With earnings season in gear,S&P Global Market Intelligence presents a snapshot of recently reported financialresults for companies in the insurance space.
reported first-quarternet income attributable to common shareholders of $9.4 million, or 21 cents pershare, compared with $387.0 million, or $8.56 per share, in the fourth quarter of2015.
Operatingearnings were $218.1 million, or $4.82 per share, compared with $481.0 million,or $10.64 per share, in the prior quarter.
The sequentialdecline in operating earnings and net income in the first quarter was mainly dueto lower accelerated premiums and a lower benefit in RMBS loss and loss expensesincurred. The lower RMBS benefit was due to the positive impact in the fourth quarterof 2015 from the $995 million RMBS settlement with JP Morgan.
Life and health
first-quarter 2016 underlyingnet income of C$582 million, or 95 Canadian cents per share, compared with C$516million, or 84 cents per share, in the first quarter of 2015.
The S&PCapital IQ consensus normalized EPS estimate for the quarter was 90 cents.
The companyreported net income of C$540 million, or 88 Canadian cents per share, compared withC$441 million, or 72 cents per share, in the year-ago quarter.
first-quarter net loss attributableto the company of $42.8 million, or a loss of $7.44 per share, compared with a netloss attributable to the company of $74.0 million, or a loss of $12.87 per share,in the year-ago period.
Comprehensiveloss attributable to the company was $37.6 million for the quarter, compared witha loss of $76.2 million in the prior-year period.
reported first-quarternet income of $200,000, or less than 1 cent per share, down from $2.2 million, or3 cents per share, in the first quarter of 2015.
Adjustednet income for the quarter was $5.7 million, or 7 cents per share, compared with$1.5 million, or 2 cents per share, in the prior-year quarter.
Totalrevenues rose to $396.2 million for the quarter, compared with $355.5 million inthe year-ago quarter.
Property and casualty
reported a first-quarternet loss of $5.5 million, or a loss of 13 cents per share, compared with net incomeof $486,000, or 1 cent per share, in the prior-year quarter.
Lossbefore income taxes was $8.4 million for the quarter, compared with income beforeincome taxes of $804,000 in the year-ago quarter.
The companyreported a loss ratio of 96.1% for the quarter, compared with 76.6% for the prior-yearquarter, due to unfavorable development related to previous periods of $10.3 million,primarily caused by an increase in bodily injury severity and greater than usualsubsequent payments on previously closed claims.