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In This List

Earnings roundup: Zurich's income rises YOY; Ambac books Q2 adjusted earnings

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Earnings roundup: Zurich's income rises YOY; Ambac books Q2 adjusted earnings

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

E-L Financial Corp. Ltd. reported second-quarter consolidated shareholders' net income of C$42 million, or C$9.70 per share, compared with net income of C$108 million, or C$26.56 per share, in the prior-year period.

Managed care

Triple-S Management Corp. posted second-quarter adjusted net income of $25.6 million, or $1.12 per share, compared with a loss of $37.3 million, or loss of $1.62 per share, in the prior-year quarter.

Net income attributable to the company was $30.9 million, or $1.35 per share, which improved from a net loss of $38.7 million, or a loss of $1.68 per share, in the prior-year period.

The company raised its 2019 guidance for adjusted net income per share to between $2.40 and $2.60 from the previous guidance of $1.90 and $2.10.

Multiline

Zurich Insurance Group AG's after-tax net income attributable to shareholders came in at $2.04 billion, compared with $1.79 billion in the year-ago period. EPS was CHF13.67, up from CHF11.57 a year ago.

First-half business operating profit was up 16% year over year to $2.82 billion.

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Aviva PLC said first-half operating profit increased 1% to £1.45 billion from £1.44 billion in the prior-year period.

Profit after tax jumped to £1.18 billion from £376 million a year earlier. Basic EPS climbed year over year to 28.2 pence from 7.9 pence.

Property and casualty

Ambac Financial Group Inc. reported second-quarter adjusted earnings of $86.4 million, or $1.88 per share, compared with an adjusted loss of $9.2 million, or a loss of 20 cents per share, in the first quarter.

The company posted a net loss attributable to common shareholders of $128.4 million, or a loss of $2.79 per share, for the second quarter, compared with a net loss attributable to common shareholders of $43.2 million, or a loss of 94 cents per share, in the first quarter.

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EMC Insurance Group Inc. reported second-quarter net income of $1.3 million, or 6 cents per share, compared with a loss of $5.0 million, or a loss of 24 cents per share, a year ago.

The company booked an operating loss of $2.1 million, or a loss of 10 cents per share, versus a loss of $365,000, or a loss of 2 cents per share, in the 2018 period.

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Kingstone Cos. Inc. reported second-quarter net operating income of $1.1 million, or 10 cents per share, versus $2.8 million, or 26 cents per share, in the year-ago quarter.

The company reported net income of $1.6 million, or 15 cents per share, compared with $2.8 million, or 25 cents per share, in the prior-year period.

Reinsurance

Hannover Re reported second-quarter group net income of €368.9 million, up from €281.9 million a year earlier. EPS for the quarter was €3.06, compared with the year-ago €2.34.