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Earnings roundup: MGIC, Travelers post lower Q3 net income YOY

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Earnings roundup: MGIC, Travelers post lower Q3 net income YOY

With earnings season in gear, S&P Global Market Intelligence presents a snapshot of recently reported financial results for companies in the insurance space.

Managed care

Centene Corp. reported third-quarter net earnings attributable to the company of $95 million, or 23 cents per share, up from $19 million, or 5 cents per share, in the prior-year period.

Adjusted EPS was 96 cents, compared to 89 cents for the third quarter of 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 81 cents, and the S&P Global Market Intelligence consensus GAAP EPS estimate for 2019 is $3.50.

The company lowered its GAAP EPS projection for 2019 to between $3.04 and $3.21 from $3.70 to $3.87 previously.

Mortgage guaranty

MGIC Investment Corp.'s third-quarter net income slid to $176.9 million from $181.9 million a year ago.

Net income per share was unchanged at 49 cents. Adjusted net operating income fell year over year to $173.6 million from $180.9 million, with adjusted net income per share remaining at 48 cents.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 43 cents.

Property and casualty

Travelers Cos. Inc. logged third-quarter net income of $396 million, or $1.50 per share, compared to $709 million, or $2.62 per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $2.35.

Core income declined to $378 million, or $1.43 per share, from $687 million, or $2.54 per share.

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W. R. Berkley Corp. reported third-quarter net income to common shareholders of $165.2 million, or 85 cents per share, up from $161.9 million, or 84 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 72 cents.

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Stewart Information Services Corp. recorded third-quarter net income attributable to the company of $66.1 million, or $2.78 per share, up from $17.6 million, or 74 cents per share, in the year-ago quarter.