ING U.S. Inc., which is being rebranded as Voya Financial, offered its first earnings report since the company was separated from the Dutch-based ING Groep N.V.
The Travelers Cos. had its best operating income per share since the company’s initial public offering in 2002, driven by higher prices and lower expenses from tornadoes and other catastrophes.
The Phoenix Cos. postponed release of its third-quarter earnings as the company plans to restate financial results for 2009, 2010, 2011 and the first two quarters of this year.
Phoenix said it will file preliminary third-quarter results within two weeks. The company did not say which day it will release results.
The Hartford Financial Services Group reported much higher earnings in the third quarter compared with a year ago, driven by a very quiet summer in terms of natural disasters and higher prices on home, auto and commercial property insurance.
Net income was $401 million for the three-month period, or 83 cents per diluted share, compared with $60 million, or 11 cents per diluted share, during the same period a year before.
Core earnings were $378 million, or 78 cents per share, compared with $50 million, or 8 cents per share. Analysts polled by Thomson Reuters were expecting, on average, 83 cents per share.
Magellan Health Services Inc. saw its stock leap early Friday as third-quarter earnings beat analysts’ expectations.
Net income for the three-month period ending Sept. 30 was $66.3 million, or $2.36 per diluted share, compared with $31.4 million, or $1.03 per diluted share, during the same period in 2011.
Analysts polled by Thomson Reuters were expecting, on average, 97 cents per share.
“We are pleased with our recent contract award to administer the Military and Family Life Counseling (MFLC) program for the U.S. Department of Defense, which gives us a stronger foothold in the military and federal government space,” said Magellan chairman and CEO René Lerer.
Aetna beat analysts’ expectations with third-quarter earnings that benefited from higher premiums and lower medical costs.
“Our emerging businesses strategy continues to see positive results from collaboration with providers, including lower costs, higher care quality and added membership for our core businesses,” said Aetna CEO Mark T. Bertolini.
Net income was $499.2 million for the three-month period ending Sept. 30, or $1.47 per share, compare with $490.4, or $1.30 per share, during the same period a year ago. The net income includes a 7-cent-per-share loss to get rid of long-term debt and 4 cents per share on transaction costs related to acquiring Coventry Health Care Inc.
The Travelers Cos. reported soaring profits for the third-quarter Thursday as the company benefited from its ability to retain customers while raising prices, and it was spared by a relatively calm hurricane season.
Net income for the three-month period ending Sept. 30 was $864 million, or $2.21 per diluted share, compared with $333 million, or 79 cents per diluted share, during the same period in 2011.
“We remain committed to continuing to improve profitability through a strategy of actively, but selectively, seeking price increases and improved terms and conditions, given historically low interest rates and uncertain weather patterns,” said Travelers Chairman and CEO Jay Fishman.