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Insurance earnings roundup, April 27

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Insurance earnings roundup, April 27

With earnings season in gear,S&P Global Market Intelligence presents a snapshot of recently reportedfinancial results for companies in the insurance space.

Life and health

reported after-tax operating income of $226.8 million,or 95 cents per share, compared with $224.8 million, or 89 cents per share, inthe first quarter of 2015.

TheS&P Capital IQ consensus normalized EPS estimate for the first quarter was91 cents.

Netincome totaled $210.6 million, or 88 cents per share, compared with $212.9million, or 84 cents per share, in the year-ago quarter.

Thecompany continues to expect after-tax operating income per share to grow 3% to6% for the full year 2016.


reported netoperating income of $49.6 million, or 27 cents per share, compared with $60.1million, or 30 cents per share, in the first quarter of 2015.

TheS&P Capital IQ consensus normalized EPS estimate for the first quarter was32 cents.

Netincome totaled $45.5 million, or 25 cents per share, down from $52.8 million,or 26 cents per share, in the year-ago period.


reported operating income of $21.0 million, or 25 centsper share, down from $48.8 million, or 62 cents per share, in the prior-yearquarter.

TheS&P Capital IQ consensus normalized EPS estimate for the first quarter was62 cents.

Thecompany reported a net loss of $44.8 million, or a loss of 55 cents per share,compared with net income of $5.9 million, or 7 cents per share, in theprior-year quarter.

Thefirst-quarter net loss was increased by $28.4 million, or 35 cents per commonshare, and first-quarter operating income was decreased by $28.6 million, or 35cents per common share, for revisions to investment spread assumptions utilizedin the determination of deferred policy acquisition costs and deferred salesinducements.

Managed care

first-quarter net income of$703.0 million, or $2.63 per share, down from $865.2 million, or $3.09 pershare, in the year-ago quarter.

Resultsfor the recent quarter included net negative adjustment items of 83 cents pershare. First-quarter 2015 results included net negative adjustment items of 5cents per share. Excluding the items noted in each period, adjusted net incomewas $3.46 per share in the first quarter, up from $3.14 per share in theprior-year quarter.

TheS&P Capital IQ consensus normalized EPS estimate for the first quarter was$3.35.

Anthemalso updated its guidance for full year 2016. Net income is now expected to begreater than $9.65 per share, including greater than $1.15 per share of netunfavorable items. The company previously expected net income to be greaterthan $10.35 per share, including greater than 45 cents per share ofamortization of other intangible assets. Excluding these items, adjusted netincome is still expected to be greater than $10.80 per share.

The S&P Capital IQ consensus normalized EPS estimate forthe year is $10.92.

Mortgage guaranty

net income of $66.2million, or 29 cents per share, down from $92.3 million, or 39 cents per share,in the year-ago period.

Adjustedpretax operating income for the most recent quarter was $130.2 million, up from$123.9 million in the prior-year quarter.

Adjustednet operating income per share for the quarter was 37 cents, compared to 35cents in the prior-year quarter.

TheS&P Capital IQ consensus normalized EPS estimate for the first quarter was37 cents.

Multiline

reportedfirst-quarter operating earnings of $378 million, or $2.17 per share, down from$412 million, or $2.18 per share, in the year-ago period.

Operatingresults for the first quarter of 2016 include unfavorable items of 9 cents pershare.

TheS&P Capital IQ consensus normalized EPS estimate for the quarter was $2.18.

Netincome attributable to the company totaled $364 million, or $2.09 per share,compared with $393 million, or $2.08 per share, in the year-ago period.


reported after-taxoperating income of $24.3 million, or 90 cents per share, down from $39.9million, or $1.48 per share, in the year-ago quarter.

Netincome was $29.3 million, or $1.09 per share, compared with $103.0 million, or$3.82 per share, in the year-ago quarter.

Thecompany said the change in net income is primarily due to a $58.0 million, or$2.15 per share, reduction in realized investment earnings attributable tohigher than usual sales of certain real estate holdings in unconsolidated jointventures in the first quarter of 2015.

Property & casualty

first-quarter operating netincome of $103.4 million, or 35 cents per share, compared with $194.4 million,or 75 cents per share, in the year-ago period.

TheS&P Capital IQ consensus normalized EPS estimate for the quarter was 48cents.

Operatingnet income included about $55.0 million in integration costs, as well as $52.8million in natural catastrophe losses. There were $14.7 million in naturalcatastrophe losses in the first quarter of 2015.

Netincome attributable to ordinary shareholders was $21.9 million, or 7 cents pershare, down from $36.3 million, or 14 cents per share, in the year-ago quarter.


Arch Capital Group Ltd. first-quarter after-taxoperating income available to common shareholders of $145.7 million, or $1.17 pershare, compared with $149.8 million, or $1.17 per share, in the first quarterof 2015.

TheS&P Capital IQ consensus normalized EPS estimate for the quarter was $1.10.

Netincome available to common shareholders totaled $149.3 million, or $1.20 pershare, down from $277.9 million, or $2.16 per share, in the year-ago period.


AMERISAFEInc. reported first-quarter operating net income of $24.1million, or $1.26 per share, compared with $15.1 million, or 79 cents per, inthe prior-year quarter.

Net income for the period was $24.3 million, or $1.27 pershare, compared with $15.1 million, or 79 cents per share, in the year-agoquarter.


EmployersHoldings Inc. reported first-quarter operating income of $17.0million, or 52 cents per share, compared with $10.2 million, or 31 cents pershare, in the year-ago quarter.

Netincome was $21.0 million, or 64 cents per share, up from $14.0 million, or 43cents per share. Excluding the loss portfolio transfer agreement, anon-recurring transaction, first-quarter net income was $17.9 million, or 54cents per share, compared with $10.9 million, or 34 cents per share, in theyear-ago period.


UnitedInsurance Holdings Corp. reported first-quarter net income of $3.0 million, or 14cents per share, up from $198,000, or 1 cent per share, in the year-ago period.

The company primarily attributed the net income growth toincreases in gross premiums earned for the first quarter, which totaled $146.5million, compared with $115.2 million in the first quarter of 2015.

Total comprehensive income for the period was $6.7 million,compared with $1.7 million in the first quarter of 2015.

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FidelityNational Financial Inc. reported first-quarter adjusted net earningsattributable to common shareholders of $94 million, or 33 cents per share,compared with $106 million, or 37 cents per share, in the first quarter of 2015.

TheS&P Capital IQ consensus normalized EPS estimate for the quarter was 36cents.

Thecompany's net earnings attributable to common shareholders for the periodtotaled $73 million, or 26 cents per share, compared with $86 million, or 30cents per share, in the year-ago quarter.