Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Generali Profit Falls as Europe Flooding Hurts Non-Life Results
Aug 12 2024 // Assicurazioni Generali SpA’s second-quarter profit fell 24% from a year earlier, as claims from storms and flooding in Europe weighed on results. Net income in the three months through June declined to €797 million...
Gallagher Re: Insured Losses From Hurricane Debby to Be ‘Very Manageable’
Aug 12 2024 // Insurers and reinsurers’ losses from Hurricane Debby are expected to be in the low single-digit billions of dollars, a figure that would be “very manageable” for the industry, according to a report from...
Update: Australia’s QBE More Than Doubles First-Half Profit, but Misses Estimates
Aug 9 2024 // Australia’s QBE Insurance Group on Friday reported a more than twofold jump in its first-half profit, boosted by higher income from premiums, but missed analysts’ view, sending its shares to over a six months...
Liberty Mutual’s ‘Deliberate Actions’ Keep It on Path to Profit
Aug 8 2024 // Liberty Mutual Holding Co. continued to put 2023’s losses behind it and carefully manage growth in 2024, reporting consolidated net income of $717 million for the second quarter versus a net loss of $585 million for...
Heritage Sees Improved Profits, Plans to Resume Writing in Florida, Other States
Aug 8 2024 // Tampa-based Heritage Insurance, enjoying improved profits for the second quarter this year, said it plans to resume writing new policies in Florida and Northeastern states, two years after it ceased new business in the...
European Insurers Enjoy Big Profits After Premium Hikes
Aug 8 2024 // Several European insurers recorded bumper first-half profits on Thursday, as customers burnt by a pandemic, war and a pick-up in natural catastrophes in recent years continue to face higher premiums on policies. Higher...
UK Insurer Beazley Upgrades 2024 Forecast After H1 Profit Nearly Doubles
Aug 8 2024 // British insurer Beazley upgraded its combined ratio forecast for 2024 on Thursday after first-half pretax profit nearly doubled, boosted by growth in its property risks premiums and fewer catastrophe losses, sending its...
Update: Zurich Insurance Tops Profit Forecast, on Track to Beat 2025 Targets
Aug 8 2024 // Zurich Insurance posted a record first-half operating profit on Thursday and said it was on track to beat its 2025 targets, but concerns about natural catastrophe losses sent its shares lower. Insurers have benefited from...
Severe Storms (Mostly in US) Account for 70% of Global Insured Natural Disaster Losses
Aug 8 2024 // Global insured losses from natural catastrophes totaled US$60 billion during the first half of 2024, or 62% above the 10-year average, according to preliminary estimates from Swiss Re. Severe thunderstorms (mainly in the...
Flooding in Carolinas as Wind Losses Expected to Stay Below Re Retentions
Aug 7 2024 // Debby, downgraded to a tropical storm Tuesday, is expected to bring as much as 25 inches of rain and more flooding to parts of the Carolinas this week, exacerbating uninsured flood damage but keeping wind losses within...
Hurricane Debby Brings Six Deaths, Widespread Flood Losses in Florida, Georgia, SC
Aug 6 2024 // Hurricane Debby left at least six people dead Monday along with widespread flooding in the same parts of Florida and Georgia that were swamped by Hurricane Idalia less than a year ago. Debby made landfall near...
Singapore Monetary Authority Defends Allianz’s $1.7B Plan to Buy Income Insurance
Aug 6 2024 // Singapore ministers addressed concerns about Allianz SE’s plan to buy a majority stake in Income Insurance Ltd., saying it would be held to account on its commitments and that the potential deal isn’t expected...
Proper Profit Center Accounting
Aug 5 2024 // Do owners really know which departments or lines of business are making money in their agency? What are small commercial accounts costing the agency? How can the agency make personal lines more profitable? When is it time...
Progressive to Pay $48M to New York Drivers Over Underpaid Total Loss Claims
Aug 5 2024 // Progressive Insurance has agreed to a $48 million settlement with a class of 93,000 New York policyholders who claim the insurer underpaid their total loss claims on their vehicles. The $48 million represents approximately...
Insurers’ Losses from Hurricane Beryl Will be ‘Readily’ Absorbed
Aug 5 2024 // Insurers’ losses from Hurricane Beryl will be “low and readily absorbed” and the storm is not expected to change pricing conditions in the property/casualty and reinsurance sectors, Moody’s...
Guy Carpenter: ‘Kitty Cat’ CrowdStrike Outage to Cause $300M-$1B in Insured Losses
Aug 2 2024 // Due to the limited amount of impacted companies with insurance and the deployment of a quick fix to mitigate losses, Guy Carpenter said the insured losses from the CrowdStrike outage is likely between $300 million and $1...
AIG’s Repositioning Affects Q2 Earnings; Underlying Underwriting Income Up 2%
Aug 1 2024 // The formal split of its life and retirement business Corebridge Financial resulted in a second quarter net loss of nearly $4 billion for American International Group (AIG). The deconsolidation and divestitures from last...
Extreme Weather Sends Insured Losses 70% Above Historical Norms
Jul 31 2024 // Natural catastrophes caused about $62 billion of insured losses in the first half of 2024 — roughly 70% above the 10-year average — as extreme wildfires, droughts and floods upend historical norms. The data, which were...
Reinsurer SCOR’s Recovery Clouded by First Quarterly Loss Since 2022
Jul 30 2024 // SCOR SE Chief Executive Officer Thierry Leger said he’s taking over control of the company’s life and health unit after it led the firm to report its first quarterly loss since 2022. The Paris-based reinsurer...
AM Best: Migration to Cat-Prone States Fuels Record HO Underwriting Losses in 2023
Jul 29 2024 // The U.S. homeowners insurance segment suffered a $15.2 billion underwriting loss in 2023, more than double the loss seen in the previous year and the line’s worst underwriting results since at least 2000, according...
