Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
ISO Service Offers New Program for Loss Control, Safety Professionals
Mar 18 2002 // Insurance Services Office, Inc.’s (ISO) Engineering and Safety Service (E&STM) unit is offering a new, self-directed ‘distance learning’ program for loss control and safety professionals to study and...
AXA Earnings Fall 47.6% to $1.06 Billion
Mar 15 2002 // France’s AXA Group reported lowered cash earnings of € 1.201 billion ($1.059 billion) for the year 2001, despite a 2 percent rise in gross revenues to € 74.8 billion ($65.97 billion). Like almost everyone...
Catastrophe Losses Set at $34.4 Billion Last Year Says Swiss Re Study
Mar 14 2002 // A sigma study by Swiss Re estimates that more than 33,000 people lost their lives as a result of natural catastrophes and man-made disasters in 2001, and puts the cost to the insurance industry at $34.4 billion. Over half...
Australia’s QBE Posts $13 Million Loss for 2001
Mar 13 2002 // QBE, the Australian insurer, which actually derives over 80 percent of its business from outside the country, ended its 20 year record of increasing profits with the announcement that of a $13 million loss for 2001. Right...
Proposed N.J. Regulation Offers Relief on Excess Profit Rule
Mar 11 2002 // The New Jersey Department of Banking and Insurance is proposing a regulation (PRN2002-103) that would change the way insurers calculate profits on personal automobile insurance. New Jersey statutes establish a reasonable...
Zurich Confirms $387 Million Loss in 2001
Mar 11 2002 // Zurich Financial Services confirmed analysts’ fears, and its previous forecast, with today’s announcement that it expects to report a net loss of $387 million for 2001, and will accordingly slash its dividend...
Okla. Storm Losses Reach $40M
Mar 11 2002 // Oklahoma Insurance Commissioner Carroll Fisher announced updated estimates for insured losses stemming from ice storms that hit the state Jan. 31-Feb.1. Latest estimates, tabulated by New Jersey-based Property Claims...
American Family Mutual Reports Drop in Net Income
Mar 8 2002 // Citing unusually high storm losses, American Family Mutual Insurance Group of Madison, Wis., reported a 58 percent drop in net income for 2001. According to a COMTEX report, the company announced that net income dropped to...
Insurance Journal Mourns the Loss of a Friend and Co-worker
Mar 6 2002 // Matthew Wells, marketing manager of the Insurance Journal West & Texas, died after a long battle with brain cancer on March 2, 2002. Matt, the son of Mark Wells, publisher of the IJ/West & Texas, was born in...
Nev. Commissioner Says She Can’t Make Insurers Operate at a Loss
Mar 6 2002 // Nevada Insurance Commissioner Alice Molasky-Arman said during a hearing March 4 on the malpractice crisis that she can’t make insurers do business at a loss, according to the Associated Press. Molasky-Arman commented...
AIG Subsidiaries Sue Reinsurer for Sept. 11 Losses
Mar 5 2002 // A group of subsidiaries of American International Group have filed suit in a Manhattan Court against one of AIG’s catastrophe reinsurers, the American National Insurance Co., for purportedly failing to make payment...
French Insurer’s Net Profit Drops by Half in 2001
Mar 5 2002 // According to a report by the Associated Press, French insurer Axa SA’s net profit will decrease to 1.2 billion euros (about $1 billion), more than half in 2001, as quoted by Chairman Henri de Castries in the French...
Insurance Auto Auctions Reports Decreased 4Q Revenues
Mar 5 2002 // Automotive salvage and claims processing services provider, Insurance Auto Auctions Inc., based in Illinois, reported decreased revenues for the fourth quarter 2001, but recorded a $0.6 million operating profit before...
N.Y. Superintendent Details Need for Federal Backstop for Terrorism Losses
Mar 4 2002 // New York Superintendent Gregory V. Serio testified recently before the U.S. House of Representatives Committee on Financial Services Subcommittee on Oversight and Investigations, detailing the status of the insurance...
MIIX Group Reports $162.8 Million Q4 Loss
Mar 1 2002 // The MIIX Group of Lawrenceville NJ announced a net operating loss for the fourth quarter of 2001 of $162.8 million compared to net operating income in 2000 of $4.2 million for the same period. The group, which specializes...
ING Reports 6.1% Net Profit Rise to $3.764 Billion
Mar 1 2002 // Holland’s ING Group reported that operational net profit rose 6.1 percent to €4.252 billion ($3. 764 billion) in 2001. Operational net profit from insurance operations did even better increasing by 19.7 percent...
State Auto Financial Announces 4Q Losses, Higher Annual Revenues
Mar 1 2002 // Ohio-based State Auto Financial Corporation, a regional property and casualty insurance holding company reported net losses for the fourth quarter of 2001 and increased revenues for the year. The company, which primarily...
Donegal Group Posts Q4 Loss, Decline in Full Year Income
Feb 26 2002 // Donegal Group Inc. of Marietta Pa. reported an operating loss for the fourth quarter of 2001 of $572,172, or $.06 per share on a diluted basis, and operating income of $6,399,099, or $.70 per share on a diluted basis, for...
Swiss Re Reports Renewal Rate Increases, Expects 2001 Loss
Feb 26 2002 // Swiss Re reported that its property/casualty and financial services renewals in January 2002 “saw significant improvements in rates as well as terms and conditions across all lines of business.” The company...
CNA FINANCIAL REPORTS 4Q LOSS
Feb 25 2002 // CNA Financial Corp. reported a fourth-quarter 2001 net loss of $22 million, compared with net income of $193 million for the same quarter in 2000. According to Chairman and CEO Bernard Hengesbaugh, 2001 was a year when the...
