Ameriprise Financial ( AMP) gained after the Minneapolis-based financial planning firm beat Wall Street's second-quarter earnings expectations.Net income at Ameriprise actually dropped by 9% to $141 million, or 57 cents a share, down from $155 million, or 63 cents a share a year ago. But excluding charges stemming from the firm's spin-off by American Express, operating earnings climbed 22% to $195 million, or 79 cents a share. On the operating basis, Ameriprise exceeded the Thomson Financial consensus estimate of 77 cents a share. Revenue, which rose 8% to $2.1 billion, also came in ahead of the consensus forecast of $1.92 billion. Shares gained $1.84, or 4.30%, to $44.62. SeaBright Insurance Holdings ( SEAB) dropped after the Seattle-based company reported that second-quarter earnings more than doubled, but revenue fell far short of Wall Street's expectations. The company earned $9.4 million, or 45 cents a share, compared with $4.2 million or 25 cents a share a year ago. Revenue increased 8.8% to $46.9 million. But Wall Street was looking for earnings of 36 cents on revenue of $56.5 million. Revenue from insurance premiums rose 5% to $41.8 million, but the increase was less then Wall Street had expected. The insurer said, "Premiums were tempered by increased competition in all of our regions and by the impact of rate reductions in California.'' Shares fell $2.11, or 14.11%, to $12.84 recently. Affiliated Managers Group ( AMG) gained after the Boston-based asset management company posted a 29% gain in profits and said it would buyback up to 5% of its outstanding stock. AMG earned $78.1 million, or 86 cents a share, up from $26.2 million, or 63 cents a share, a year earlier. Cash earnings, which exclude items such as amortization, rose to $1.30 a share from $1.13 in the same period last year. Analysts polled by Thomson Financial were expecting cash earnings a share of $1.28. Shares were trading up $2.60, or 3%, to $89.37 recently.
W. R. Berkley ( BER) climbed after the Greenwich, Conn.-based property casualty insurer said second-quarter earnings rose 23% from a year ago, owing to increase in revenue and net investment income. The company earned $165.5 million, or 82 cents a share, compared with $134.1 million, or 67 cents a share, a year ago. Analysts surveyed by Thomson Financial were expecting earnings of 79 cents a share. Second-quarter revenue rose 11% to $1.36 billion, again surpassing the analyst consensus estimate of $1.32 billion. Net operating income for the second quarter, excluding realized investment gains and losses, rose 27% to $166 million, or 82 cents a share. Revenue collected from premiums earned climbed 7% to $1.22 billion. Net investment income rose 55% to $145 million. Shares were trading up $2.32, 6.93%, to $35.81 recently. Delphi Financial Group ( DFG) gained after the Wilmington, Del.-based insurance company reported a 3% rise second-quarter income. The company posted net income of $32.9 million or 65 cents a share, compared with $32 million or 64 cents a share a year ago. The company's quarter included after-tax investment losses of $200,000, and $2. 9 million in losses from discontinued operations of $2.9 million. By contrast, last year's earnings included a $2.2 million gain on investment. Operating earnings, which excludes the various investment losses and gains, increased 25% to $36 million, or 71 cents a share. Delphi Financial was trading up $2.88, or 8.26%, to $37.73.