Many insurers have reported first-quarter results. INN reported on AIG’s results last week and The Hartford’s on April 30. Below are recent reports from other insurers.

 

Allianz SE

German insurer Allianz SE said it nearly quadrupled profits in the first quarter of 2010 thanks to growth in its life and health insurance and asset management segments as well as one-off gains.

The Munich company reported net income rose to euro1.6 billion ($2.03 billion) in the first quarter from euro424 million during the same quarter last year.

Total revenue grew 10.3% to euro30.6 billion from euro27.7 billion the previous year, while operating profit increased 20.4% to euro1.7 billion from euro1.4 billion in the first quarter of 2009.

The company said its life and health insurance unit saw net income rise more than 72% on the quarter, while its asset management segment posted a 55% gain. It also reported a euro500 million gain from the sale of shares in the Industrial and Commercial Bank of China.

 

CIGNA Corp.

CIGNA Corp. reported shareholders’ net income of $283 million, or $1.02 per share, for the first quarter of 2010 compared with shareholders’ net income of $208 million, or $0.76 per share, for the same period last year. Shareholders’ net income for the first quarter 2009 included a loss of $26 million, or $0.10 per share, related to the run-off reinsurance operations and a special item benefit of $20 million after-tax, or $0.08 per share, related to the completion of an IRS examination.

CIGNA's adjusted income from operations for the first quarter of 2010 was $281 million, or $1.01 per share, compared to adjusted income from operations of $188 million, or $0.69 per share, for the same period last year. Q1 2009 results included losses of $49 million after-tax, or $0.18 per share, from the VADBe business. As a result of continued stability in the equity markets, no reserve strengthening was required for the VADBe business since the first quarter of 2009.

 

Genworth Financial Inc.

Genworth Financial Inc. reported results for the first quarter of 2010. Net income, before provision for non-controlling interests, was $212 million, or $0.43 per diluted share, compared with a net loss of $469 million, or $1.08 per diluted share, in the first quarter of 2009. Net operating income, before provision for non-controlling interests, for the first quarter of 2010 was $147 million, or $0.30 per diluted share, compared to net operating income of $14 million, or $0.03 per diluted share, in the first quarter of 2009.

Reflecting the company's reduction in ownership of Genworth MI Canada in the third quarter of 2009 from 100% to 57.5% in connection with an initial public offering transaction, Genworth's net income available to Genworth's common stockholders was $178 million, or $0.36 per diluted share, in the first quarter of 2010. On this same basis, net operating income available to Genworth's common stockholders for the first quarter of 2010 was $114 million, or $0.23 per diluted share.

 

The Hanover Insurance Group

The Hanover Insurance Group reported net income of $41.8 million, or $0.87 per share, compared to net income of $25.8 million, or $0.50 per share, in the prior-year quarter. It also reported after-tax segment income of $32.0 million, or $0.66 per share, compared to $26.4 million, or $0.51 per share, in the prior-year quarter.

Its net premiums written increased 15.1%—$725.2 million, compared to $629.9 million in the prior-year quarter. And, the insurer reported a combined ratio of 99.7%, compared to 101.1% in the prior-year quarter; ex-catastrophe combined ratio of 94.5%, compared to 95.2% in the prior-year quarter

 

Liberty Mutual Group

Liberty Mutual Group reported $315 million in net income for the first quarter ended March 31, compared with $22 million for the comparable period a year ago.

Net premiums written for the quarter increased 2.6%, to $7.21 billion. The insurer reported a 102.2% combined ratio for the quarter vs. 99.5% for the same period a year ago.

 

Manulife Financial Corp.

Manulife Financial Corp. reported net income attributed to shareholders of $1,140 million for the first quarter ended March 31, 2010, equating to fully diluted earnings per share of $0.64 and a return on common shareholders' equity of 16.8 per cent. In the first quarter of 2009, MFC reported a net loss of $1,068 million or $0.67 per share.

In its 2009 annual report, the company included a forward-looking statement that estimated adjusted earnings from operations to be between $700 million and $800 million per quarter in 2010. The first quarter's adjusted earnings from operations under this definition were $742 million.

 

Nationwide

In its earnings statement, Nationwide reported a net income for the first quarter of $396 million, compared to a net loss of $106 million during the same time last year. Total revenue for the quarter was $5.1 billion, up 3% from the first quarter of 2009, according to the company.

The insurers said its first quarter 2010 results reflect “a significant recovery” in equity and credit market conditions from a year ago, when its results reflected higher impairments on investments, driving higher losses.

Nationwide’s net operating income for the first quarter was $423 million, up from $164 million during the same period in 2009. Included in operating results is more than $2.8 billion returned to policyholders through property/casualty claims, life insurance benefits, credited interest, and other accident and health benefits, the company said in a statement.

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