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Insurance earnings roundup, Aug. 3

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

Industrial Alliance Insurance and Financial Services Inc. reported second-quarter net income attributed to common shareholders of C$127.5 million, or C$1.19 per common share, down from C$139.5 million, or C$1.35 per common share, in the year-ago quarter.

The S&P Capital IQ consensus GAAP EPS estimate for the quarter was C$1.12.

The company expects earnings per common share to be between C$4.65 and C$5.05 for full year 2017.

The S&P Capital IQ consensus GAAP EPS estimate for the year is C$4.71.

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FBL Financial Group Inc. reported second-quarter operating income of $30.8 million, or $1.23 per common share, up from $25.7 million, or $1.02 per common share, in the year-ago quarter.

Second-quarter net income attributable to the company was $32.3 million, or $1.29 per common share, compared with $24.4 million, or 97 cents per common share, in the year-ago quarter.

Managed care

Aetna Inc. reported second-quarter GAAP net income of $1.20 billion, or $3.60 per share, compared with $791 million, or $2.23 per share, in the year-ago quarter.

Adjusted earnings for the quarter were $1.15 billion, or $3.42 per share, up from $783 million, or $2.21 per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $2.35.

For full year 2017, Aetna expects net income per share of $5.46 to $5.56. Adjusted EPS is expected to be between $9.45 and $9.55. The company previously expected net income per share to be between $4.48 and $4.68 and adjusted EPS of $8.80 to $9.00.

The S&P Capital IQ consensus normalized EPS estimate for 2017 is $8.99.

Property and casualty

Willis Towers Watson Plc reported second-quarter net income attributable to the company of $33 million, or 24 cents per share, down from $72 million, or 51 cents per share, for the prior-year quarter.

GAAP net income and EPS include pretax $63 million of integration expenses and $27 million of restructuring costs.

Second-quarter adjusted net income was $198 million, or $1.45 per share, compared with $233 million, or $1.66 per share, in the prior-year quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.52.

For 2017, the company expects current constant currency revenue growth of 2% to 3% and adjusted EPS in the range of $8.36 to $8.51. The updated adjusted EPS range reflects a decline of 4 cents per share from the previous guidance due to the divestiture of the Global Wealth Solutions business.

The S&P Capital IQ consensus normalized EPS estimate for the year is $8.50.

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Liberty Mutual Holding Co. Inc. and its subsidiaries collectively reported second-quarter net income attributable to the companies of $126 million, up from $15 million in the second quarter of 2016.

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Fairfax Financial Holdings Ltd. reported second-quarter net earnings attributable to shareholders of $311.6 million, or $12.67 per share, compared with $238.7 million, or $9.58 per share, a year ago.

Comprehensive income attributable to shareholders totaled $395.8 million, compared with $179.3 million in the second quarter of 2016.

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Alleghany Corp. reported second-quarter net earnings attributable to shareholders totaled $101.8 million, or $6.60 per share, versus $77.1 million, or $4.99 per share, in the year-ago period.

Comprehensive income attributable to shareholders was $250.0 million, up from $145.6 million in the second quarter of 2016.

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Enstar Group Ltd. reported second-quarter consolidated net earnings attributable to the company of $90.2 million, or $4.62 per ordinary share, up from $40.6 million, or $2.09 per ordinary share, in the year-ago quarter.

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Navigators Group Inc. reported second-quarter, after-tax net operating earnings of $19.7 million, or 66 cents per common share, compared with $12.2 million, or 41 cents per common share, in the year-ago quarter.

Net income was $20.5 million, or 69 cents per share, compared with $16.2 million, or 54 cents per share, a year ago.

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Infinity Property & Casualty Corp. reported second-quarter operating earnings of $3.8 million, or 34 cents per share, dropping from $11.1 million, or $1.00 per share, in the year-ago quarter.

Net earnings were $5.0 million, or 46 cents per share, down from $11.0 million, or 99 cents per share, a year ago.

The company expects the 2017 accident year combined ratio, excluding development on prior accident loss and loss adjustment expense reserves, to be between 96.0% and 98.0%. This range excludes the estimated full-year impact from the premium adjustments of about 1.5 points.

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Kinsale Capital Group Inc. reported second-quarter net income of $8.5 million, compared with $6.1 million in the second quarter of 2016.

Earnings per share was 40 cents for the second quarter. Underwriting income was $10.7 million, compared with $7.8 million in the prior-year quarter.