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Earnings roundup: Ageas, Sun Life earnings climb YOY in Q2

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Earnings roundup: Ageas, Sun Life earnings climb 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.

Financial guaranty

MBIA Inc. reported a second-quarter adjusted net loss of $51 million, or a loss of 58 cents per share, an improvement from the adjusted net loss of $139 million, or $1.12 per share, in the year-ago period.

The company booked a net loss of $146 million, or $1.64 per share, compared with a net loss of $1.23 billion, or $9.78 per share, a year earlier.

Life and health

Prudential PLC's profit after tax in the first half fell 10% year over year, largely because of a £513 million pretax loss on the reinsurance of £12 billion of U.K. bulk annuities to Rothesay Life.

The London-listed company's profit after tax under International Financial Reporting Standards for the first half was £1.36 billion, down from £1.51 billion in the first half of 2017. The profit after tax was also hit by negative short-term investments variances, the company said.

EPS for the half was 52.6 pence, compared with the year-ago 58.6 pence.

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Manulife Financial Corp. reported second-quarter core earnings of C$1.43 billion, or 70 Canadian cents per common share, compared with C$1.17 billion, or 57 cents per common share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 65 cents.

Second-quarter net income attributed to shareholders was nearly flat year over year at C$1.26 billion, or 61 cents per common share, in the second quarter.

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Sun Life Financial Inc. reported second-quarter underlying net income of C$729 million, or C$1.20 per share, compared with C$689 million, or C$1.12 per share, in the prior-year period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was C$1.15.

Reported net income for the period was C$706 million, or C$1.16 per share, versus C$574 million, or 93 Canadian cents per share, in the 2017 second quarter.

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FGL Holdings reported second-quarter net income available to common shareholders of $13 million, or 6 cents per share, compared with $32 million, or 54 cents per share, in the prior-year period.

Adjusted operating income available to common shareholders for the quarter was $58 million, or 27 cents per share, versus $42 million, or 72 cents per share.

Multiline

Sampo Oyj's second-quarter group profit attributable to owners of the parent totaled €586 million, up from €375 million in the year-ago period.

EPS for the quarter was €1.06, compared with 67 cents a year earlier. Pretax profit amounted to €708 million, up from the year-ago €435 million.

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Ageas SA/NV reported second-quarter net result attributable to shareholders of €193.5 million, up from €173.4 million a year earlier.

Total income rose year over year to €3.20 billion from €3.09 billion.

Property and casualty

MS&AD Insurance Group Holdings Inc. reported an 8.5% year-over-year decline in net income for the quarter ended June 30.

The company said net income attributable to owners for the fiscal first quarter fell to ¥83.86 billion from ¥91.67 billion in the year-ago quarter.

EPS dropped to ¥141.69 from ¥154.80.

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Navigators Group Inc. reported second-quarter net operating earnings, after tax, of $27.6 million, or 92 cents per common share, compared with $19.7 million, or 66 cents per common share, in the year-ago quarter.

Net income was $32.1 million, or $1.07 per share, versus $20.5 million, or 69 cents per share, in the prior-year quarter.

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United Fire Group Inc. reported a second-quarter adjusted operating loss of $868,000, or a loss of 3 cents per share, compared with adjusted operating income of $1.2 million, or 5 cents per share, in the prior-year quarter.

Net income was $157,000, or 1 cent per share, compared with $3.0 million, or 12 cents per share, in the year-ago period.

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Ambac Financial Group Inc. posted net income attributable to common shareholders of $4.3 million, or 9 cents per share, for the second quarter, compared with $305.7 million, or $6.70 per share, in the first quarter.

Adjusted earnings for the period were $36.5 million, or 78 cents per share, compared with $329.8 million, or $7.22 per share, in the prior quarter.

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Baldwin & Lyons Inc., which was recently rebranded to Protective Insurance Corporation, reported second-quarter net income of $2.5 million, or 17 cents per share, compared with a net loss of $12.3 million, or a loss of 82 cents per share, in the year-ago quarter.

Reinsurance

Munich Re reported second-quarter consolidated profit attributable to equity holders of €724 million, down slightly from €729 million a year earlier.

EPS was €4.84, compared with €4.71 a year earlier.

The German reinsurer said it still expects to post a full-year 2018 consolidated result of between €2.1 billion and €2.5 billion, as well as gross premiums written of between €46 billion and €49 billion. It did, however, lower its projection for ERGO International's combined ratio for the full year by 1 percentage point to 96%.