earnings News

Zurich Aims to Cut Costs by $1B, Seeking to Reverse Earnings Decline

Zurich Insurance Group AG, Switzerland’s biggest insurer, will cut costs by more than planned as it seeks to reverse a drop in earnings. Chief Executive Officer Martin Senn said he will make additional annual savings of at least $1 billion by …

Amlin Reports 1.4% Drop in Q1 Gross Written Premiums to $1.96 Billion

London-based Amlin plc reported gross written premium for the three months ended March 31, 2015 of £1.26 billion ($1.96 billion), compared with £1.27 billion ($1.97 billion) reported for the said period in 2014. At constant rates of exchange, gross written …

Vienna Insurance Posts Lowest Q1 Profit Since ’09, Hit by Low Interest Rates

The financial repercussions of record-low interest rates in Europe were highlighted Wednesday as Vienna Insurance Group AG, eastern Europe’s biggest insurer, posted its worst first-quarter profit since the financial crisis. The insurer, based in Austria’s capital, said the effect of low bond …

Old Mutual Q1 Sales Rise 18% on Growth in Emerging Markets Business

Old Mutual plc, the London-based insurer, said first-quarter sales gained 18 percent as revenue from operations in Africa jumped by a third. Gross sales increased to 7.3 billion pounds ($11.5 billion), from 6.3 billion pounds a year earlier, Old Mutual said in a …

Update: Generali Q1 Operating Profit Rises 6% to $1.5B on Investment Income

Assicurazioni Generali SpA, Italy’s biggest insurer, reported the highest quarterly operating profit in seven years, spurred by a surge in investment income. Profit in the three months to March climbed 6 percent to 1.3 billion euros ($1.5 billion), the Trieste-based …

Hiscox Reports 12% Hike in Gross Written Premiums on Good Claims Experience

Bermuda-based Hiscox Ltd., the international specialist insurer, reported gross written premiums increased by 12 percent to £561.7 million ($869.6 million), compared to £501.6 million ($776.6 million) reported during the first quarter of 2014. Bronek Masojada, chief executive, commented: “It’s been …

Outflows From Pimco Cut Allianz Asset Management’s Q1 Profit by 14%

Allianz SE, Europe’s biggest insurer, said first-quarter profit from asset management slid on outflows from Pacific Investment Management Co. Operating profit at the business, which consists of Newport Beach, California-based Pimco and Allianz Global Investors, fell 14 percent to 555 …

Third Point Re Reports Q1 Net Income of $50.5M, Up From $39.8M in Q1 2014

Bermuda-based Third Point Reinsurance Ltd. reported first quarter net income of $50.5 million, or $0.47 per diluted common share, compared with net income of $39.8 million, or $0.37 per diluted common share, for the first quarter of 2014, an increase of 26.9 percent. For the three months …

Beazley Reports Q1 Premiums Up 6% to $546 Million

Beazley plc reported that first quarter premiums grew by 6 percent to $546 million, compared to $516 million in 2014. Beazley’s largest division, specialty lines, wrote $226 million during the first quarter, which is an increase of 19 percent compared …

ING’s First-Quarter Net Profit Rises 43% to $1.4 Billion

ING Groep NV, the biggest Dutch financial-services company, said first-quarter profit rose 43 percent amid a boost from lending and commissions. Underlying net profit rose to 1.19 billion euros ($1.4 billion) from 830 million euros a year earlier, Amsterdam-based ING …