12 Jul, 2022

US insurance companies with highest price-to-estimated 2022 EPS ratios in Q2

U.S. publicly traded property and casualty insurers had a median price-to-estimated 2022 earnings multiple of 13x as of June 30, down from 13.5x a quarter earlier, according to an analysis by S&P Global Market Intelligence.

Kinsale retains highest multiple

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Kinsale Capital Group Inc. continued to be the most richly valued P&C stock trading on major U.S. exchanges at the end of the second quarter. The insurer's price-to-estimated 2022 earnings multiple stood at 33.8x as of June 30. Even as the broader markets tumbled, Kinsale's shares managed a 0.7% gain during the quarter.

The median full-year 2022 EPS for P&C insurers included in this analysis is estimated to increase by 10.1% from 2021.

Globe Life leads the way

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At the end of the second quarter, the median price-to-estimated 2022 earnings multiple for 15 U.S. public life insurers was estimated at 8.3x. Globe Life Inc. appears to be the most richly valued life insurer, with a price-to-estimated full-year EPS multiple of 12.2x. Aflac Inc. came in second place with a multiple of 10.6x.

Sell-side analysts project that the life insurance industry median EPS will fall 9.1% year over year in 2022.

SNL Image * Read the previous-quarter story on the insurance industry's highest price-to-estimated 2022 EPS.
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