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Insurance earnings roundup, Feb. 1

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Insurance earnings roundup, Feb. 1

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

MetLife Inc. reported fourth-quarter 2016 operating earnings of $1.42 billion, or $1.28 per share, compared with $1.38 billion, or $1.23 per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.34.

The net loss for the quarter was $2.13 billion, or $1.94 per share, compared with net income of $785 million, or 70 cents per share, a year ago.

Full-year 2016 operating earnings were $5.09 billion, or $4.59 per share, compared with $5.48 billion, or $4.86 per share, in 2015.

The S&P Capital IQ consensus normalized EPS estimate for 2016 was $4.65.

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Lincoln National Corp. reported fourth-quarter 2016 net income available to common stockholders of $190.0 million, or 82 cents per share, down from $283.0 million, or $1.14 per share, in the prior-year period.

Income from operations was $409.0 million, or $1.77 per share available to common stockholders, compared with $382.0 million, or $1.54 per share available to common stockholders, in the fourth quarter of 2015.

The S&P Capital IQ normalized EPS estimate for the period was $1.71.

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Unum Group reported fourth-quarter 2016 after-tax operating income of $232.4 million, or $1.00 per common share, compared with $230.6 million, or 95 cents per common share, in the prior-year fourth quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 98 cents.

Net income was $248.0 million, or $1.07 per common share, compared with $226.1 million, or 93 cents per common share, in the fourth quarter of 2015.

The company's expectation for after-tax operating income growth per share for the full year 2017 is within the range of 3% to 6%.

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Torchmark Corp. reported fourth-quarter 2016 net income of $135.4 million, or $1.12 per share, compared with $133 million, or $1.07 per share, in the prior-year period.

Net operating income from all operations was $140.3 million, or $1.16 per share, compared with $131.1 million, or $1.05 per share, in the fourth quarter of 2015.

The S&P Capital IQ normalized EPS estimate for the period was $1.13.

Torchmark projects that net operating income from continuing operations per share will be in a range of $4.57 to $4.77 for the year ending Dec. 31, 2017.

Managed care

Anthem Inc. reported fourth-quarter 2016 net income of $368.4 million, or $1.37 per share, up from $180.9 million, or 68 cents per share, in the year-ago quarter.

Results for the fourth quarter included net negative adjustment items of 39 cents per share, compared with net negative adjustment items of 46 cents per share in the fourth quarter of 2015. Excluding these items, adjusted EPS for the quarter was $1.76 per share, up from $1.14 per share in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.76.

For the full year 2016, the company reported net income of $2.47 billion, or $9.21 per share, down from $2.56 billion, or $9.38 per share, in 2015. Adjusted EPS for the year was $11.00, compared with $10.16 per share in the previous year.

The S&P Capital IQ consensus normalized EPS estimate for 2016 was $11.00.

Anthem also issued guidance for the full year 2017. The company expects net income to be greater than $11.11 per share, including about 39 cents per share of net unfavorable items. Excluding these items, adjusted net income is projected to be greater than $11.50 per share for 2017.

The S&P Capital IQ consensus normalized EPS estimate for 2017 is $11.57.

The outlook for 2017 does not include any benefits or transaction costs associated with the pending acquisition of Cigna.

Multiline

Ameriprise Financial Inc. reported fourth-quarter 2016 net income attributable to the company of $400.0 million, or $2.46 per share, compared with $357.0 million, or $2.00 per share, in the year-ago period. Operating earnings were $443.0 million, or $2.73 per share, versus $441.0 million, or $2.47 per share, in the prior year.

The S&P Capital IQ consensus normalized EPS estimate for the period was $2.42.

For the full 2016 year, the company reported net income attributable to Ameriprise Financial of $1.31 billion, or $7.81 per share, down from $1.56 billion, or $8.48 per share, in 2015. Operating earnings were $1.43 billion, or $8.48 per share, compared with $1.72 billion, or $9.32 per share, in 2015.

The S&P consensus normalized EPS estimate for 2016 was $8.18.

P&C

Allstate Corp. reported fourth-quarter 2016 operating income of $807 million, or $2.17 per share, up from $625 million, or $1.60 per share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.61.

Fourth-quarter 2016 net income applicable to common shareholders was $811 million, or $2.18 per share, compared with $460 million, or $1.18 per share, in the fourth quarter of 2015.

Catastrophe losses were $303 million, down from $358 million in the prior-year period.

Allstate reported full-year 2016 operating income of $1.84 billion, or $4.87 per share, compared with $2.11 billion, or $5.19 per share, in 2015.

The S&P Capital IQ consensus normalized EPS estimate for the year was $4.33.

Net income applicable to common shareholders for the year was $1.76 billion, or $4.67 per share, down from $2.06 billion, or $5.05 per share, in the previous year.

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XL Group Ltd reported fourth-quarter 2016 net income attributable to common shareholders of $304.7 million, or $1.12 per share, compared with $228.6 million, or 76 cents per share, in the fourth quarter of 2015.

Operating net income was $128.4 million, or 47 cents per share, compared with $195.0 million, or 65 cents per share, a year earlier.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 33 cents.

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American Financial Group Inc. reported fourth-quarter 2016 core net operating earnings of $176 million, or $1.98 per share, compared with $136 million, or $1.52 per share, in the year-ago quarter.

The company reported net earnings attributable to shareholders of $385 million, or $4.33 per share, up from $129 million, or $1.45 per share, in the prior-year.

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AXIS Capital Holdings Ltd. reported fourth-quarter 2016 operating income of $101.0 million, or $1.14 per common share, compared with $119.8 million, or $1.23 per common share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 94 cents.

The company reported net income available to common shareholders of $130.9 million, or $1.48 per share, down from $134.8 million, or $1.39 per share, in the year-ago quarter.

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Allied World Assurance Co. Holdings AG reported fourth-quarter 2016 net loss of $40.9 million, or 46 cents per share, compared to net income of $1.7 million, or 2 cents per share, in the fourth quarter of 2015.

Operating income was $42.4 million, or 48 cents per share for the fourth quarter of 2016, compared with $43.0 million, or 47 cents per share, a year earlier.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 64 cents.

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Blue Capital Reinsurance Holdings Ltd. reported fourth-quarter 2016 net income and comprehensive income of $4 million, or 46 cents per share, compared with net income and comprehensive income of $5.4 million, or 62 cents per share, in the fourth quarter of 2015.

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Fidelity National Financial Inc. reported fourth-quarter 2016 adjusted net earnings attributable to common shareholders of $198 million, or 71 cents per share, compared with $185 million, or 67 cents per share, for the comparable period in 2015.

The S&P Global consensus normalized EPS estimate for the quarter was 62 cents.

Net earnings attributable to common shareholders was $231 million, or 83 cents per share, compared with $230 million, or 83 cents per share, a year ago.