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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.


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.


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.