With earnings season in gear, S&P Global Market Intelligence presents a snapshot of recently reported financial results for companies in the insurance space.
Financial guaranty
MBIA Inc. reported a fourth-quarter 2017 adjusted net loss of $167 million, or $1.52 per share, compared with an adjusted net loss of $6 million, or 5 cents per share, in the same quarter of 2016.
The company's GAAP net loss in the quarter was $37 million, or a loss of 39 cents per share, which was an improvement from a net loss of $265 million, or a loss of $2.01 per share, in the year-ago quarter.
Life and health
EHealth Inc. posted a fourth-quarter 2017 net loss of $21.0 million, or a loss of $1.12 per share, compared with a loss of $16.7 million, or a loss of 91 cents per share, in the prior-year quarter.
The non-GAAP net loss for the period was $17.3 million, or a loss of 93 cents per share, compared with a loss of $14.5 million, or a loss of 79 cents per share, in the year-ago quarter.
For full year 2018, the company expects GAAP net income of $1.6 million to $6.6 million, or 8 cents to 34 cents per share. Non-GAAP net income per share is expected to be 92 cents to $1.18 per share.
Managed care
Triple-S Management Corp. reported fourth-quarter 2017 net income attributable to the company of $24.2 million, or $1.03 per share, a climb from $12.0 million, or 50 cents per share, in the prior-year quarter.
Adjusted net income for the period was $22.1 million, or 94 cents per share, compared with $3.4 million, or 14 cents per share, in the prior-year period.
Property and casualty
The State Farm Property and Casualty group of companies reported a combined underwriting loss of $6.5 billion in 2017 on earned premium of $63.9 billion, compared to an underwriting loss of $5.5 billion on earned premium of $61.7 billion in 2016.
The 2017 underwriting loss, combined with investment and other income of $4.8 billion, resulted in a pretax operating loss of $1.7 billion for the State Farm P&C companies. The underwriting loss in 2017 was driven by significant catastrophe losses.
State Farm reported net income of $2.2 billion in 2017, compared to $400 million in 2016.
State Farm Mutual Automobile Insurance Co.'s individual health insurance operations reported an underwriting loss of $71 million in 2017, excluding premium deficiency reserve, and net written premium was $691 million. This compared to an underwriting loss of $84 million and net written premium of $668 million in 2016.
In 2017, State Farm Life Insurance Co. and State Farm Life & Accident Assurance Co. reported premium income of $5.3 billion and net income of $492 million. This compared to premium income of $5.7 billion and net income of $562 million in 2016.
