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Earnings roundup: Aflac, The Hartford report higher earnings YOY in Q2

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

Aflac Inc. reported second-quarter adjusted earnings of $835 million, or $1.07 per share, versus $731 million, or 92 cents per share, a year earlier.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 99 cents.

Net earnings came in at $832 million, or $1.07 per share, compared with $713 million, or 89 cents per share, in the year-ago quarter.

The company raised its 2018 adjusted EPS guidance from a range of $3.72 to $3.88 to the range of $3.90 to $4.06, assuming the 2017 weighted-average exchange rate of 112.16 yen to the dollar. If the yen averages 110 to 115 to the dollar for the third quarter, the company expects adjusted EPS to be about 87 cents to $1.02 in the third quarter.

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Principal Financial Group Inc. reported second-quarter non-GAAP operating earnings of $391.4 million, or $1.35 per share, compared with $383.6 million, or $1.31 per share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.37.

Net income attributable to the company increased to $456.6 million, or $1.58 per share, from $309.5 million, or $1.06 per share, in the second quarter of 2017.

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India-based SBI Life Insurance Co. Ltd. reported a net profit of 3.50 billion Indian rupees in the first quarter of the fiscal year, compared with 3.10 billion rupees a year ago, according to The Hindu Business Line.

As of July 26, US$1 was equivalent to 68.70 Indian rupees.

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Reinsurance Group of America Inc. reported second-quarter adjusted operating income of $202.1 million, or $3.10 per share, compared with $193.7 million, or $2.95 per share, in the prior-year quarter.

The S&P Capital IQ consensus normalized EPS estimate for the period was $3.11.

Net income for the period was $204.4 million, or $3.13 per share, down from $232.2 million, or $3.54 per share, the previous year.

Mortgage guaranty

Radian Group Inc. reported second-quarter net income of $208.9 million, or 96 cents per share, compared with a net loss of $27.3 million, or 13 cents per share, in the year-ago quarter.

Net income for the second quarter included a pretax net loss on investments and other financial instruments of $7.4 million, along with $900,000 of pretax restructuring and other exit costs related to the mortgage and real estate services segment.

Adjusted second-quarter pretax operating income increased year over year to $191.0 million from $163.7 million. Adjusted net operating income per share was 69 cents, up from 48 cents in the second quarter of 2017.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 59 cents.

Multiline

The Hartford Financial Services Group Inc. reported second-quarter net income of $582 million, or $1.60 per share, compared with net loss of $40 million, or a loss of 11 cents per share, in the prior-year quarter.

Core earnings for the period were $412 million, or $1.13 per share, compared with $303 million, or 81 cents per share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.02.

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Mapfre SA reported second-quarter net result of €198.7 million, a 4.9% decrease from the €208.9 million recorded in the year-ago period.

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Scor SE's net profit fell 37.3% in the second quarter of 2018 after the company took a €62 million hit related to tax reforms in the U.S.

The French reinsurer reported a profit of €96 million for the second quarter, down from €153 million in the same period in 2017. Scor's first-half profit was down 10.3% to €262 million from €292 million because of the U.S. tax hit.

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Jardine Lloyd Thompson Group PLC reported first-half profit attributable to owners of the group of £59.5 million, down from a restated £67.2 million in the same period in 2017.

EPS was 27.5 pence, compared with 31.2 pence a year ago.

P&C

Marsh & McLennan Cos. Inc. reported second-quarter net income attributable to the company of $531 million, or $1.04 per share, compared with $501 million, or 96 cents per share, in the year-ago period.

Adjusted EPS was $2.47 for the most recent quarter, compared with $2.08 in the year-ago period. The 19% increase in adjusted EPS includes a benefit of 16 cents from the application of a new revenue standard. Excluding the new revenue standard, adjusted EPS increased 11%.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.11.

The company reported second-quarter operating income of $691 million, down from $764 million in the second quarter of 2017.

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Arthur J. Gallagher & Co. reported 5.3% second-quarter growth in organic commissions, fees, supplemental commissions and contingent commissions.

The company posted second-quarter net earnings attributable to controlling interests of $114.9 million, or 62 cents per share, versus $70 million or 39 cents per share, in the 2017 second quarter.

Adjusted non-GAAP net EPS for the period came in at 62 cents, an increase from 48 cents in the year-ago quarter.

The S&P Global Capital IQ consensus normalized EPS estimate for the period was 63 cents.

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Cincinnati Financial Corp. reported second-quarter non-GAAP operating income of $133 million, or 81 cents per share, up from $107 million, or 64 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the period was 55 cents.

Net income increased to $217 million, or $1.32 per share, in the quarter from $100 million, or 60 cents per share, in the prior-year period.

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Old Republic International Corp. reported second-quarter pretax operating income of $173.3 million, compared with $139.4 million in the year-ago period.

Net operating income per share was 47 cents in the second quarter, compared with 34 cents in the year-ago period.

Net income rose to $197.7 million, or 66 cents per share, versus $101.6 million, or 35 cents per share, in the second quarter of 2017.

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First American Financial Corp. reported second-quarter net income attributable to the company of $155.1 million, or $1.37 per share, compared with $122.3 million, or $1.09 per share, in the year-ago period.

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Erie Indemnity Co. reported second-quarter net income of $79.7 million, or $1.52 per class A common share, compared with $58.5 million, or $1.12 per class A common share, in the second quarter of 2017.