11 Insurers Announce Q2 Results
Aon, Genworth, Marsh, MetLife and XL Group all reported their Q2 financials.
Insurance Networking News, August 4, 2010
A number of insurers have begun to release their financial results for Q2 2010. The following is a compilation of their announcements:
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Aon Corp. reported results for the second quarter ended June 30, 2010. Total revenue increased 1% to $1.9 billion with a decline in organic revenue of 1%, the company says.
Net income attributable to Aon stockholders was $153 million or $0.54 per share, compared to $149 million or $0.51 per share for the prior year quarter. Net income attributable to Aon stockholders from continuing operations increased 22% to $179 million or $0.63 per share, compared to $147 million or $0.50 per share for the prior year quarter. Net income per share attributable to Aon stockholders from continuing operations, excluding certain items, increased 7% to $0.81 compared to $0.76 for the prior year quarter. Certain items that impacted second-quarter results and comparisons with the prior year quarter are detailed in the reconciliation of non-GAAP measures on page 12 of this press release.
"Our second quarter results reflect strong operational performance in brokerage and consulting," says Greg Case, president and CEO. "In brokerage, our Americas business delivered a 2% increase in organic revenue highlighted by strong growth in Latin America and benefits related to the global risk insight platform. Consulting delivered a 2% increase in organic revenue highlighted by strong growth in international health and benefits and compensation consulting. On an adjusted basis, total operating margins increased 110 basis points, including a 200 basis point increase in brokerage operating margins, and EPS from continuing operations increased 7%. In addition, we continue to make substantial investments across our firm, including the recently announced merger of Hewitt with Aon, which upon close, will substantially strengthen our position as the preeminent global professional services firm focused on risk and human capital solutions."
First American Financial Corp.
First American Financial Corp., a global provider of title insurance and settlement services for real estate transactions, announced financial results for the second quarter ended June 30, 2010.
Total revenues for Q2 2010 were $969.9 million, a decrease of 5% relative Q2 2009. Net income was $33.8 million, or 32 cents per diluted share, compared with $28.6 million, or 27 cents per diluted share, in Q2 2009. The current quarter results include net realized investment gains of $3.2 million, or 2 cents per diluted share, compared with net realized investment losses of $23.2 million, or 13 cents per diluted share, in Q2 2009.
"I am pleased with the progress we are making in the face of difficult market conditions," says Dennis Gilmore, CEO of First American Financial Corp. "The completion of the spin-off transaction on June 1, 2010, was a substantial accomplishment for First American and its shareholders. We've come out of the spin-off solidly profitable, with a strong balance sheet and well positioned to continue to execute on our strategy of improving the efficiency of our business while pursuing selective, profitable growth opportunities.”
First Commonwealth Financial Corp.
First Commonwealth Financial Corp. reported net income of $13.5 million, or $0.15 diluted earnings per share, for the second quarter ended June 30, 2010, compared to a net loss of $18.6 million, or $0.22 per share, in Q2 2009. For the six months ended June 30, 2010, net income was $0.4 million, compared to a net loss of $16.9 million or $0.20 per share in the first six months of 2009. The increase in net income was primarily the result of improved net interest income, a lower provision for credit losses, a decrease in net securities impairment losses on investments in pooled trust preferred collateralized debt obligations and a decrease in Federal Deposit Insurance Corp. premiums due to the special assessment of $2.9 million recorded in Q2 2009.
"We are very pleased to report favorable financial results for the second quarter,” says John Dolan, president and CEO. “We have made significant progress toward the resolution of the relatively small number of troubled credits that have caused disproportionate earnings pressure over the last few quarters and have obscured very favorable trends in substantially all other areas of our community banking operations. I couldn't be more proud of how well First Commonwealth employees are performing during this unprecedented economic period as we continue to move the organization forward."
Genworth Financial Inc. reported results for Q2 2010. Net income, before provision for non-controlling interests, was $77 million, or $0.16 per diluted share, compared with a net loss of $50 million, or $0.11 per diluted share, in Q2 2009. Net operating income, before provision for non-controlling interests, for Q2 2010 was $153 million, or $0.31 per diluted share, compared with net operating income of $9 million, or $0.02 per diluted share, in Q2 2009.
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