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Earnings roundup: Progressive's July income drops; UK insurers report H1 results

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

U.K.-based Prudential PLC logged operating profit from continuing operations of £2.02 billion in the first half, up from £1.67 billion a year ago. The company said the increase was due to strong performance from the Asia business.

IFRS profit after tax increased year over year to £1.54 billion from £1.36 billion.

Property and casualty

Progressive Corp.'s net income attributable to the company decreased 5% to US$384.9 million in July from US$403.7 million a year ago.

Net income per share available to common shareholders slipped year over year to 65 cents from 68 cents.

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QBE Insurance Group Ltd. logged higher statutory net profit after tax for the half year ended June 30 at US$463 million, compared with US$358 million in the year-ago period, due to significantly stronger investment returns.

The company's first-half profit after income tax attributable to ordinary equity holders totaled US$463 million, or 34.7 cents per share, up from US$358 million, or 26.3 cents per share, in the prior-year period. Cash profit after tax was US$520 million, up 35% from US$385 million in the prior-year period.

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U.K.-based Admiral Group PLC reported group share of profit before tax of £220.2 million in the first half, up from £211.7 million a year earlier.

Group statutory profit before tax rose 4% year over year to £218.2 million from £210.7 million. EPS increased to 63.0 pence from 61.6 pence.