Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Zurich Insurance Reports 12% Drop in Net Income to $4.6B, but Exceeds Targets
Feb 10 2023 // Zurich Insurance Group reported net income attributable to shareholders of $4.6 billion in 2022, a 12% decrease from $5.2 billion in 2021, which was driven mainly by a lower level of capital gains, net losses on divestment...
Global Reinsurers to Bear Bulk of Losses From Turkey-Syria Earthquake: Fitch
Feb 9 2023 // Most insurance payouts due to the earthquake that hit Turkey and Syria ultimately will be borne by global reinsurers, according to Fitch Ratings. “The vast majority of insured losses will be covered by reinsurance,...
Moody’s Downgrades SCOR’s Rating to A1 From Aa3 on Weakening Profits
Feb 7 2023 // Moody’s Investors Service downgraded the Insurance Financial Strength Rating (IFSR) of SCOR SE and its key operating entities to A1 from Aa3 while at the same time changing the company’s outlook to stable from...
The Hartford Net Income Down 19% in Q4
Feb 7 2023 // The Hartford reported a 19% drop in fourth quarter net income compared to the same period last year, while core earnings outpaced Q4 2021 by 7%. Fourth quarter net income available to common stockholders reached $584...
CNA Reports Q4 earnings of $248 Million
Feb 7 2023 // CAN Financial Group notched a net income of $248 million during 2022’s final quarter. This was a slight dip from the $266 million recorded during the same period in 2021. Overall, CNA recorded a yearlong net income...
Allstate’s Plan to Return to Profit in Auto
Feb 6 2023 // Following a year of turbulence in its auto insurance business, Allstate Corp. outlined what CEO Tom Wilson called the company’s number one priority: improve margins. Allstate ended 2022 with an unprofitable 110.1...
The Infrastructure Crisis: As Business Losses Mount, New Demand for Utility Coverage?
Feb 6 2023 // When aging water pumps in Jackson, Mississippi, were shut down by floodwaters last August, knocking out water service to most of the city, companies that depend on clean water saw many of their customers and their revenue...
The Hanover Reports $11M Q4 Loss
Feb 2 2023 // The Hanover Insurance Group reported a fourth quarter 2022 loss of $11.6 million, driven by widespread catastrophic losses from Winter Storm Elliott. Results were in comparison to net income of $163.5 million in the...
Allstate Reports $310M Q4 Loss as Auto Claims Costs Motor Past Rate Hikes
Feb 2 2023 // As it had warned last month, Allstate Corp. reported a fourth quarter 2022 loss of $310 million as losses from auto insurance outpaced an increase in revenue. Results were in comparison to net income of $790 million for Q4...
Chubb Q4 Net Income Down 39%
Feb 1 2023 // Fourth quarter 2022 net income at Chubb Ltd. was about $1.3 billion, nearly 39% lower than the same period the prior year, due to catastrophe losses and results in the company’s agriculture business from a...
Connecticut Supreme Court Upholds Insurers in Two Covid-19 Business Loss Appeals
Jan 31 2023 // The Connecticut Supreme Court has upheld insurers in two cases where claims for business interruption losses blamed on Covid-19 were denied because there was no direct physical damage. One case involved healthcare...
2 Big Cannabis Insurance Providers Say Losses from California Storms Not as Bad as Feared
Jan 27 2023 // Just how big an impact the recent historic California storms had on the state’s cannabis industry is still coming into focus, and while two of the biggest players in California’s cannabis insurance market are...
Global Insured Losses From Natural Disasters Topped $130B in 2022 in 5th Costliest Year
Jan 26 2023 // Economic losses from natural disasters in 2022 were estimated at $313 billion, with an insurance price tag of approximately $132 billion, according to Aon. Roughly 42% of economic losses were covered by public and private...
Brown & Brown Reports Q4 Net Income of $145M
Jan 25 2023 // Brown & Brown Inc. (BRO) on Monday reported fourth-quarter net income of $145.2 million. The Daytona Beach, Florida-based insurance brokerage said it had profit of 51 cents per share. Earnings, adjusted for...
Moody’s RMS Estimates $5B-7B in Economic Losses from California Flooding
Jan 25 2023 // Moody’s RMS estimates total economic losses from the recent California flooding at between $5 billion and $7 billion, and insured losses are anticipated to be between $500 million and $1.5 billion, including losses...
Q4 Net Income at Travelers Falls 39%
Jan 24 2023 // Travelers Cos. this morning reported fourth quarter net income of $819 million, a decrease of about 39% from $1.3 billion a year ago during the same time. The insurer’s Q4 combined ratio increased 6.5 points to 94.5...
Germany’s Commerzbank Sues EY for Losses Incurred in Wirecard Collapse
Jan 23 2023 // The German lender Commerzbank is suing accounting firm EY over the 200 million euros ($216.12 million) in losses that it incurred in the collapse of Wirecard, a bank spokesperson said on Thursday. Wirecard’s downfall...
TWIA to Determine Probable Maximum Loss for 2023 Storm Funding
Jan 19 2023 // The Texas Windstorm Insurance Association (TWIA) Board is meeting Thursday, Jan. 19 to determine funding for probable maximum loss (PML) for the 2023 storm season. TWIA is statutorily required to purchase enough...
Major Aviation Insurer AXA Pulls Back on War Coverage After Ukraine Losses: Reuters
Jan 19 2023 // The commercial arm of French insurer AXA is reducing cover offered to aviation companies as it seeks to protect the multibillion-euro business after heavy Ukraine-related losses, two underwriting and broking sources told...
Allstate Readies Investors for Q4 Loss of Up to $335M
Jan 19 2023 // Allstate Corp. on Wednesday said it expects to end 2022 in the red with a net loss of between $285 million and $335 million for the fourth quarter, and a combined ratio of 109.1. Estimated adjusted net loss for the quarter...
