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In This List

Earnings roundup: Voya Financial, White Mountains record higher Q2 earnings YOY

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

2018 US Property Casualty Insurance Market Report

Fintech

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Earnings roundup: Voya Financial, White Mountains record higher Q2 earnings YOY

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 second-quarter adjusted net loss of $76 million, or a loss of 90 cents per common share, compared with a net loss of $51 million, or a loss of 58 cents per share, in the prior-year quarter.

The company reported a net loss of $170 million, or a loss of $2.02 per share, compared with a net loss of $146 million, or a loss of $1.64 per share, in the year-ago period.

Life and health

Voya Financial Inc. logged second-quarter adjusted after-tax operating earnings of $229 million, or $1.52 per share, compared with $195 million, or $1.13 per share, in the prior-year quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $1.46.

Net income available to common shareholders was $226 million, or $1.51 per share, compared with $166 million, or 96 cents per share, in the year-ago period.

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Independence Holding Co.'s second-quarter net income attributable to the company was essentially flat year over year at $6.8 million. Second-quarter EPS was 46 cents, compared with 45 cents in the prior-year period.

Multiline

Assurant Inc. recorded second-quarter net income attributable to common shareholders of $139.5 million, or $2.21 per share, up from $62.2 million, or $1.09 per share, in the prior-year period.

Net operating income for the period was $147.7 million, or $2.34 per share, versus $121.9 million, or $2.13 per share, in the second quarter of 2018.

Excluding reportable catastrophes, net operating income was $144.6 million, or $2.29 per share, compared with $120.9 million, or $2.11 per share, in the previous-year quarter.

Property and casualty

Suncorp Group Ltd. full-year 2019 net profit after tax declined 83.5% to A$175 million from A$1.06 billion year over year.

Cash earnings were A$1.12 billion, compared with A$1.10 billion in the prior-year period. Cash EPS was 84.05 Australian cents for the year ended June 30, compared with 83.37 cents a year ago.

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Alleghany Corp. reported second-quarter net earnings attributable to shareholders of $295.5 million, or $20.46 per share, compared with $295.1 million, or $19.44 per share, in the year-ago quarter.

The company posted comprehensive income attributable to shareholders of $461.6 million, versus comprehensive income attributable to shareholders of $246.4 million in the prior-year period. Operating income amounted to $179.1 million, or $12.40 per share, up from $148.4 million, or $9.78 per share, in the second quarter of 2018.

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American Financial Group Inc. posted second-quarter core net operating earnings of $192 million, or $2.12 per share, compared with $185 million, or $2.04 per share, in the year-ago quarter.

Second-quarter net earnings attributable to shareholders were flat year over year at $210 million, or $2.31 per share.

The company also disclosed that it now expects core net operating earnings for the full year to be between $8.40 per share to $8.80 per share, compared with the previous estimate of $8.35 per share to $8.85 per share.

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Enstar Group Ltd. recorded second-quarter consolidated net earnings of $231.8 million, or $10.70 cents per ordinary share, an increase from $8.2 million, or 40 cents per ordinary share, for the three months ended June 30, 2018.

Second-quarter operating income was $103.2 million, or $4.76 per ordinary share, compared with $83.0 million, or $4.01 per ordinary share, in the prior-year quarter.

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White Mountains Insurance Group Ltd. logged second-quarter comprehensive income attributable to common shareholders of $17.6 million, a significant increase from $2.6 million in the 2018 second quarter.

Net income attributable to common shareholders for the period climbed to $20.5 million, or $6.44 per share, from $3.5 million, or $1.02 per share, in the year-ago period.

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HCI Group Inc. reported second-quarter net income of $7.6 million, or 90 cents per share, compared with $6.4 million, or 92 cents per share, in the same quarter a year earlier.

Adjusted net income for the quarter was $6.6 million, or 81 cents per share, down from $7.6 million, or $1.01 per share, in the second quarter of 2018.

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FedNat Holding Co. booked second-quarter consolidated net income attributable to shareholders of $7.1 million, or 55 cents per share, compared with $8.8 million, or 69 cents per share, in the prior-year quarter.