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Earnings roundup: Cigna, Fairfax Financial post 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

Great Eastern Holdings Ltd. reported second-quarter group profit attributable to shareholders of S$169.0 million, down from S$237.6 million, in the prior-year quarter.

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IA Financial Corp. posted second-quarter core EPS of C$1.61, up from C$1.38 in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was C$1.47.

Net income attributed to common shareholders was C$181.4 million, or C$1.69 per share, versus C$159.1 million, or C$1.44 per share, in the prior-year period.

The company offered full-year 2019 EPS guidance in the range of $5.75 to $6.15.

The S&P Global Market Intelligence consensus EPS estimate for the year is $5.88.

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FBL Financial Group Inc. reported second-quarter adjusted operating income of $31.7 million, or $1.28 per common share, compared with $31.9 million, or $1.28 per common share, in the prior-year period.

Net income attributable to the company was $32.3 million, or $1.30 per common share, versus $32.8 million, or $1.31 per common share, in the year-ago period.

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Kansas City Life Insurance Co. posted second-quarter net income of $5.3 million, or 54 cents per share, up from $4.1 million, or 43 cents per share, in the year-ago period.

Managed care

Cigna Corp.'s adjusted income from operations rose to $1.64 billion, or $4.30 per share, from $955 million, or $3.89 per share, from a year ago.

The S&P Global Market Intelligence consensus normalized EPS estimate for the latest quarter was $3.74.

Shareholders' net income reached $1.41 billion, or $3.70 per share, versus $806 million, or $3.29 per share, in the prior-year period.

Multiline

Axa SA first-half net income fell 17% year over year, after a negative impact of €600 million from the deconsolidation of Axa Equitable Holdings Inc.

The French insurer reported net income of €2.33 billion in the first half, down from €2.80 billion a year ago. Net income per share declined on a yearly basis to 92 cents from €1.12.

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Generali posted a 34.6% year-over-year increase in first-half profit, driven by growth across all of its business segments, and confirmed its three-year targets amid renewed pressure from interest rate trends.

The Italian insurer reported a first-half consolidated result attributable to the group of €1.79 billion, an increase from the year-ago €1.33 billion. Its consolidated operating result rose 7.6% on a yearly basis to €2.72 billion.

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Hartford Financial Services Group Inc. reported second-quarter net income available to common shareholders of $372 million, or $1.02 per share, down from $582 million, or $1.60 per share, in the prior-year quarter.

Core earnings for the period were $485 million, or $1.33 per share, compared with $412 million, or $1.13 per share, in the year-ago period, reflecting better results in personal lines, group benefits and corporate offset in part by lower commercial lines core earnings.

The S&P Global Market Intelligence consensus normalized EPS estimate for the most recent quarter was $1.14.

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Fairfax Financial Holdings Ltd. logged second-quarter net earnings attributable to shareholders of $494.3 million, or $17.18 per share, up from $63.1 million, or $1.82 per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus EPS estimate for the period was $12.20.

Operating income from insurance and reinsurance operations for the quarter was $330.0 million, versus $237.3 million in the prior-year period.

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American National Insurance Co. reported second-quarter after-tax adjusted operating income of $39.4 million, or $1.47 per share, compared with $29.8 million, or $1.10 per share, in the prior-year period.

Net income came in at $98.8 million, or $3.67 per share, an increase from $84.1 million, or $3.12 per share, in the year-ago quarter.

Property and casualty

RSA Insurance Group PLC reported first-half statutory profit attributable to equity holders of the parent company of £170 million, down from £235 million a year ago.

EPS for the first half was 15.3 pence, down from 21.6 pence in the first half of 2018.

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Kinsale Capital Group Inc. recorded second-quarter net income of $13.8 million, or 63 cents per share, a climb from $10.1 million, or 47 cents per share, in the 2018 second quarter.

Total comprehensive income climbed to $20.3 million from $9.1 million in the year-ago period.

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State Auto Financial Corp. reported a second-quarter net loss of $6.2 million, or a loss of 14 cents per share, compared with net income of $6.0 million, or 14 cents per share, in the year-ago quarter.

The company booked a net loss from operations of $14.3 million, or a loss of 33 cents per share, a deterioration from a loss of $3.5 million, or a loss of 8 cents per share, in the 2018 period.

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Goosehead Insurance Inc. posted second-quarter net income attributable to the company of $903,000, or 6 cents per share, improving from a loss of $9.2 million, or a loss of 68 cents per share, in the prior-year quarter.

Adjusted EPS for the period was 7 cents.

Second-quarter net income was $2.8 million, compared with a net loss of $23.9 million in the year-ago period.

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Heritage Insurance Holdings Inc. booked second-quarter operating income of $3.1 million, versus $8.2 million in the prior-year quarter.

Net income was $721,000, or 2 cents per share, compared with $2.4 million, or 9 cents per share, in the prior-year period.