The median price-to-estimated 2022 earnings multiple for the U.S. property and casualty and multiline industry was 13.5x as of March 31, according to an analysis by S&P Global Market Intelligence.

Kinsale leads the way in P&C

Kinsale Capital Group Inc. finished the first quarter as the most richly valued P&C company trading on a major U.S. exchange. The carrier's price-to-estimated 2022 earnings multiple was 35.3x as of March 31, down from 39.2x at the end of 2021.

Kinsale's stock price dipped about 4% in the first quarter, finishing the period at $228.02 compared to $237.89 as of Dec. 31, 2021. However, the company has delivered a one-year total return of 38.7% through the end of the first quarter.

In terms of earnings expectations for this year, Palomar Holdings Inc. is expected to see its EPS jump by more than 50% in 2022. Sell-side analysts anticipate the company producing EPS of $2.93 in 2022, compared to $1.95 for the prior year.

Overall, analysts project that the P&C and multiline industry median EPS to rise 18.6% year over year in 2022.

Globe Life most richly valued life insurer

As of the end of the first quarter, Globe Life Inc. was the most expensive U.S. life carrier, with a price-to-estimated full year 2022 earnings multiple of 12.4x. Georgia-based Aflac Inc. came in at second position with a multiple of 12.3x.

Sell-side analysts expect the life industry median EPS to fall 3.6% year over year in 2022, thanks in large part to significant projected declines at big names like Brighthouse Financial Inc., MetLife Inc., Prudential Financial Inc. and Voya Financial Inc.