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Arthur J.
Gallagher
Quarterly Reports
December '20: EPS
(adjusted) $0.88, up 49%. Revenues down 1%
to $1.67 billion.
Brokerage EPS (adjusted) up 43% to $0.97. Risk
management EPS (adjusted) up 22% to $0.11. Corporate segment EPS
-$0.20 vs. -$0.18. Brokerage revenues up 5% to $1.246 billion. Risk
management revenues flat at $216 million.
September '20: EPS
$1.08, up 37% vs. Revenues flat at
$8.10 billion.
Brokerage EPS (adjusted) up 43% to $1.20. Risk
management EPS (adjusted) even with year-ago at $0.10. Corporate segment EPS
-$0.22 vs. -$0.15. Brokerage revenues up 7% to $1.291 billion. Risk
management revenues down 5% to $203 million.
Acquired a
full-service insurance broker and an
employee benefits and workplace wellbeing consultant, both based in the
U.S.
June '20: EPS (adjusted) $0.94, up 49%. Revenues down 3% to
$1.55 billion.
Brokerage EPS (adjusted) up 45% to $1.09. Risk
management EPS (adjusted) down 11% to $0.08. Corporate segment EPS
-$0.23 vs. -$0.21. Brokerage revenues up 8% to $1.200 billion. Risk
management revenues down 8% to $191 million.
Acquired a full-service insurance agency, a employee
benefit consultant, and a errors and omissions insurance broker
headquartered in the U.S. and a commercial risk insurance broker based
in Australia.
March '20: EPS (adjusted)
1.83, up 12%. Revenues down 7% to $1.83
billion.
Brokerage EPS (adjusted) up 14% to
$1.65. Risk management EPS (adjusted) up 11% to $0.10. Corporate segment
EPS $0.08, down $0.01. Brokerage revenues up 10% to $1.435 billion. Risk
management revenues up 6% to $212 million.
In January, dividend up 5% to $0.45. Acquired California
based
McConnell, Manit & Trout Insurance Services, which serves
clients in the construction and transportation industries, a
full-service wholesale insurance broker
in Melville, NY, and a
benefit consultant
based in Oakbrook IL.
December '19: EPS (adjusted)
$0.58, up 9%. Revenues up 17% to $1.394 billion.
Brokerage EPS (adjusted) up 26% to
$0.67. Risk management EPS (adjusted) even at $0.10. Corporate segment
EPS -$0.18. Brokerage revenues up 18% to $1.180 billion. Risk
management revenues up 7% to $215 million.
September '19: EPS (adjusted) 0.80, up 4%. Revenues (adjusted) up 4%
to $1.790 billion. Brokerage EPS (adjusted) up 16% to $0.85. Risk
management EPS (adjusted) even at $0.10. Corporate segment EPS -$0.15.
Brokerage revenues up 15% to $1.193 billion. Risk management revenues up
7% to $212 million.
June '19: EPS (adjusted) 0.65, up 5%. Brokerage EPS (adjusted)
up 13% to $0.76. Risk management EPS (adjusted) down 10% to $0.09.
Corporate segment EPS -$0.20. Brokerage revenues up 15% to $1.129
billion. Risk management revenues up 5% to $209 million.
March '19: EPS (adjusted) 1.63, up 8%. Brokerage EPS (adjusted)
up 12% to $1.45. Risk management EPS (adjusted) even at $0.09. Corporate
segment EPS $0.09. Brokerage revenues up 13% to $1.325 billion. Risk
management revenues up 6% to $203 million.
Acquired numerous insurance brokers in
the the U.S., Canada, New Zealand, Australia, and the U.K.
December '18: EPS (adjusted) $0.53 per
share, up 15%. Brokerage EPS (adjusted) up 36% to $0.53. Risk management
EPS (adjusted) up 13% to $0.09. Corporate segment EPS -$0.09. Brokerage
revenues up 13% to $1.001 billion. Risk management revenues up 8% to
$202 million..
Dividend up 5% to $0.43. Acquired
numerous insurance brokers in the the U.S., Canada, New Zealand,
Australia, Indonesia and Singapore.
September '18: EPS $0.78, up 11%.
Revenues up 12% to $1.248 billion. Brokerage EPS (adjusted) up 25% to
$0.74. Risk management EPS up 11% to $0.10. Corporate segment EPS
-$0.06. Brokerage revenues up 13% to $1.049 billion. Risk management
revenues up 6% to $199 million. Acquired brokers in the U.S. and Canada.
June '18: EPS (adjusted) $0.62, up 29%.
Revenues up 11% to $1.660 billion. Brokerage EPS (adjusted) up 34% to
$0.67. Risk management EPS up 43% to $0.10. Corporate segment EPS
-$0.15. Brokerage revenues up 10% to $994 million. Risk management
revenues up 11% to $202 million. Acquired five U.S.-based retail
insurance brokers and/or employee benefit consultants.
March '18: EPS (adjusted) of $1.52 per
share, up 11%. Brokerage EPS (adjusted) up 26% to $1.30. Risk management
EPS up 13% to $0.09. Corporate segment EPS down 50% to $0.13. Brokerage
revenues up 8% to $1.108 billion. Risk management revenues up 10% to
$195 million.
December '17: EPS (adjusted) $0.82, up
24%. Total revenues up 15% to $1.599 billion. Brokerage EPS (adjusted)
up 13% to $0.61. Risk management EPS flat at $0.09. Corporate segment
EPS $0.12. Brokerage revenues up 11% to $999.9 million. Risk
management revenues up 6% to $197.7 million. Acquired three U.S.-based
retail insurance brokers. and a London, England-based employee benefit
and employee development and management consultant. Diversifying,
acquired
Allied Business Network, which is a discount membership organization
made up of 150,685 businesses, entrepreneurs, small business owners and
individuals.
September '17: EPS (adjusted) $0.81, up 5% vs. Revenues
up 14% to $1.154 billion. Brokerage EPS (adjusted) up 10% to $0.67. Risk
management EPS up 13% to at $0.08. Corporate segment EPS down 38% to
$0.05. Brokerage revenues up 8% to $953.1 million. Risk management
revenues up 13% to $200.2 million.
Gallagher acquired six
retail insurance brokers, three in the U.S. and two in Canada and one in
Sweden. Also acquired a U.S.-based claims administrator, employee
benefit broker and healthcare finance consultant.
June '17: EPS $1.03,up 7%. Revenues up
9% to $1.186 billion. Brokerage EPS (adjusted) up 9% to $0.81. Risk
management EPS even at $0.08. Corporate segment EPS even at $0.14.
Brokerage revenues up 9% to $997.0 million. Risk management revenues up
7% to $188.7 million.
Acquired six insurance
brokers and three employee benefit consultant
in the U.S., and
a Kent, England-based
Total Reward Group, which offers bonus plan, incentive plan, profit
sharing plan, etc. consulting services to companies and non-profits
globally.
March '17: EPS (adjusted) $0.40, up 18%. Revenues (adjusted) up
7% to $1,059.7 million. Brokerage EPS (adjusted) up 15% to $0.46. Risk
management EPS down $0.01 to $0.08. Corporate segment EPS up -$0.14
vs. -$0.15. Brokerage revenues up 8% to $877.1 million. Risk
management revenues up 2% to $182.6 million. Acquired seven retail
insurance brokers, one wholesale insurance broker, and a employee
benefits consultant. In January, dividend up 3% to $0.39.
December '16: EPS (adjusted) $0.66,
up 12%. Revenues (adjusted) up 7% to $1.069 billion. Brokerage EPS
(adjusted) up 8% to $0.61. Risk management EPS up $0.01 to $0.09.
Corporate segment EPS up $0.02 to $0.03. Brokerage revenues up 8% to
$883.8 million. Risk management revenues up 3% to $185.6 million.
Gallagher two regional employee benefits brokers and a wholesale
insurance broker in the U.S. and a financial planning and employee
benefits consultant based in London, England.
September '16: EPS (adjusted) $0.77,
even. Brokerage EPS (adjusted) up 7% vs. to $0.61. Risk management EPS
down $0.01 to $0.08. Corporate segment EPS down 27% to $0.08. Brokerage
revenues up 8% to $811.4 million. Risk management revenues down 2% to
$180.4 million. Acquired two retail insurance brokers and one wholesale
insurance broker in the U.S., an employee benefit consultant in Surrey,
England, and an 85% interest in a Stockholm, Sweden based broker with
$11 million in annual revenues.
June '16: EPS (adjusted) $0.97, up 4%.
Brokerage EPS (adjusted) up 7% to $0.75. Risk management EPS down 20% to
$0.08. Brokerage revenues up 8% to $937.7 million. Risk management
revenues down 6% to $176.5 million. Acquired a managing general agent
and program manager that provides specialty insurance products and
services to independent retail insurance brokers, three retail insurance
brokers, four employee benefits consultants, and two brokers that serve
healthcare providers.
March '16: EPS (adjusted) $0.34, up 26%.
Brokerage EPS (adjusted) up 11% to $0.40. Risk management EPS even at
$0.08. Brokerage revenues up 12% to $823.3 million. Risk management
revenues up 3% to $179.3 million. Acquired three retail insurance
brokers, one wholesale insurance broker, and the insurance management
operations of the Kane Group, which provided risk management strategies
on a global basis for insurance companies. In January, dividend up 3% to
$0.38.
September '15: EPS $0.77, up 15%. Brokerage EPS (adjusted) even at $0.57. Risk
management EPS up $0.01 to $0.09. Brokerage revenues up 10% to $832.9
million. Acquired two employee employee benefits consultants, a
wholesale insurance broker, a national affinity program administrator,
and a 65% interest in a
broker in Bogota, Columbia.
June '15: EPS (adjusted) $0.94, up 18%. Brokerage EPS (adjusted) up 13% to $0.71. Risk management
EPS $0.10, up 11%. Acquired seven
U.S.-based insurance brokers and two in Canada. Sold 3.1 million new
shares for around $48.30 per share under its "at-the-market" program.
March '15: EPS (adjusted) of $0.26, up $0.01.
Brokerage revenues up 36% to $750.2 million. Adjusted brokerage EPS up
24% to $0.36. Risk management revenues up 11% to
$177.2 million. Risk management adjusted EPS even at $0.09. Other
corporate activities (clean coal investments) adjusted EPS -$0.18 vs.
-$0.12. Acquired eight insurances brokers and employee benefit consultants
during the quarter. In January, dividend
up 3% to $0.37.
December '14: EPS (adjusted) $0.56, up 14%. Brokerage EPS (adjusted) up 22% to $0.50. Risk management EPS
$0.08, up 14%. Brokerage revenues up 36% to $798.6 million.
Risk management revenues up 13% to $167.9 million. Acquired five retail insurance
brokers, a human resource consultant, and an employee benefit consultant
in the U.S., and one broker in Australia.
September '14: EPS (adjusted) $0.69,
up 15%.
Brokerage EPS (adjusted) up 18% to $0.59. Risk management EPS $0.09,
even. Other corporate activities (clean coal investments)
EPS $0.01 vs. $0.01. Brokerage revenues up 46% to $799.8 million. Risk
management revenues up 12% to $168.3 million. Acquired a healthcare
insurance consultant, five retail insurance brokers, and two employee
benefit consultants in the U.S., insurance brokers in the Caribbean and
in Australia, and an employee benefit consultant in the UK.
June '14: EPS $0.70, down $0.03. Brokerage EPS (adjusted) up 27% to $0.66. Risk management EPS
$0.09, down $0.01. Other corporate activities (clean coal
investments) EPS $0.05 vs. $0.10. Brokerage revenues (adjusted) up 34%
to $741.9 million. Risk management revenues (adjusted) up 8% to $168.1
million. Acquired five insurance agencies in the U.S., one in Canada,
two in Europe, and one each in Australia and New Zealand
March '14: EPS 0.36, up 13%. Adjusted brokerage and risk management EPS $0.39, up 22%. Brokerage EPS (adjusted) up 32% to $0.29. Risk management EPS
$0.10, even with year-ago. Other corporate activities (clean coal
investments) EPS $0.03 vs. $0.02. Brokerage revenues (adjusted) up 24%
to $567.6 million. Risk management revenues (adjusted) up 7% to $160.0
million. Acquired one U.K. insurance broker a 56% interest in a
large Peruvian broker, and five brokers in the U.S.
December '13:
Adjusted brokerage and risk
management EPS $0.48 to $0.44. Brokerage EPS (adjusted) up 17%
to $0.41. Risk management EPS $0.07 vs. $0.09. Other corporate
activities (clean coal investments) EPS $0.01 vs. -$0.05. Brokerage
revenues (adjusted) up 22% to $590.8 million. Risk management revenues
(adjusted) up 5% to $151.5 million.
Sold $600 million of senior unsecured
notes paying 4.58%, 4.73% and 4.98%, due in 2024, 2026 and 2029.
September '13: EPS (adjusted) $0.59, up
13%. Total revenues up 13% to $696.0 million. Brokerage
revenues (adjusted) up 15% to $546.3 million. Brokerage EPS (adjusted)
up 16% to $0.50. Risk management revenues (adjusted) up 7% to $149.7
million. Risk management EPS even at $0.09. Other corporate activities
(clean coal investments) EPS $0.01, even. Acquired a London, England
broker over 1,100 employees, another broker in England, two U.S.
brokers, and one
in Canada.
June '13: EPS $0.73, up 24%. Total
revenues up 20% to $779.5 million. Brokerage revenues (adjusted) up 16%
to $548.0 million. Brokerage EPS (adjusted) up 13% to $0.52. Risk
management revenues (adjusted) up 10% to $156.2 million. Risk management
EPS up 10% to $0.10. Other corporate
activities (clean coal investments) EPS $0.10 vs. $0.03 loss. Raised
$200 million in a note sale.
March '13: EPS (adjusted) $0.32, up 33%.
Total revenues up 23% to $674.1 million. Brokerage revenues (adjusted)
up 19% to $454.0 million. Brokerage EPS (adjusted) up 22% to $0.22. Risk
management revenues (adjusted) up 11% to $152.1 million. Risk management
EPS up 11% to $0.10. Other corporate activities
(clean coal investments) EPS -$0.02 loss vs.
-$0.01 loss. In January, dividend up 3% to $0.35.
December '12: EPS (adjusted) $0.39, up
$0.02. Total revenues up 16% to $673.2 million. Brokerage
revenues (adjusted) up 18% to $486.6 million. Brokerage EPS
(adjusted) up 9% to $0.35. Risk management revenues (adjusted) up 5% to
$143.8 million. Risk management EPS (adjusted) flat at
$0.09. Other corporate activities (clean coal investments) EPS -$0.05
loss vs.
-$0.04 loss.
September '12: EPS (adjusted) $0.52, up
6%. Total revenues up 6% to $650.4 million. Brokerage
revenues (adj.) up 14% to $479 million. Brokerage earnings up 8% to
$0.43/share. Risk management revenues up 5% to $140 million. Risk
management EPS flat at $0.09. Other corporate activities (clean coal
investments) EPS $0.01 vs.
-$0.07 loss. Partnered with Liazon
Corporation to launch a private insurance exchange platform. Raised $50
million by selling notes paying 3.99% due
in 2020.
June '12: EPS $0.59, up 59%. Total
revenues up 19% to $649.9 million. Brokerage revenues (adjusted) up 18% to
$474 million. Brokerage earnings (adjusted) up 12% to $0.46/share. Risk
management revenues (adjusted) up 7% to $143 million. Risk management EPS
flat at $0.09. Other corporate activities (clean coal investments) EPS
$0.03 vs.
-$0.07 loss.
Earnings
call transcript. Acquired
three retail insurance brokers, two employee benefits brokers and consultants, a provider
of claims and litigation management services to underwriters and
insurance loss managers, and a health reimbursement consulting firm, and a
broker in Bournemouth,
England.
March '12: EPS $0.27,
up 68%. Total revenues up 22% to $546.1 million. Brokerage revenues up 22%
to $385 million. Brokerage earnings (adjusted) up 13% to $0.18/share. Risk
management revenues up 8% to $141 million. Earnings call transcript.
Acquired five employee benefits brokers, a wholesale insurance broker, and
one retail insurance broker. In January, Gallagher acquired two
retail insurance brokers. In January, Gallagher raised its quarterly dividend by 3% to $0.34 per share.
December '11: EPS $0.35,
down $0.04. Revenues up 26% to $578 million. Brokerage revenues up 22% to
$412 million. Brokerage earnings up 19% to $0.32/share. Risk management
revenues up 13% to $146 million.
Acquired three retail insurance brokers, two wholesale insurance brokers
and an employee benefits communication and enrollment firm. Earnings call transcript.
Good growth in AJG's basic
businesses.
September '11: EPS $0.41 vs. $0.44.
Revenues up 22% to $563 million. Brokerage revenues up 20% to $422
million. Brokerage earnings down $0.01 to $0.41/share. Risk management
revenues up 25% to $139 million.
Earnings call transcript.
Acquired employee benefit broker and three retail brokers.
June '11: EPS (continuing) $0.37, down $0.03. Revenues
up 19% to $546.1 million. Brokerage revenues up 16% to $404 million.
Brokerage earnings up 8% to $0.39/share. Risk management revenues up 20%
to $134 million. Risk management EPS down $0.02 to $0.05. EPS from other corporate activities (clean coal) -$0.07
loss vs.
-$0.04 loss. Earnings call transcript.
Acquired five regional retail brokers.
Acquired Singapore based ITI Solutions, which offered marine
cargo, political risk, trade credit risk, and specialty insurance. Completed acquisition of
London, England broker with 1,200 agents in 16 offices.
March '11: EPS (adjusted) $0.16 vs.
$0.19. Revenues down 4% to $446.3 million. Brokerage revenues up 10% to
$316 million. Brokerage earnings up 14% to $0.16/share. Risk management
revenues up 18% to $131 million. Risk management EPS even at $0.09. Revenues from other corporate activities (clean coal)
down $61 million. Acquired unit of SUPERVALU grocery chain that provided
commercial insurance services to retail grocery stores, a London, England
retail broker, a US retail broker, and a New York City executive
compensation and corporate governance consulting firm. Raised $125 million
in note sales. In January, dividend up 3%
($0.01) to $0.33.
December '10: EPS (continuing) $0.43 vs. $0.19. Revenues up 6% to $459.1 million. Brokerage revenues up 5%
to $337 million. Risk management revenues up 13% to $129 million. Acquired
three regional insurance brokers, one insurance consultant, one wholesale
broker, and one group benefits broker.
September '10: EPS $0.44, up $0.03. Revenues (continuing operations) up 5% to $463 million.
Brokerage revenues up 8% to $351 million. Risk management revenues down 2%
to $111 million. Acquired the managed care business of GAB Robins North
America's Medinsights unit that provides case management and
cost-containment services to self-insured companies. More than 400
Medinsights' employees joined Gallagher's Bassett managed care unit.
Expects the deal to add $45 to $50 million in annual revenues. Acquired three regional insurance brokers. Replaced expiring $450 million credit facility with
new $500 million unsecured credit agreement expiring in 2014.
June '10: EPS (continuing) $0.40 vs.
$0.44. Counting discontinued, EPS $0.42 vs. $0.44.
Revenues up 1% to $459.5 million. Brokerage revenues up 3% to $346
million. Risk management revenues down 2% to $111 million. Acquired
two U.S. regional brokers and an employee benefits
insurance broker headquartered in London, England.
March '10: EPS $0.28, up $0.01. Revenues
up 20% to $482.4 million. Brokerage revenues up 7% to $304 million. Risk
management revenues down 2% to $111 million. Acquired authorized a London,
England-based Lloyd's insurance broker, a Hollister,
California broker, and a Sao Paulo,
Brazil reinsurance broker.
December '09: EPS (continuing) $0.19, +58%.
Revenues +4% to $435 million. Brokerage revenues +6% to $321 million.
Risk management -1% to $114 million.
Sold
$150 million of senior unsecured notes paying 5.85%. Acquired two regional brokers.
September '09: EPS $0.41, +$0.01. Revenues (adjusted)
-6% to $279.2 million. Brokerage revenues +4% to $325.8 million.
Risk management -4% to $113.5 million.
Earnings call transcript.
Acquired two regional insurance brokers.
June '09: EPS $0.44, even. Revenues +6% to $453.6 million. Brokerage revenues
+9% to $340.1 million. Risk management -2% to $113.3 million. Acquired three regional
brokers.
March '09: EPS 0.29, +61%. Revenues +7% to
$401.1 million. Brokerage revenues +12% to $250 million. Risk management
-3% to $112 million. Acquired policy renewal
rights from Liberty Mutual's middle-market commercial property/casualty
business located in Midwest and Southeast regions. Also acquired one
regional broker.
December '08: EPS (continuing) $0.12 vs.
$ 0.37. Revenues +2% to $303.2 million, but expenses +11%.
Earnings call transcript.
Acquired seven regional brokers.
September '08: EPS (continuing) $0.44,
vs. $0.54. Revenues (continuing) +4% to
$428 million. Bought four U.S. regional brokers and one London, England
agency.
June '08: EPS (continuing) $0.45, -$0.01. Revenues flat at $429 million.
Brokerage commissions +8% to $246
million and brokerage earnings +5%. Acquired six regional brokers.
March '08: EPS
(continuing) $0.22,
+10%. Revenues +10% to $375.8 million. Brokerage revenues +11% to $258 million and brokerage EPS
+30% to $0.13. Risk
management revenues +9% to $116 million, but EPS -10% to $0.09.
Earnings call transcript.
Acquired six retail insurance brokers and one wholesale broker. Sold U.S.
and U.K. reinsurance brokerage business. In January, dividend up 3% to
$0.32.
December '07: EPS
$0.37, +37%.
Revenues +3% to $410 million.
Back to
Insurance Industry
Chubb
Background
The Chubb Corporation operating as "Chubb Group of Insurance Companies"
is divided into three main business units: Chubb Commercial Insurance,
Chubb Specialty Insurance, and Chubb Personal Insurance. Its commercial
unit offers workers compensation and marine insurance, as well as the
usual commercial insurance products. Its specialty units offers
professional liability products and its personal unit provides homeowners
and auto insurance to customers that need more coverage choices and higher
limits than standard policies.
Quarterly Reports
June '11: EPS (operating) $1.27 vs.
year-ago $1.41. Counting investment income, EPS $1.42 vs. year-ago $1.59.
Net premiums written up 6% to $3.055 billion. Homeowners insurance
premiums up 5% vs. year-ago to $681 million, personal auto insurance
premiums up 8% to $181 million, commercial insurance up 8% to $1.310
billion and specialty insurance grew 2% to $680 million. Combined ratio
94.9% vs. year-ago 90.4% (below 100% is okay, but the lower the better).
Book value $55.23/share vs. year-ago $45.61.
Earnings call transcript.
March '11: EPS (operating) $1.35, up 18%.
Counting investment income, EPS $1.70, up 22%. Net premiums written up 3%
to $2.86 billion. Homeowners insurance premiums up 3% to $533 million,
personal auto insurance premiums up 11% to $162 million, commercial
insurance up 7% to $1.326 billion and specialty insurance down 1% to $639
million. Combined ratio 93.7% vs. 93.6% Book value $53.26/share vs. $48.17.
Earnings call transcript. In February,
dividend up 5% to $0.39.
December '10: EPS (operating) $1.69, up 2%.
Counting investment income, EPS $2.02, down $0.01. Net premiums written up
3% to $2.85 billion. Homeowners insurance premiums up 3% to $587 million,
personal auto insurance premiums up 10% to $164 million, commercial
insurance up 4% to $1.142 billion and specialty insurance down 3% to $746
million. Combined ratio 87.0% vs. 84.7%.
Earnings call transcript.
September '10: EPS (operating) $1.69, up 8%.
Counting investment income, EPS $1.80, up 7%. Net premiums written up 1%
to $2.73 billion. Homeowners insurance premiums up 2% to $631 million,
personal auto insurance premiums up 7% to $160 million, commercial
insurance flat at $1.082 billion and specialty insurance flat at $669
million. Combined ratio 82.6% vs. 85.4%. Book value $52.41/share vs. $45.43.
Earnings call transcript.
Received approval to open office in Jiangsu Province in China, its second office in
China. The first was opened in Shanghai in September 2000, and converted
into a wholly owned subsidiary in February 2008.
June '10: EPS (operating) $1.41, down 5%. Catastrophes
cut operating EPS $0.38 vs. $0.08. Counting
investment gains, EPS $1.59, up 3%. Net premiums written up 1% to $2.89
billion. Homeowners insurance premiums up 2% to $647 million, personal
auto insurance premiums up 14% to $168 million, commercial insurance flat
at $1.209 billion and specialty insurance flat at $666 million. Combined
ratio 90.4% vs. 85.9%. Book value $49.39/share vs.
$41.45.
Earnings call transcript.
March '10: EPS (operating) $1.14, down 20%. Counting investment gains, EPS $1.39, up 45%. Net
premiums written down 2% to $2.78 billion. Homeowners
insurance premiums up 1% to $517 million, personal auto up 11% to $146
million, commercial down 1% to $1.243 billion and specialty up 3% to $646
million. Combined ratio 93.6% vs. 88.1%.
Catastrophes added 12.3% to the ratio. Book value $48.17 vs. $39.20.
Earnings call transcript.
In February, dividend up 6% to $0.37.
December '09: EPS (operating) $1.66,
even. Counting investment income EPS $2.08 vs. $1.13. Net premiums
-4% to $2.8 billion. Homeowners insurance -4% to $568 million,
personal auto -3% to $149 million, commercial -6% to $1.101
billion and specialty -1% to $771 million. Combined ratio 84.7% vs.
84.3%. Book value $47.09 vs. $38.13.
Earnings call transcript.
September '09: EPS (operating) $1.56, up
68%. Including investment results, EPS $1.69 vs. $0.73. Net premiums
written -7% to $2.7 billion. Homeowners -4%, personal auto -3%, commercial
-8% and specialty -6%. Combined ratio 85.4% vs. 98.1%.
Earnings call transcript.
June '09: EPS 1.54, +21%. Excluding investment
gains, operating EPS $1.49, +6%. Net premiums written -7% to $2.8
billion. Homeowners insurance -5%, personal auto -9%, commercial
-7% and specialty -6%. Combined
ratio 85.9% vs. 88.5%.
Earnings call transcript.
March '09: EPS (operating) $1.43 vs.
$1.65. Including investments, EPS $0.95 vs. $1.77. Net premiums -7% to $2.74 billion.
Homeowners -5%, personal auto -8%, commercial -6% and specialty -10%. Combined ratio 88.1%.
Earnings call transcript.
In February, dividend up 6% to $0.35.
December '08: EPS (continuing) $1.58 vs.
$1.60. Including investments $1.13 vs. $1.68. Net premiums -4% to $2.90 billion.
Back to Insurance
Industry
Cincinnati Financial
Quarterly Reports
December '20: EPS (operating) $1.61, up
32%. Earned premiums up 5% to $1.520 billion. Combined
ratio 87.3% vs. year-ago 91.6%.
Book value up 11% to $67.04.
September '20: EPS (operating) $0.39 vs. $1.08. Earned premiums up 5% to $1.522 billion. Combined ratio
103.6% vs. 94.2%. Book value up 6% to $60.67.
June '20: EPS (operating) $0.44, down
48%. Earned premiums up 7% to $1.482 billion. Combined ratio 103.1% vs.
96.5%. Book value up 3% to $57.56.
March '20: EPS (operating) 0.84, down
20%. Earned premiums up 10% to $1.389 billion. Combined ratio 98.5% vs.
93.0%. Book value down 5% to $50.02.
In January,
dividend up 7% to $0.60.
December '19: EPS (operating) $1.23, up
26%. Earned premiums up 9% to $1.441 billion. Combined ratio 91.6% vs.
93.8%. Book value up 26% to $60.55.
September '19: EPS (operating) $1.08, up
29%. Earned premiums up 11% to $1.446 billion. Combined ratio 94.2% vs.
96.8%. Book value up 12% to $57.37.
June '19: EPS (operating) $0.85, up 5%.
Earned premiums up 7% to $1.384 billion. Combined ratio 96.5% vs. 97.2%.
Book value up 15% to $55.92.
March '19: EPS (operating) $1.05, up
46%. Earned premiums up 6% to $1.333 billion. Combined ratio 93.0% vs.
97.9%. Book value up 9% to $52.88.
December '18: EPS (operating) $0.98, up
5%. Earned premiums up 5% to $1.318 billion. Combined ratio 93.9% vs.
92.9%. Book value down 4% to $48.10. Agreed to pay $135 million for MSP
Underwriting Limited, a global specialty underwriter.
In January, dividend up 6% to $0.56.
September '18: EPS (operating) $0.84, up
45% vs. year-ago. Revenues up 36% to $1.915 billion. Earned premiums up
4% to $1.298 billion. Combined ratio 96.8% vs. 99.3%. Book value up 12%
to $51.22.
Good growth numbers (for an insurance company) from Cincinnati.
June '18: EPS (operating) $0.81, up 24%.
Revenues up 12% to $1.558 billion. Earned premiums up 4% to $1.294
billion. Combined ratio 92.7% vs. 98.3%. Book value up 8% to $48.68.
March '18: EPS (operating) $0.72, up
22%. Revenues down 20% to $1,224 million. Earned premiums up 4% to
$1.260 billion. Combined ratio 97.9% vs. 99.7). Book value up 10% to
$48.42.
Changes in accounting rules rendered
year-ago comparisons less meaningful.
In January, dividend up 6% to
$0.53.
December '17: EPS (operating) $0.93, up
24%. Counting investment results, EPS 3.88 vs. $0.60. Revenues up 8% to
$1.411 billion. Earned premiums up 6% to $1.258 billion. Combined ratio
92.9% vs. 96.2%. Book value up 17% to $50.29.
In November, in addition to its
regular $0.50 per share quarterly dividend, declared a special $0.50
payout.
September '17: EPS (operating) $0.58,
down 33%. Counting investment results, EPS 0.61 vs. $1.08. Revenues up
1% to $1.412 billion. Earned premiums up 5% to $1.247 billion. Combined
ratio 99.3% vs. 92.4%. Book value up 8% to $45.86.
June '17: EPS (operating) $0.64, up 12%. Counting
investment results, EPS $0.60 vs. $0.74. Revenues up 2% to $1.386
billion. Earned premiums up 8% to $1.241 billion. Combined ratio 98.3%
vs. 99.3%. Book value $44.97, up 6%.
March '17: EPS (operating) $0.59, down 34% vs. year-ago. Counting
investment gains, EPS $1.21 vs. $1.13. Revenues up 12% to $1.523
billion. Earned premiums up 5% to $1.208 billion. Combined ratio 99.7%
vs. year-ago 91.4%. Book value $44.07, up 8% vs. year-ago.
Unusually large catastrophic losses hurt
results.
December '16: EPS (operating) $0.75 vs.
$1.10. Counting investment gains, EPS $0.60 vs. $0.94. Revenues up 4% to
$1.312 billion. Earned premiums up 4% to $1.192 billion. Combined ratio
96.2% vs. 87.0%. Book value $42.95, up 10%.
Losses from Hurricane Matthew and a wildfire and storm in Tennessee cut
EPS around $0.60. In
January, dividend up 4% to $0.48.
September '16: EPS (operating) $0.86,
down 17%. Counting investment gains, EPS up 3% to $1.08. Earned premiums
up 6% to $1.191 billion. Combined ratio 92.4% vs. year-ago 87.8%. Book
value $43.24, up 12%.
Began marketing insurance products targeted to high net worth clients in
California.
June '16: EPS (operating) of $0.57, down
31%. Counting investment gains, EPS down 30% to $0.74. Earned premiums
up 6% to $1.173 billion. Combined ratio 99.3% vs. 92.4%. Book value
$42.37, up 7%.
March '16: EPS (operating) $0.89, up
51%. Counting investment gains, EPS up 47% to $1.13. Earned premiums up
5% to $1.096 billion. Combined ratio 91.4% vs. 97.5%. Book value $40.96,
up 2%. In February, dividend up 4% to $0.48.
December '15: EPS (operating) $1.10, up
24%. Counting investment gains, EPS down 8% to $0.94. Earned premiums up
6% to $1.095 billion. Combined ratio 87.0% vs. year-ago 90.4%. Book
value $39.20, down 2%. Declared special $0.46 per share cash dividend
payable in addition to $0.46 regular December quarter dividend.
September '15: EPS (operating)
$1.04, up 22%. Counting investment gains, EPS down $0.06 to
$1.05. Earned premiums up 5% to $1.127 billion. Combined ratio 87.8% vs.
91.0%. Book value $38.77, down 1%.
June '15: EPS (continuing) $0.83, up 80%.
Counting investment gains, EPS up 108% to $1.06. Earned premiums up 5%
to $1.111 billion. Combined ratio 92.4% vs.
100.9%. Book value $39.60, up 2%.
March '15: EPS (operating) $0.59, up 28%.
Counting investment gains, EPS $0.77, up 40%. Earned premiums up 7% to
$1.094 billion. Combined ratio 97.5% vs. 100.3. Book value
$40.22, up 7%.
Announced nationwide TV advertising program to
increase consumer awareness of products. In January, dividend up 5% $0.46.
December '14: EPS (operating) $0.89, up
24%. Counting investment gains, EPS $1.02 vs. $0.74. Earned premiums up
6% to $1.086 billion. Combined ratio 90.4% vs. 93.9%. Book value $40.14, up 8%.
Planned to expand its product lines to serve the high net worth market and to expand its footprint to additional states including Texas, Massachusetts, New Jersey and California.
September '14: EPS (operating) $0.85, up
21%. Counting investment gains, EPS $1.11 vs. $0.79. Earned premiums
$1.071 billion, up 8%. Combined ratio 91.0% vs. 93.7%. Book value
$39.01, up 10%.
June '14: EPS (operating)
$0.46 vs. $0.61. Counting investment gains, EPS $0.51 vs. $0.66. Earned
premiums $1.059 billion, up 11%. Combined ratio 100.9% vs. 96.4%. Book value
(6/30), $38.77, up 7%.
March '14:
EPS (operating) $0.46 vs. $0.78.
Counting investment gains, EPS $0.55 vs. $0.94. Net premiums written
$1.037 billion, up 7%. Combined ratio 100.3% vs. 91.2%. Book value (3/31) $37.73, up 7%.
In January, dividend up 5% to
$0.44.
December '13: EPS (operating) $0.72 vs.
$1.11. Counting investment gains, EPS $0.74 vs. $1.17. Net premiums
written $906 million, up 8%. Combined ratio 93.9% vs. 81.9%. Book value
(12/31) $37.21, up 11%.
September '13: EPS (operating) $0.70, up
9%. Counting investment gains, EPS $0.79 vs. $0.68. Net
premiums written $1.031 billion, up 15%. Combined ratio
93.7% vs. 94.8%. Book value (9/30) $36.51, up 8%.
In August, dividend up 3% to
$0.42.
June '13: EPS (operating) $0.61, up 259%. Counting investment gains, EPS $0.66 vs. $0.20. Net
premiums written $984 million, up 9%. Combined ratio 96.4%
vs. 109.5%. Book value (6/30) $34.83, up 10%.
March '13: EPS (operating) $0.78, up 63%.
Counting investment gains, EPS $0.94 vs. $0.53. Net
premiums written $970 million, up 15%. Combined ratio 91.2% vs. 99.1%.
Book value at 3/31 $35.44 per share, up 10%.
December '12: EPS (operating) $1.11, up
29%. Counting investment gains, EPS 1.17 vs. $0.83.
Net premiums written $837 million, up 10%. Combined ratio 81.9% vs. 87.5%.
Book value at 12/31 was $33.48 per share vs. $31.03.
September '12: EPS (operating) $0.64 vs. $0.13. Counting investment gains, EPS 0.68 vs. $0.12. Net
premiums written $899 million, up 14%. Combined ratio 94.8% vs. 110.6%.
Book value $32.95 per share vs. $31.66 at June 30. In August, dividend up
1%.
June '12: EPS (operating)
$0.17 vs. loss. Counting investment gains, EPS 0.20 vs.
loss. Net premiums written $903 million, up 18%. Combined ratio 109.5% vs. 136.7%.
Book value $31.66 per share vs. $32.07 at March 31.
Earnings call transcript.
March '12: EPS (operating) $0.48, up 43%. Counting investment gains, EPS 0.53, up 39%.
Net premiums written $843 million, up 8%. Combined ratio 99.1% vs. 104.1%.
Book value up 3% to $32.07 per share.
December '11: EPS (operating) $0.86
per share, up 23%. Counting
investment loss, EPS 0.83, up 8%. Net premiums written $760 million, up
5%. Combined ratio 87.6% vs. 93.1%
Book value $31.16, up 1%. In August 2011, dividend up 1% to
$0.4025.
Mercury General
5/1/22: Mercury General (MCY) reported below
year-ago March quarter numbers and we don't think that a turnaround is
in the cards for MCY.
Mercury
reported a March quarter loss (adjusted) of
-$0.77 per share,
$1.42 below analyst forecasts and vs. year-ago +$1.34. Revenues down 19%
to $805.5 million. Earned premiums up 5% to $962.6 million. Combined
ratio 109.5% vs. year-ago 93.5% (below 100 is okay, and lower is
better). Book value down 11% vs. year-ago to $34.46.
Disappointing numbers from MCY.
In October, Forbes ranked Mercury as one of the
best U.S.-based insurance companies based on interviews of 16,000 plus
U.S. consumers conducted by market research group Statista.
Background
Mercury General is a multiple-line insurance carrier predominantly
offering personal auto, homeowners and renters insurance through a
network of 8,000 independent agents in Arizona, California, Illinois,
Nevada, New Jersey, New York, Oklahoma, Texas and Virginia.
Quarterly Reports
December '21: EPS $0.55 vs. year-ago
$3.01. Revenues down 3% to $1.049 billion. Earned premiums up 4% to
$958.3 million. Combined ratio 105.4% vs. year-ago 93.3%. Book value up 5% vs. year-ago to $38.65.
September '21: EPS (operating) $0.64 vs.
$1.23. Earned premiums up 5% to $940.9 million. Combined ratio 99.0% vs.
94.3%. Book value up 13% to $38.74
7/1/12: We are
selling Mercury General and replacing it with Cincinnati Financial, which has stronger growth
prospects.
In March, Fitch
Bond Rating service affirmed its "A" rating on Mercury. Click
here to read Fitch's take on Mercury's
financial strength.
Expected FY 12/2012 EPS Growth:
-5%
Div/EPS
Ratio: 92%
Quarterly Reports
March '12: EPS (operating) of $0.71,
$0.01 below year-ago. Counting investment gains, EPS 1.34 vs. $1.06. Net
premiums written flat at $658.3 million. Combined ratio 97.6% vs. 98.2% (below 100 is okay, and
lower is better).
Earnings call transcript.
December '11: EPS (operating)
$0.59 vs.
-$0.15. Counting investment gains, EPS 1.45 vs.
-$0.43 loss. Net premiums written flat at $618.6 million. Combined
ratio 99.4% 109.9%.
Earnings call transcript. In
October, dividend up 1.7% to $0.61.
September '11: EPS (operating) $0.72,
down $0.02. Counting investment gains, EPS -0.07 loss vs. +$1.77. Net
premiums written up 1% to $662.3 million. Combined ratio 98.3% vs. 98.0%.
Earnings call transcript.
June '11: EPS (operating) $0.76, up 17%.
Counting investment gains, EPS -1.04 loss vs. +$0.32. Net premiums
written up 1% to $636.3 million. Combined ratio 98.0% vs. 99.0%.
Earnings call transcript.
March '11: EPS (operating) $0.72 vs.
$0.85. Counting investment gain, EPS $1.06 vs. $1.12. Net premiums written
up 1% to $658.2 million. Combined ratio 98.2% vs. 96.3%.
December '10: EPS loss (operating) -$0.15 vs. +$0.69. Counting investment losses, EPS -0.42
loss vs. +$0.62. Net premiums written flat at $617.2 million. Combined
ratio 109.9% vs. 98.1%. California rainstorms cost $25 million
($0.46/share) and Florida sinkholes cost $19 million ($0.35/share). Said
getting out of the Florida market. In October, dividend up 2% to $0.60.
September '10: EPS (operating) $0.74 vs.
$0.84. Net premiums written down 1% to $654.9 million. Combined ratio
98.0% vs. 96.4%.
June '10: EPS (operating) $0.65 vs.
$0.86. Counting investment results, EPS $0.32 vs. $2.07. Net premiums
written down 1% to $631.1 million. Combined
ratio 99.0% vs. 96.1%.
March '10: EPS (operating) $0.85, up
$0.02. Counting investment results, EPS $1.12 vs. $1.75. Net
premiums written down 3% to $652.5 million. Combined ratio 96.3% vs. 96.9%.
December '09: EPS (operating) $0.69 vs. -$0.48
loss. Including investments, EPS $0.62 vs. -$3.07. Net
premiums -4% to $618.9 million. Combined ratio 98.1% vs. 113.4%. In
October, dividend +2% to $0.59.
September '09: EPS (operating) $0.84, up
17%. Counting investments, EPS $2.85 vs. loss. Net premiums
-5% to $662.8 million. Combined ratio 96.4% vs. 102.0%.
June '09: EPS (operating) $0.86, even.
Counting investments, EPS $2.07 vs. $1.29. Net premiums -7% to $637.4 million. Combined ratio 96.1% vs. 97.0%.
March '09: EPS (operating) $0.83 vs. $1.02. Counting investments,
EPS $1.75 vs. loss. Net premiums -8% to $670.9 million. California
net premiums -8.5% to $526.9 million.
Combined ratio 96.9% vs.
95.4.
December '08: EPS $3.07 loss vs. $0.81
profit. Excluding investments,
-$0.48. Net premiums -8% to $641.6 million.
Earnings call transcript.
Bought Aon Corp's Auto Insurance Specialist Management Group for $120
million cash, plus potential earn out up to $34.7 million over two
years. Deal included Auto Insurance
Specialists, PoliSeek and Aon Recreation
Insurance brands.
September '08: EPS (operating) $0.72 vs. $1.13. Counting
investments ($3.29) and other non-recurring, lost $2.57 vs. $1.13 profit.
Net premiums -8%
to $695.1 million.
Earnings call transcript.
June '08: EPS (excluding investment
income) $0.86, -25%. Counting investments, EPS $1.29 vs. $1.27. Net
premiums -7% to
$684.2 million.
Earnings call transcript.
March '08: EPS $1.02, -9%. Including
investments, -$0.07 vs. +$1.11. Premiums -7% to $729.3 million.
In February, dividend +12% to $0.58.
December '07: EPS $0.81, vs. $0.91. Premiums -5.5% to $700 million
Earnings
call transcript.
September '07: EPS
(operating)
$1.12, -7%. Including investments, EPS
$1.15 vs. $1.25. Premiums -2% to $758.8 million.
June '07: EPS
(operating) $1.15,
+80%. Including investments,
EPS $1.27 vs. $0.64. Premiums -2% to $737.4
million.
March '07: EPS 1.10, +3%. Excluding
investments and $0.27 year-ago income tax charge, EPS $1.11 vs. $1.25. Premiums +2%
to $785.9 million. In February, dividend up 8% to $0.52.
December '06: EPS
(operating) $0.89,
+7%.
Premiums +7% to $740.7 million.
September '06: EPS $1.25 vs. $1.33.
Premiums +2% to $776 million.
June '06: EPS $0.69, down 49%. Premiums
+3% to $753 million.
March '06: EPS $1.07, vs. $1.10.
Year-ago EPS included $0.27 charge for earlier income tax
deductions that were disallowed by the state of California. In February, dividend
up 12% to
$0.48.
December '05: operating EPS $1.12, -13%.
Revenues +10% to $733 million.
September '05: EPS $1.33, +12%.
Hurricane losses cut EPS by $0.05 vs.
year-ago $0.29.
June '05: operating EPS $1.31, +$0.02. Including investments and other non-recurring,
EPS $1.35 vs. $1.43.
March '05: EPS $1.10, -13%. Dividend up 16% to $0.43.
December '04: EPS $1.36, +51%.
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