Underwriting and Investments Favorably Impact Quarterly Earnings - Research Report on ING U.S., Progressive Insurance, XL Group, AFG, and Alleghany
NEW YORK, May 31, 2013 /PRNewswire/ --
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Today, Wall Street Reports announced new research reports highlighting ING U.S., Inc. (NYSE: VOYA), The Progressive Corporation (NYSE: PGR), XL Group plc. (NYSE: XL), American Financial Group (NYSE: AFG), and Alleghany Corporation (NYSE: Y). Today's readers may access these reports free of charge - including full price targets, industry analysis and analyst ratings - via the links below.
ING U.S., Inc. Research Report
On May 23, 2013, ING U.S., Inc. (ING (U.S.) reported its Q1 2013 financial results. The Company reported Q1 2013 operating earnings after income taxes of $167 million, or $0.73 per share, representing a 7.1% YoY growth. "We continue to effectively execute the fundamental elements of our Retirement Readiness strategy and our Ongoing Business operating ROE improvement plan, which resulted in Ongoing Business operating earnings for the quarter. We are on track to hit our ROE targets for the year," said Rodney O. Martin, Jr., Chairman and CEO of ING U.S. "Our annualized Ongoing Business adjusted operating ROE grew 120 basis points to 9.5% in the first quarter, largely driven by the reduction in the amount of capital allocated to the Ongoing Business, due to recapitalization initiatives, and improvement in operating earnings. Our goal continues to be steady improvement of approximately 110 basis points per year toward our 2016 target of 12% to 13%," added Martin. The Full Research Report on ING U.S., Inc. - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.wsreports.com/r/full_research_report/9132_VOYA]
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The Progressive Corporation Research Report
On May 13, 2013, The Progressive Corporation (Progressive Insurance) announced its plan to open nine new Service Centers across the country, in 2013. The new Service Centers will be opened in these locations: Silver Spring, Md., Malvern, Pa., South Plainfield, NJ, Pasadena, Calif., La Vista, Neb., Westwood, Mass., Dayton, Ohio, Sacramento, Calif., and Baton Rouge, La. "Opening these additional facilities enables more customers across the country to take advantage of our best customer repair process," said Tricia Griffith, Claims Group President at Progressive Insurance. Griffith added, "This service is especially important for our commercial auto small business customers who rely on vehicles to keep their business going." Griffith continued, "Getting our customers back on the road is important to us, and our Service Centers provide a unique and convenient way of processing claims and repairs." The Full Research Report on The Progressive Corporation - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.wsreports.com/r/full_research_report/1a43_PGR]
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XL Group plc. Research Report
On May 21, 2013, XL Group plc. (XL Group) announced that it is boosting its inland marine business with the addition of Motor Truck Cargo Coverage Solutions, customizable coverage for mid-to-large size trucking operations in North America. "We are expanding our inland marine product offerings with market-leading policies like our new motor truck cargo coverage. As a result of investigating available policies and listening to what our brokers and insureds suggested, the result is a comprehensive form to help deliver a customized solution for our clients' specific needs," said Anne Marie Elder, Chief Inland Marine Underwriting Officer of the Company's North America Marine Group. The new Motor Truck Cargo Coverage Solutions includes flexible limits for 23 additional coverage, plus 22 optional endorsements and multiple reporting options and payment plans. "Coverage is available on a full policy limit, primary, excess, and participation using either admitted or non-admitted paper," added Alexander McGinley, Vice President for Inland Marine at XL Group. The Full Research Report on XL Group plc. - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.wsreports.com/r/full_research_report/5c47_XL]
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American Financial Group Research Report
On May 8, 2013, American Financial Group (AFG) announced its Q1 2013 financial results. The Company reported that core net operating earnings were down 1.2% YoY to $84 million, or $0.92 per share, while Property & Casualty Insurance (P&C) net written premiums were up 16% YoY to $704 million. For Q1 2013, net earnings grew 6.2% YoY to $120 million, or $1.32 per diluted share. Annualized ROE for Q1 2013 was 12.4%, compared with 11.8% in Q1 2012. "This year is off to a great start with record profitability in our annuity operations and solid underwriting results in our property and casualty businesses," said S. Craig Lindner and Carl H. Lindner, CEOs of AFG, in a joint statement. They further said, "We are pleased to see the positive impact of maintaining spreads in our annuity business as well as market firming in selected P&C markets, which have created opportunities for higher growth and improved results in some of our P&C operations." Further, AFG affirmed its full-year 2013 core net operating earnings guidance in the range of $3.60 to $4.00 per share. The Full Research Report on American Financial Group - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.wsreports.com/r/full_research_report/a429_AFG]
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Alleghany Corporation Research Report
On May 6, 2013, Alleghany Corporation (Alleghany) announced its financial results for Q1 2013. The Company's net earnings declined to $196.3 million, or $11.67 per share, from net earnings of $560.1 million, or $51.06 per diluted share, in Q1 2012. Net earnings for Q1 2012 included 25 days of results of TransRe as well as merger-related items associated with the purchase of TransRe. Weston M. Hicks, President and CEO of Alleghany, commented, "Alleghany grew its book value per share by 4.1% in the first quarter of 2013. This growth reflects strong underwriting results at TransRe and RSUI. Collectively, our insurance and reinsurance segments posted a combined ratio of 83.1% for the first quarter of 2013 as a catastrophe free quarter, modest favorable prior year loss development and premium growth all contributed to our results." The Full Research Report on Alleghany Corporation - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.wsreports.com/r/full_research_report/31e7_Y]
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