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Insurance earnings roundup, May 4

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Insurance earnings roundup, May 4

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

Financial Guaranty

reported first-quarter operating income of $113 million,or 82 cents per share, down from $140 million, or 89 cents per share, in the year-agoquarter.

The S&PCapital IQ consensus normalized EPS estimate for the quarter was 64 cents.

Net incometotaled $59 million, or 43 cents per share, compared with $201 million, or $1.28per share, a year earlier.


Life and health

's first-quarter operatingearnings fell to $1.33billion, or $1.20 per share, from $1.64 billion, or $1.44 per share, in the prior-yearperiod.

The insurersaid its first-quarter operating profits were affected by variable investment incomethat missed its 2016 quarterly plan by $86 million, or 8 cents per share, aftertax and the impact of deferred acquisition costs. The results also factored in $45million, or 4 cents per share, of after-tax catastrophe losses.

MetLiferecorded a one-time tax benefit in Japan that ultimately aided its operating earningsby $10 million, or 1 cent per share, after tax.

The S&PCapital IQ consensus normalized EPS estimate for the first quarter was $1.38.


first-quarter after-taxadjusted operating income of $997 million, or $2.18 per share, compared with $1.30billion, or $2.79 per share, in the prior-year quarter.

The mostrecent quarter saw a pretax charge of $53 million in individual annuities, representingthe impact of market performance on deferred policy acquisition and other costsand reserves for guaranteed death and income benefits. The charge unfavorably impactedearnings by 8 cents per share. Prudential recorded a net favorable impact of 14cents per share to operating income in the first quarter of 2015 related to theindividual annuities segment.

The S&PCapital IQ consensus normalized EPS estimate for the quarter was $2.36.

Net incomeattributable to the company in the period was $1.34 billion, or $2.93 per share,compared with $2.04 billion, or $4.37 per share, in the year-ago period.


reported first-quarter net income available to common stockholdersof $201 million, or 82 cents per share, compared with $299 million, or $1.15 pershare, in the year-ago period.

Incomefrom operations was $314 million,or $1.25 per share, compared with $352 million, or $1.35 per share, in the year-agoquarter.

The S&PCapital IQ consensus normalized EPS estimate for the first quarter was $1.49.


first-quarter after-tax operating earnings of $115 million, or 55 cents pershare, compared with $197 million, or 82 cents per share, in the year-ago period.

The S&PCapital IQ consensus normalized EPS estimate for the first quarter was 70 cents.

Net incomeavailable to common shareholders was $192 million, or 92 cents per share, comparedwith $190 million, or 79 cents per share, in the year-ago quarter.


reported first-quarter net operating income of $45.7 million,or 93 cents per share, compared with $42.6 million, or 80 cents per share, in theyear-ago period.

The S&PCapital IQ consensus normalized EPS estimate for the first quarter was 91 cents.

Net incomewas $45.2 million, or 92 cents per share, compared with $43.4 million, or 82 centsper share, in the year-ago quarter.


reported fiscal second-quarter adjusted operating income of $43 million, or 73 centsper share, compared with $23 million, or 40 cents per share, in the year-ago period.

The S&PCapital IQ consensus normalized EPS estimate for the quarter was 56 cents.

Net incomewas $9 million, or 16 cents per share, compared with a loss of $12 million, or aloss of 21 cents per share, in the year-ago quarter.


Managed care

reported first-quarter net income of $234 million, or $1.56per share, down from $430 million, or $2.82 per share, in the year-ago period.

AdjustedEPS for the quarter was $1.86, down from $2.58 in the prior-year quarter. For comparabilityto the first quarter, adjusted amounts for first quarter 2015 have been recast toreflect an adjustment for the exclusion of amortization of identifiable intangiblesto align with reporting methods used across the managed care sector.

The S&PGlobal consensus normalized EPS estimate for the quarter was $1.81.


Property and casualty

after-tax first-quarteroperating income of $1.02 billion, or $2.26 per share, compared with $745 million,or $2.25 per share, in the corresponding quarter of 2015.

The S&PCapital IQ consensus normalized EPS estimate for the quarter was $2.17.

Net incomewas $439 million, or 97 cents per share, compared with $681 million, or $2.05 pershare, in the prior-year quarter.

Operatingincome was adversely impacted by purchase accounting adjustments of 6 cents pershare, while net income was adversely impacted by 43 cents per share of deal integrationand related expenses, the amortization of fair value adjustments, and purchase accountingadjustments on operating income of 6 cents per share. ACE Ltd.'s acquisition ofChubb Corp. closed Jan.14, and the combined company adopted the Chubb Ltd. name. Including the first 14days of 2016, operating EPS was $2.29.


first-quarter operating income of $322 million, or 84 centsper share, down sharply from $616 million, or $1.46 per share, in the year-ago quarter.

The S&PCapital IQ consensus normalized EPS estimate for the quarter was 68 cents.

Net incomeapplicable to common shareholders was $217 million, or 57 cents per share, comparedwith $648 million, or $1.53 per share, a year ago.


first-quarter net operating incomeof C$197 million, or C$1.46 per share, compared with C$186 million, or C$1.37 pershare, in the year-ago period.

The S&PCapital IQ consensus normalized EPS estimate for the first quarter was C$1.47.

Net incomewas C$152 million, or C$1.11 per share, compared with C$178 million, or C$1.32 pershare, in the year-ago quarter.


first-quarter operatingincome of $71.5 million, or $1.64 per share, compared with $57.1 million, or $1.27per share, in the prior-year quarter.

The S&PCapital IQ consensus normalized EPS estimate for the first quarter was $1.58.

Net incomewas $78.2 million, or $1.80 per share, compared with $54.9 million, or $1.22 pershare, in the year-ago period.


reported first-quarter operating income of $38.8 million, or 66 cents per share, comparedwith $27.4 million, or 48 cents per share, in the prior-year quarter.

Net incomewas $37.0 million, or 63 cents per share, compared with $39.7 million, or 69 centsper share, in the year-ago period.


reported first-quarter operating income of $21.1 million, or 83 cents per share, comparedwith $23.1 million, or 92 cents per share, in the prior-year quarter.

Net incomewas $22.4 million, or 88 cents per share, compared with $23.7 million, or 94 centsper share, in the year-ago period.


reported first-quarter net operating earnings of $28.3 million, or 37cents per share, compared with $26.6 million, or 35 cents per share, in the firstquarter of 2015.

Net incomeattributable to common shareholders was $27.2 million, or 35 cents per share, comparedwith $32.4 million, or 41 cents per share, in the year-ago period.


reported first-quarter net operating income of $12.8 million, or 43 centsper share, compared with $11.7 million, or 40 cents per share, in the first quarterof 2015.

Net incomewas $12.8 million, or 43 cents per share, compared with $9.4 million, or 32 centsper share, in the year-ago period.


reported first-quarter net income of $7.4 million, or 24 cents per share,compared with $30.1 million, or $1.00 per share, in the year-ago period.


Title

reported first-quarter net income of $1.8 million, or 93cents per share, compared with $1.7 million, or 86 cents per share, in the year-agoperiod.