earnings YOY

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Earnings roundup: Primerica, National Western Life book higher Q2 earnings YOY

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

Primerica Inc. reported second-quarter net adjusted operating income of $86.0 million, or $1.93 per share, an increase from $63.0 million, or $1.36 per share, in the prior-year quarter.

Net income for the period was $86.7 million, or $1.95 per share, versus $63.1 million, or $1.36 per share, in the year-ago quarter.

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National Western Life Group Inc. reported second-quarter earnings from operations of $30.3 million, or $8.58 per class A share, up from $21.4 million, or $6.06 per class A share, in the prior-year period.

The company credited the improvement to lower income taxes, reduced expenses, an improved investment spread and lower policy benefit costs.

Net earnings attributable to class A shares were $31.5 million, or $9.18 per share, versus $24.8 million, or $7.21 per share, in the 2017 second quarter.

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Independence Holding Co. recorded second-quarter net income attributable to the company of $6.8 million, or 45 cents per share, down from $14.3 million, or 86 cents per share, in the year-ago quarter.

Net income attributable to the company compared unfavorably to the 2017 period due to $11.6 million in tax benefits the previous year from a stock deduction recognized from the winding down and dissolution of a subsidiary.

Multiline

Assurant Inc. reported second-quarter GAAP net income attributable to common shareholders of $62.2 million, or $1.09 per share, down from $120.2 million, or $2.16 per share, in the prior-year period.

Net operating income for the period was $121.9 million, or $2.13 per share, versus $90.5 million, or $1.63 per share, in the 2017 period.

Excluding reportable catastrophes, net operating income was $120.9 million, or $2.11 per share, compared with $90.5 million, or $1.63 per share, in the prior-year quarter.

Property and casualty

White Mountains Insurance Group Ltd. booked second-quarter comprehensive income attributable to common shareholders of $2.6 million, a decline from $13.8 million in the 2017 second quarter.

Net income attributable to common shareholders for the period was $3.5 million, or $1.02 per share, a fall from $13.6 million, or $2.36 per share, in the year-ago period.

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ProAssurance Corp. reported second-quarter net income of $28.4 million, or 53 cents per share, a climb from $19.5 million, or 36 cents per share, in the 2017 period.

Non-GAAP operating income came in at $26.0 million, or 48 cents per share, compared with $21.4 million, or 40 cents per share, in the prior-year period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the period was 38 cents.

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Goosehead Insurance Inc. booked a second-quarter net loss attributable to the company of $9.2 million, or a loss of 68 cents per share.

The company closed its IPO in May.

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EMC Insurance Group Inc. reported a second-quarter net loss of $5.0 million, or a loss of 24 cents per share, compared with income of $5.5 million, or 26 cents per share, in the prior-year quarter.

The primary driver of the loss was non-catastrophe losses in P&C, partially offset by strong results in reinsurance. Also contributing to the loss was a $5.4 million pretax realized investment decline as well as the inclusion of $447,000 in unrealized declines in equity investments. The latter development was a requirement of updated accounting guidance the company adopted in 2018.

The company posted a non-GAAP operating loss for the period of $365,000, or a loss of 2 cents per share, compared with income of $3.3 million, or 16 cents per share, in the year-ago period.

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Global Indemnity Ltd. posted second-quarter net income of $7.2 million, or 50 cents per share, down from $10.1 million, or 57 cents per share, in the prior-year quarter.

Adjusted operating income, net of tax, was $11.3 million, or 79 cents per share, compared with $10.5 million, or 59 cents per share, in the 2017 quarter.