More life and health companies released second-quarter results this week.
LIFE AND ANNUITY
MetLife Inc., New York (NYSE:MET)
2Q 2011 Results
NET INCOME: $1.2 billion
REVENUE: $17 billion
2Q 2010 Results
NET INCOME: $1.5 billion
REVENUE: $14 billion
- Variable annuity sales increased 55%, to $7 billion.
- Underwriting results in non-medical health insurance were "solid," the company says.
Genworth Financial Inc., Richmond, Va. (NY+SE:GNW)
2Q 2011 Results
NET INCOME: $60 million net loss
REVENUE: $2.7 billion
2Q 2010 Results
NET INCOME: $77 million
REVENUE: $ 2.4 billion
- Long term care insurance sales increased to $69 million, from $48 million.
- Spread-based retirement income sales increased to $324 million, from $163 million.
Ameriprise Financial Inc., Minneapolis, Minn. (NYSE:AMP)
2Q 2011 Results
NET INCOME: $328 million
REVENUE: $2.6 billion
2Q 2010 Results
NET INCOME: $272 million
REVENUE: $2.3 billion
- Operating net revenue per advisor increased 14%, to $99,000.
CNO Financial Group Inc., Carmel, Ind. (NYSE:CNO)
2Q 2011 Results
NET INCOME: $60 million
REVENUE: $1 billion
2Q 2010 Results
NET INCOME: $33 million
REVENUE: $953 million
Symetra Financial Corp., Bellevue, Wash. (NYSE:SYA)
2Q 2011 Results
NET INCOME: $59 million
REVENUE: $492 million
2Q 2010 Results
NET INCOME: $36 million
REVENUE: $444 million
-Income annuities results benefitted from mortality gains.
-Deferred annuities sales fell to $446 million, from $624 million in the second quarter of 2010, due to continuing low interests rates.
REINSURANCE
Reinsurance Group of America Inc., Chesterfield, Mo. (NYSE:RGA)
2Q 2011 Results
NET INCOME: $133 million
REVENUE: $2.2 billion
2Q 2010 Results
NET INCOME: $127 million
REVENUE: $1.9 billion
BENEFITS
Aflac Inc. Columbus, Ga. (NYSE:AFL)
2Q 2011 Results
NET INCOME: $280 million
REVENUE: $5.1 billion
2Q 2010 Results
NET INCOME: $581 million
REVENUE: $5 billion
- Aflac, which has major cancer health insurance and medical insurance operations in Japan, benefited from a stronger yen-dollar exchange rate.
- The company notes that the risks it faces include "catastrophic events including, but not necessarily limited to, tornadoes, hurricanes, earthquakes, tsunamis and radiological disaster."
- Despite the effects of the Great Tohoku Earthquake and resulting tsunamis, new annual premium sales in Japan increased 6.6%, to the equivalent of about $467 million.
Assurant Inc., New York (NYSE:AIZ)
2Q 2011 Results
NET INCOME: $166 million
REVENUE: $2.1 billion
2Q 2010 Results
NET INCOME: $165 million
REVENUE: $2.1 billion
- The Assurant Employee Benefits unit saw slower disability recovery rates and less favorable life insurance loss experience.
- The reserve discount rate for new long-term disability insurance claims was lower.
- The Assurant Health insurance unit says the minimum medical loss ratio (MLR) provision of the Patient Protection and Affordable Care Act of 2010 (PPACA) are affecting operating results. The provision requires health insurers to spend at least 80% of individual and small group premiums on health care and quality improvement efforts or else pay rebates. Assurant Health set aside about $17 million to prepare for the possibility of having to pay rebates, Assurant says.
- Also at the Assurant Health unit, "expenses continued to decline as a result of organizational and operational changes."
Delphi Financial Group, Wilmington, Del. (NYSE:DFG)
2Q 2011 Results
NET INCOME: $35 million
REVENUE: $469 million
2Q 2010 Results
NET INCOME: $50 million
REVENUE: $417 million
HEALTH
WellPoint Inc., Indianapolis, Ind. (NYSE:WLP)
2Q 2011 Results
NET INCOME: $702 million
HEALTH PLAN MEMBERS: 34 million
REVENUE: $15 billion
2Q 2010 Results
NET INCOME: $722 million
HEALTH PLAN MEMBERS: 33 million
REVENUE: $14 billion
- WellPoint is seeing higher membership growth and adverse selection in some Medicare Advantage products.
Aetna Inc., Hartford (NYSE:AET)
2Q 2011 Results
NET INCOME: $537 million
HEALTH PLAN MEMBERS: 18 million
REVENUE: $8.3 billion
2Q 2010 Results
NET INCOME: $491 million
HEALTH PLAN MEMBER: 19 million
REVENUE: $8.5 billion
- Commercial medical enrollment fell 2.5%, to 17 million.
- Enrollment in medical plans that incorporate personal health accounts increased 8.3%, to 2.4 million.
DISTRIBUTION
EHealth Inc., Mountain View, Calif. (NYSE:EHTH)
2Q 2011 Results
NET INCOME: $2.7 million
REVENUE: $36 million
2Q 2010 Results
NET INCOME: $3 million
REVENUE: $36 million
- Health runs the eHealthInsurance.com website.
- Submitted applications for individual and family products fell to 101,600, down 13% from the total for the second quarter of 2010.
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