Company Overview and News
The Progressive Corp.’s (PGR - Free Report) third-quarter 2017 operating earnings per share of 41 cents beat the Zacks Consensus Estimate of 30 cents. Earnings improved 13.9% year over year. Including net realized losses, the net income per share was 38 cents, up 13% year over year. Behind the Headlines Progressive recorded net premiums written of $7.1 billion in the quarter under review, up 18% from $6 billion in the year-ago quarter. (25-0)
The Travelers Companies, Inc. (TRV - Free Report) is slated to report third-quarter 2017 results on Oct 19, before the market opens. Last quarter, the company delivered a negative earnings surprise of 7.25%. Let’s see how things are shaping up for this announcement. We expect a high level of losses arising from catastrophic events like Hurricanes Harvey, Irma and Maria and Mexico earthquakes. These calamities are likely to leave a significant impact on the underwriting results of the company, which in turn is anticipated to weigh heavily on the property and casualty (P&C) insurer’s overall performance. (16-0)
Health Insurance Innovations, Inc. (HIIQ - Free Report) was a big mover last session, as the company saw its shares rise nearly 12% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This stock, trading within a volatile range of $14.10 –$23.00 in the past one-month time frame, showed a sharp increase yesterday. The move came after the company announced its solid preliminary third-quarter 2017 results. (15-0)
Synchrony Financial (SYF - Free Report) will release third-quarter 2017 results on Oct 20, 2017 before the market opens. (48-0)
Brown & Brown, Inc. (BRO - Free Report) reported third-quarter 2017 earnings of 53 cents per share, outpacing the Zacks Consensus Estimate by 8.2%. Also, earnings increased 1.9% year over year. The quarter witnessed noticeable organic revenue growth across all divisions, partially offset by a rise in expenses. Nonetheless, the company saw an increase in the Commissions and fees segment in the reported quarter. (18-0)
The year 2017 is turning out to be quite tumultuous for the insurance industry as a whole. Blame it on catastrophic events threatening to hurt the economy, albeit on a short-term basis, along with ambiguities reflected in the Federal Reserve’s decision to leave the interest rates persistently unchanged for the time being. If we focus on the life insurance industry, the aforementioned challenges apart, the life insurers have been experiencing continued disruptions in the form of evolving customer demands as well as economic and regulatory changes. (92-0)
The insurance industry has been struggling to cope up with massive catastrophic losses, significant regulatory reforms as well as major upheavals in the financial markets of late. Given this bleak scenario, picking the prospective winning stocks and making a prudent investment decision for the best returns may seem an uphill task. Catastrophe Looming Large With the recent occurrences of Hurricanes Harvey, Irma and Maria, the insurance industry is anticipating an apparent dent in the underwriting results, thereby affecting overall performance. (11-0)
Reinsurance Group of America (RGA - Free Report) has announced that its affiliate RGAx has entered into a partnership with Everplans in its efforts to expand the distribution of the latter’s life and legacy planning platform. As a result of this partnership, RGAx will become the chief distributor of the Everplans platform to all life insurance companies in the United States. (38-0)
Reinsurance Group of America, Incorporated (RGA - Free Report) has successfully developed a robust product and service portfolio over a considerable period of time, which has helped the company cater to evolving demands of its clients. Reinsurance Group boasts an industry-leading position in the United States and Latin American traditional market. A continued product line expansion through market-leading services, capabilities, expertise and innovation will continue to help the company maintain this strong position in the future. (19-0)
Good day, everyone and welcome to the Reinsurance Group of America's Second Quarter 2017 Results Conference Call. Today's call is being recorded. At this time, I would like to introduce Mr. Todd Larson, Senior Executive Vice President and Chief Financial Officer; and Ms. Anna Manning, President and Chief Executive Officer. Please go ahead, Mr. Larson.
Reinsurance Group of America, Incorporated (RGA - Free Report) reported second-quarter 2017 operating income of $2.95 per share. The bottom line surpassed the Zacks Consensus Estimate of $2.44 by 21% and improved 5% from the year-ago quarter.
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Progressive Corp.’s (PGR - Free Report) second-quarter 2017 operating earnings per share of 59 cents missed the Zacks Consensus Estimate by nearly 1.7%. However, earnings more than doubled from 29 cents, earned in the year ago quarter. Including net realized gains, the net income per share was 63 cents, up about 93% year over year. Behind the Headlines Progressive recorded net premiums written of $6.
Prudential Financial, Inc. (PRU - Free Report) has earned reputation in the Multi line insurance industry in the United States by meeting the expectations and ever-changing needs of its clients over a considerable period of time. Keeping its goodwill intact, the company offers a broad range of insurance, investment management and other financial products and services to its target market, building a solid product and service portfolio over the years.
Intercontinental Exchange, Inc. (ICE - Free Report) boasts being the industry-leading regulated exchange and clearing house for financial and commodity markets. The company has successfully managed to cater to market demands through efficient and effective data technology plus risk management services across the world. Intercontinental Exchange has put in significant efforts to improve its inorganic portfolio, which in turn has accelerated the company’s overall growth.
CNA Financial Corporation (CNA - Free Report) has been witnessing escalating expenses over the past few years and the property and casualty (P&C) insurer does not expect a change anytime soon. Higher net incurred claims and benefits plus amortization of deferred acquisition costs have been primarily responsible for the rise in expenses. This upward curve in expenditure has restricted margin expansion over a considerable period of time, thereby hurting the company’s overall profitability.
Sun Life Financial Inc. (SLF - Free Report) has made a name for itself in the life insurance industry in the United States and across the world. The life insurer has successfully managed to meet the ever-changing demands and expectations of its clients and has built a solid product and service portfolio over the years. Sun Life Financial has been making significant efforts to diversify its international business.
The Allstate Corporation (ALL - Free Report) recently entered into a definitive agreement with CIT Bank, the banking subsidiary of CIT Group Inc. (CIT - Free Report) . Under the strategic partnership, the companies would offer revolving- and term-loan commitments of $15–$100 million to middle-market companies across various industries and business cycles.
CME Group Inc. (CME - Free Report) has been witnessing escalating expenses over the past few years and the futures exchange does not expect a change anytime soon. Also, management predicts adjusted total operating expenses excluding the licensing fees to go up by 1% in 2017 from the previous year. Given the transfer of the Russell products in July and aggregate changes in licenses, license fees are estimated to increase in the range of 10-15% year over year during the second half of this year.
Shares of Manulife Financial Corporation (MFC - Free Report) have soared 48.13% in the last one year, outperforming the Zacks categorized Life Insurance industry’s gain of 44.82%. We expect the stock to retain this momentum, courtesy a few good positives.
The Hartford Financial Services Group, Inc. (HIG - Free Report) and its subsidiaries recently received rating action from A.M. Best. The rating giant affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” and the Long- and Short-Term Issue Credit Ratings (Long-Term IR; Short-Term IR) of Hartford Financial.
Shares of Reinsurance Group of America, Incorporated (RGA - Free Report) gained 1.11%, outperforming the Zacks categorized Life Insurance industry’s gain of 0.81%, quarter to date. The estimates have also been revised upward for the last 30 days. The company's return on equity is 8.4%, which is higher than the industry’s 7.1%.
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It has been about a month since the last earnings report for Reinsurance Group of America, Incorporated (RGA - Free Report) . Shares have lost about 3% in that time frame, underperforming the market.
Reinsurance Group of America (NYSE:RGA) has reinsured a $2.3 billion annuities portfolio for a subsidiary of Swiss insurer Zurich (OTCQX:ZURVY), helping Zurich to reduce risk and better manage its capital, by offloading the liabilities associated with this legacy book of annuities business using reinsurance capital.
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2017-10-20 - Asif
2017-10-20 - Asif