Publicly traded US property and casualty insurance companies had a median price-to-estimated full-year 2023 earnings multiple of 12.1x as of March 31, 2023, according to an S&P Global Market Intelligence analysis.

Kinsale retains highest multiple

Kinsale Capital Group Inc. continues to be the most richly valued insurer trading on major US exchanges. The insurer's price-to-estimated 2023 earnings multiple stood at 31.0x at the end of the first quarter. The company also posted the strongest result in terms of one-year total return among the top 15 property and casualty (P&C), multiline insurers in the analysis, at 31.9%. Based on analyst estimates, Kinsale Capital's normalized EPS will climb 24.2% year over year to $9.69 in 2023 from $7.80 in 2022.

ProAssurance Corp.'s EPS is expected to jump by more than 100% in 2023, the biggest predicted increase in the top 15. Analysts anticipate the company producing EPS of 99 cents in 2023, compared to 45 cents for the prior period.

The group of 27 public property and casualty and multiline insurers in this analysis is expected to see its median 2023 earnings per share increase 20.5% compared to the past year.

– Access a recap US P&C insurers' fourth-quarter earnings. – Access a recap of the US life insurers' fourth-quarter earnings.

Primerica leads the way in life

As of the end of the first quarter, Primerica Inc. was the most expensive US life carrier, with a price-to-estimated full-year 2023 earnings multiple of 11.5x. Georgia-based Aflac Inc. took second position with a multiple of 11.4x. The other public life insurance players trading at more than 10x their estimated 2023 EPS estimates are Principal Financial Group Inc. and Globe Life Inc.

In terms of one-year total return, Unum Group posted the strongest result among all US life insurers included in the analysis, at 30%.

Overall, analysts project that the life industry's median EPS will rise 20.1% year over year in 2023.