P&C Insurers' Q1 Mixed: Revenue Beats Estimates by 2.2%, But Share Prices Slip 3.2%

The first-quarter earnings season for property and casualty insurers delivered mixed results, with aggregate revenue topping analyst forecasts by 2.2%, yet average share prices declined 3.2% since reports, according to data released June 1, 2026. NMI Holdings (NMIH) posted revenue of $183.5 million, up 5.9% year-over-year and matching estimates, while EPS narrowly exceeded expectations; the stock fell 6%. Mercury General (MCY) revenue surged 10.5% to $1.54 billion, beating consensus by 5.4%, but shares traded flat. Fidelity National Financial (FNF) revenue rose 18.2% to $3.23 billion, missing estimates by 10.7%, and its stock dropped 7.5%. The Hanover Insurance Group (THG) increased revenue 5.1% to $1.7 billion, with mixed metrics, and gained 4.9%. MGIC Investment (MTG) revenue slipped 3% to $297.1 million, missing forecasts, and fell 11.7%. The sector faced headwinds from climate-driven catastrophe losses and rising litigation costs, while a broader market rotation from AI concerns to geopolitical risks—driven by U.S.-Iran tensions—shifted investor focus toward stability and energy markets.