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Aetna raises '16 operating EPS outlook; USAA cat bond set to reach upsized target

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2018 US Property Casualty Insurance Market Report

Fintech

Fintech Funding Flows To Insurtech In February


Aetna raises '16 operating EPS outlook; USAA cat bond set to reach upsized target

In the news

first-quarter operating earnings of $810.8 million, or $2.30per share, down from $844.3 million, or $2.39 per share, in the year-ago quarter.The company increasedits full-year 2016 operating EPS projection to a range of $7.90 to $8.10,compared to expectations, as of March 15, of at least $7.75.

 reportedfirst-quarter net income attributable to the company of $481 million, or 91cents per share, compared to $482 million, or 88 cents per share, in theyear-ago quarter.

alsoreported quarterlyresults.


's catastrophe bond, ResidentialReinsurance 2016 Ltd. series 2016-1, is set to reach the of $250 million, Artemis reported.All three tranches of the cat bond are expected to price at the lowest end ofthe reduced guidance. The cat bond is expected to close in May.


TheNAIC's principle-based reserving methodology needs better reserving guardrailsfor term life products, for starters, New York Life Insurance Co. regulators.


Nearlytwo months after the March 1 deadline to submit annual statutory statements toinsurance regulators in most states, 10 U.S. property and casualty companieslinked to Tower GroupInternational Ltd. with a combined Sept. 30, 2015, net asset sizeof nearly $1.31 billion have yetto file those documents. A spokesman for the Division of Insurancein Massachusetts, where two Tower Group companies are domiciled, said that theregulator "is aware that these filings are late and is working with thecompanies in question to get the statements filed."


TheFDIC, acting in its capacity as receiver for a San Juan, Puerto Rico-based bankthat failed nearly six years ago, filed a federal breach-of-contract April 25 against aChubb Ltd. subsidiaryto recover damages the agency said stem from the insurer's alleged failure toperform under two fidelity bonds.


CEO Michael McGavicksaid on an earningscall that the company's results for the first quarter were impacted by someone-off and unique items, particularly in insurance, including higheracquisition costs, due in part to the timing and mix of the company's cededreinsurance programs. The company also provided guidance on the insuranceacquisition expense ratio and the split between insurance and reinsurance fornet earned premium.


GrangeInsurance named TerriDalenta executive vice president and CFO.

MichaelKarfunkel, founder, chairman and CEO of National General Holdings Corp. has . The company's board appointedPresident Barry Karfunkel to serve as CEO. Karfunkel also co-founded with his brother, George Karfunkel, and had served as the company's chairman.


Clickhere to read asummary of earnings reported April 27 by insurance companies covered by S&P Global Market Intelligence.

In other parts of the world

received regulatory approval for the full takeover of Malaysia's MAA Takaful,Reuters reports.

CEO Nikolaus vonBomhard said at an annual shareholders meeting that first-quarter profit willbe lower than expected, mainly owing to equity investment write-downs, Handelsblatt reports.He said, however, that the "very ambitious" full-year profit targetof between €2.3 billion and €2.8 billion remains unchanged and the dividendwill be "stable."

TheChina Insurance Regulatory Commission said Chinese insurers' original premiumssurpassed 1 trillion yuan in the first quarter, the National Business Daily reported. However,insurers' profits during the period are expected to decline 55.3% year overyear due to macroeconomic situations and capital market fluctuations.

The day ahead

,Genworth FinancialInc., Genworth MICanada Inc., TheHartford Financial Services Group Inc., , , ,Molina HealthcareInc., PrincipalFinancial Group Inc., Reinsurance Group of America Inc. and are expected toreport earnings today.

Earlymorning futures indicators pointed to a lower opening for the U.S. market.

InAsia, the Hang Seng rose 0.12% to 21,388.03, while the Nikkei 225 was down3.61% to 16,666.05.

InEurope, as of midday, the FTSE 100 was down 1.14% to 6,247.99, and the Euronext100 fell 1.25% to 881.01.

On the macro front

TheGDP report, the jobless claims report, the EIA natural gas report, the Fedbalance sheet and the money supply report are due out today.