A number of insurers have begun to release their financial results for Q3 2010. The following is a compilation of their announcements:

AEGON announced its financial results for Q3 2010. According to a release by the company, its underlying earnings before tax increased by 21% to EUR 473 million during the quarter. Additionally, its net income improved to EUR 657 million, which AEGON said was driven mainly by underlying earnings, fair value items and lower impairments.
The company’s return on equity improved to 10.0%

AEGON also announced that new life sales rose 7% to EUR 527 million, which was spurred by increased sales in the U.S., UK and in new markets. The company’s gross deposits rose 38% to EUR 9.4 billion as a result of strong third-party asset management inflows, while the value of new business declined to EUR 120 million, mainly due to a change in business mix.

AEGON also reported excess capital above S&P's AA capital adequacy requirements increased to EUR 3.3 billion, while earnings contribution and capital measures were offset by repayment of EUR 0.5 billion to the Dutch State.

"During the third quarter AEGON achieved significantly improved year-over-year results, as measured by increases in underlying earnings, net income, new life sales and deposits,” said CEO Alex Wynaendts. “The strong earnings performance during the quarter was driven by growth across most businesses, strict cost control, higher equity markets and the strengthening of the US dollar against the euro. The quarter, however, also included the negative impact of changes in assumptions relating to customer behavior in our variable annuity business in the United States.”
"AEGON's continued strong franchise resulted in the increase in new life sales within nearly all country units, while our asset management business was the main driver of the significant increase in deposits,” he continued. “AEGON's excess capital position improved to EUR 3.3 billion, after repaying an additional EUR 500 million to the Dutch State in August. We reaffirm our aim to complete full repayment by the end of June 2011, market conditions permitting.”

AXA S.A. reported a 4.4% increase in Q3 sales on higher property/casualty premiums, while outflows at the insurer’s asset-management business continued. Zurich Financial Services A.G. said on November 4 that Q3 profit dropped 22% after the firm settled a U.S. class action lawsuit.
Allianz’ so-called solvency ratio, a measure of its ability to absorb losses, fell to 168% in the third quarter from 170% at the end of June. That’s within the company’s target range of 150% to 170%.
Allianz shares have gained 6.1% this year in Frankfurt trading. That compares with a 4.4% advance in the 29-company Bloomberg Europe 500 Insurance Index and gives Allianz a market value of about €42 billion ($59 billion).

CNP Assurances
CNP Assurances announced its quarterly indicators for the first nine months of 2010.
"In the current low-interest rate environment, personal risk and loan insurance are the growth drivers,” said CEO Gilles Benoist. “CNP Assurances has solid positions in these businesses in France and abroad. The launch of a structural partnership with MFPrevoyance during the summer will strengthen our positioning in these segments."
CNP announced that its consolidated premium income rose by 2.5% to EUR24.6 billion under IFRS (and by 4.2% to EUR25.6 billion under French GAAP). Revenues were boosted by a 24.7% positive currency effect, reflecting the Brazilian real's appreciation against the euro, as well as by the contributions of BVP Spain and Portugal, consolidated since Sept. 1, 2009, and BVP Italy, consolidated since Jan. 1 2010. Excluding changes in scope of consolidation and exchange rates, premium income was up 0.4% like-for-like.
Like-for-like growth was primarily the result of a 2.7% improvement in savings revenues in the third quarter, coupled with a sustained increase in revenues from pensions contracts and contracts with an insurance risk (mainly personal risk and loan insurance) over the first nine months, CNP said.
Business in France grew by a slight 0.3%, primarily due to higher savings revenue in recent months.
Outside France, premium income climbed 32.1% in Brazil (6.8% in local currency) and surged 91.3% in Spain following the consolidation of BVP. In Italy, premiums were maintained at a high EUR2.3 billion after an excellent performance the previous year, when premium income shot up 154.6% over the nine months, led by the success of the UniGarantito traditional savings product.

Fremont Michigan InsuraCorp Inc.
Fremont Michigan InsuraCorp Inc. announced its financial results for Q3 and nine months ended Sept. 30, 2010.  Fremont reported revenues of $17.0 million for the quarter, an increase of 18.9% from the third quarter of 2009, reflecting strength in net premiums earned from its product offerings, as well as a significant increase in realized gains on investments during the quarter.  
"The third quarter marked a continuation of soft market conditions, dominated by increased price competition," said Richard Dunning, president and CEO. "Despite the current soft market, we remain committed to our disciplined underwriting philosophy of only accepting risks which we feel are appropriately priced.  In this more competitive market, we managed to grow direct premiums written across all major lines, thanks to the strong partnerships we have cultivated with our agents and our focused efforts to provide competitive products and pricing within our target markets."
Net income for the quarter ended Sept. 30, 2010 was $1.0 million, or $0.55 per diluted share, compared to $1.5 million, or $0.82 per diluted share, in the 2009 quarter.  Fremont generated direct premiums written of $20.3 million during the quarter, compared to $18.0 million in the 2009 quarter, an increase of 13.0%.  Growth in direct premiums written was driven by growth in the personal segment, which increased by $1.9 million, or 14.4%, and the commercial segment, which increased by $347,000, or 14.0%.
For the first nine months of 2010, net income was $2.2 million, or $1.21 per diluted share, compared with net income of $2.3 million, or $1.31 per diluted share, in the first nine months of 2009.  Revenues for the first nine months grew 14.7%, to $47.9 million, from $41.8 million in the year-ago period.  For the first nine months of the year, Fremont generated direct premiums written of $56.6 million, compared to $49.7 million in 2009, an increase of 14.0%.  

Global Indemnity plc
Global Indemnity plc reported net income for the three months ended Sept. 30, 2010 of $19.8 million or $0.65 per share and for the nine months of $63.2 million or $2.09 per share. As of September 30, book value per share increased to $30.01 or by 12.3% on an annualized basis from $27.48 per share at Dec. 31, 2009.  Global Indemnity also announced an initiative to enhance profitability and earnings through reducing its U.S. based census by approximately 25%, closing underperforming U.S. facilities, and supplementing staffing in Bermuda and in Ireland.
For the three months ended September 30th, the calendar year loss ratio decreased by 10.9 points to 42.5 in 2010 from 53.4 in 2009, Global Indemnity said. The current accident year loss ratio increased by 8.4 points to 64.0 in 2010 from 55.6 in 2009. Additionally, the property loss ratio increased by 15.5 points to 55.0 in 2010 from 39.5 in 2009 primarily due to increased catastrophe related losses from our reinsurance operations and increased reinsurance costs in our insurance operations.
Global Indemnity also reported that its casualty loss ratio increased 3.5 points to 72.0 in 2010 from 68.5 in 2009. The current year results include a 21.5 point reduction in the loss ratio related to prior accident years due to a reduction of $16.9 million of loss and loss adjustment expenses in the insurance operation's property and casualty lines, partially offset by a $1.8 million increase in the reinsurance operation's casualty lines.  
"In the face of a very competitive commercial lines property/casualty market, the company continued to build shareholder value, as indicated by the 12.3% annualized rate of growth in book value per share for the nine months ended September 30 as well as our first growth in premiums since 2006,” said Larry Frakes, president and CEO. “These results were achieved while maintaining strict underwriting discipline and reducing fixed income volatility in our investment portfolio."  
Hannover Re Group
Hannover Re reported robust premium growth and better than expected group net income as of Sept. 30 2010. This was driven by strong demand in non-life and life/health reinsurance, healthy investment income and a positive tax effect, according to a statement.
Gross written premium in total business surged by an appreciable 11.5% as of Sept. 30 to reach EUR 8.6 billion, the reinsurer said. At constant exchange rates, especially against the US dollar, growth would have come in at 7.7%. The retention decreased to 91.0% (92.3%). Net premium earned climbed by 11.1% to EUR 7.5 billion (EUR 6.7 billion).
"In view of the highly gratifying development of business in the third quarter and the additional income deriving from the tax effect on which we reported in our ad hoc announcement dated 20 October 2010, we are raising our profit forecast for the full financial year from around EUR 600 million to more than EUR 700 million,” said CEO Ulrich Wallin.
The company’s operating profit (EBIT) again slightly exceeded the previous year's outstanding level. It stood at EUR 862.0 million (EUR 851.7 million). Group net income as of Sept. 30 closed at EUR 582.0 million (EUR 596.6 million). This includes the aforementioned positive effect from a tax decision handed down by the Federal Fiscal Court, which made it possible to release provisions that had been set aside on a precautionary basis. The resulting profit contribution totals EUR 98.0 million. The comparable period of the previous year had, however, also been shaped by positive non-recurring effects totalling EUR 169 million. Earnings per share amounted to EUR 4.83 (EUR 4.95).
Additionally, Hannover Re said vigorous organic growth drove gross written premium, which climbed sharply by 14.2% to EUR 3.7 billion (EUR 3.3 billion) as of Sept. 30. At constant exchange rates growth would have reached 9.3%. The retention nudged higher from 90.8% to 91.5%. Net premium earned grew by 15.0% to EUR 3.4 billion (EUR 3.0 billion).

Marsh & McLennan Cos. Inc.
Marsh & McLennan Cos. Inc. (MMC) reported financial results for the third quarter ended Sept. 30, 2010.
MMC's consolidated revenue in Q3 2010 rose 7% to $2.5 billion from Q3 2009, or 4% on an underlying basis. Underlying revenue measures the change in revenue before the impact of acquisitions and dispositions, using consistent currency exchange rates. For the nine months ended Sept. 30, 2010, MMC's consolidated revenue was $7.8 billion, an increase of 7%, or 2% on an underlying basis.
"We are pleased with the progress our company has made, not only in the third quarter but throughout the year,’ said Brian Duperreault, MMC president and CEO. “In the quarter, all four of our Operating Companies produced strong underlying revenue growth, the first time this has occurred since 2007. The Risk and Insurance Services segment grew revenue in an environment of continued soft market conditions in the property and casualty marketplace. Marsh produced strong new business globally, with revenue growth across all geographic regions. Guy Carpenter generated excellent revenue growth, reflecting new business production and high retention rates. In our Consulting segment, we were pleased with the revenue growth at Oliver Wyman. Mercer achieved a marked improvement in revenue, with growth in each of its businesses—consulting, outsourcing, and investment management.
MMC also reported income from continuing operations of $128 million, or $.22 per share, compared with income of $207 million, or $.38 per share, in Q3 2009. Discontinued operations, net of tax, was $43 million, or $.08 per share, compared with $18 million, or $.03 per share, in the prior year. For Q3 2010, net income was $168 million, or $.30 per share, compared with $221 million, or $.41 per share, in the prior year. Earnings per share on an adjusted basis in Q3 2010, which excludes noteworthy items as presented in the attached supplemental schedules, was $.27 per share. This compares with adjusted earnings per share of $.48 per share in Q3 2009, which included the favorable impact of a net tax credit of $.18 per share.
For the nine months ended Sept. 30, 2010, MMC's income from continuing operations was $373 million, or $.65 per share, compared with $536 million, or $.98 per share, in 2009. Discontinued operations, net of tax, was $292 million, or $.53 per share, compared with a loss in the prior year. Net income was $652 million, or $1.18 per share, compared with $204 million, or $.38 per share, in the prior year. Adjusted earnings per share for the first nine months of 2010 was $1.23. This compares with adjusted earnings per share of $1.23 in the prior year period, which included the favorable impact of a net tax credit of $.18 per share.

Sino Assurance Inc.
Sino Assurance Inc. reported solid Q3 2010 financial results highlighted by strong earnings growth, an increase of 75% in revenues and 162.7% in net income attributable with 83% gross profit margin.
Sino said that as of Q3 2010, it recorded a revenue increase of 75% to $3,034,904 versus the same quarter last year. The net income attributable to Sino this quarter increased 162.7% to $1,362,141 compared to Q3 2009 which was $518,601, and diluted earnings per share totaled $0.02 versus $0.01 last year. Gross profit margin was 83%, increased from 76% in Q3 2009. In Q3 2010, the Sino 's total revenue was $3,034,904, increased 75% as compared with $1,734,132 in the third quarter of 2009. The results were driven by significant year-over-year growth of our customer base in the tender and surety guarantee business and market share in China.
Income from operations reached $1,613,223 in the third quarter of 2010 compared with $660,920 in the same period in 2009 driven by growth in net revenue and lower level of insurance claims. GAAP diluted earnings per share for the third quarter of 2010 was $0.02, compared with $0.01 for the third quarter in 2009 which reflected good execution on margin improvement and company-wide cost initiatives.
As at Sept. 30, 2010, Sino Assurance's cash balance was $1,565,431, up from $1,041,275 as at June 30, 2010.

Willis Group Holdings plc
Willis Group Holdings plc reported results for the quarter and nine months ended Sept. 30, 2010.
“Our results this quarter reflect the strength of the Willis culture, with great teamwork and cooperation across the businesses, a commitment to growth and focus on cost control,” said Joe Plumeri, chairman and CEO, Willis Group Holdings. “Our global diversity and cooperation across businesses continued to deliver results, as each segment recorded positive organic growth in commissions and fees in the face of continued soft rate and economic conditions in a number of the regions in which we operate.”
Willis reported net income from continuing operations for the quarter ended Sept. 30 was $64 million, or $0.37 per diluted share, compared with $78 million, or $0.46 per diluted share, in the same period a year ago.
Excluding certain items, adjusted net income per diluted share from continuing operations was $64 million, or $0.37 per diluted share, in Q3 2010 compared with $90 million, or $0.53 per diluted share in Q3 2009. Foreign currency movements favorably impacted earnings by $0.02 per diluted share compared with the third quarter of 2009.
Total reported revenues for Q3 2010 were $733 million compared with $725 million for the same period last year, an increase of 1%. Total commissions and fees rose 1% to $723 million from Q3 2009. Investment income was $10 million in the third quarter of 2010, unchanged from Q3 2009.
Organic growth in commissions and fees was 4% in Q3 2010 compared with Q3 2009. Net new business growth of 6% reflected strong new business generation of 13% and steady client retention, Willis said. Partially offsetting net new business growth was a 2% negative impact from declining premium rates and other market factors.

Zurich Financial Services Group
Zurich Financial Services Group reported a business operating profit of USD 1.2 billion and net income of USD 751 million for Q3 as part of a solid operating performance for the nine months ended Sept. 30, 2010. Global Life and Farmers supported the Zurich 's profitability by delivering ongoing top-line growth coupled with strong profit margins.
Zurich said that General Insurance benefited from past rate increases earning in and managed to successfully continue targeted rate increases into the third quarter. However, it was impacted by a high occurrence of catastrophe- and weather-driven events particularly in the first half of the year.
Zurich's business operating profit for the nine months includes the impact of increased banking loan loss provisions of USD 330 million, before tax, as reported at the half year. Net income takes into account a previously announced third-quarter charge of USD 295 million related to the proposed comprehensive settlement agreement in the matter of Fogel vs. Farmers Group, Inc. The Group's capital and regulatory solvency positions remain strong, underpinning a well-diversified portfolio of businesses.
“Our core businesses continued to deliver a robust operating performance in spite of the difficult economic environment in our major markets,” said Zurich CEO Martin Senn. “Farmers continues to show good results generating strong operating margins. I am particularly pleased by the enduring appeal of the Farmers brand and the value propositions offered by the Farmers Exchanges to their customers.” “Our capital and regulatory solvency positions remain strong and we are confident that we are well prepared for new regulatory requirements,” added Dieter Wemmer, CFO.

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