Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Brazil Oil Rig Sinks, Losses Could Reach $650 Million
Mar 21 2001 // Despite five days of round-the-clock efforts to save it, the 40-story oil rig, the world’s largest, owned by the Brazilian state oil company Petrobas, sank Tuesday afternoon in over 3000 feet of water 80 miles off...
Moody’s: Losses Loom for Lloyd’s
Mar 21 2001 // Moody’s Investors Service Ltd. is forecasting that Lloyd’s of London will report losses of $5.23 billion for the four years of 1998 and 2001. Under Lloyd’s three-year accounting system, the next results...
BAND CROWS ABOUT LOST PROFITS
Mar 19 2001 // Band members of the rock group Black Crowes have sued Lloyd’s of London in L.A. Superior Court, alleging that it has failed to reimburse the group for lost profits and expenses its members suffered when former Led...
Combined Ratio for 2001 On Track to Hit Record High, ISO President Says
Mar 19 2001 // Amid signs that the property/casualty insurance market is improving, insurers’ prospects for greater profitability may actually be diminishing in today’s rapidly slowing economy, an industry leader warned. At...
Swiss Re Study Finds Lower Cat Losses, Rising Rates
Mar 16 2001 // A recent study released by Swiss Re, confirms that insured catastrophe losses for 2000 totaled $10.6 billion, falling significantly below those in 1999, which reached $32.9 billion.The survey also concluded that p/c...
AXA Net Operating Profit Up 21.2% At $2.07 Billion
Mar 15 2001 // France’s AXA announced results slightly above analysts’ forecasts on Wednesday, stating: “Net income rose 21.2% to an all-time high of Euro 2,261 million {$2.07 billion} from Euro 1,865 million {$1.706...
MetLife Warns of Q1 Profit Shortfall; Hit by Discrimination Suit
Mar 14 2001 // MetLife warned Tuesday that auto and home insurance business losses would drag first quarter earnings below Wall Street expectations. The company said it would again increase rates to help cover costs. Meanwhile, five...
AGF Net Income Up 26.7 Percent To $785 Million
Mar 14 2001 // French insurer AGF, which is 51 percent owned by Germany’s Allianz, had a banner year in 2000 with net income rising 26.7 percent to top € 845 million ($785 million). The group saw growth in all sectors, due in...
Highlands Expects Significant Loss For Q4, Year
Mar 13 2001 // Highlands Insurance Group Inc. announced Monday it expects to report a significant loss for the fourth quarter and the full year. As a result, the company is looking to hire an investment banker to explore financial...
Seattle Earthquak Wracks Up Insured Losses
Mar 12 2001 // The most telling number about the earthquake that hit Western Washington on Feb. 28 was neither its 6.8 magnitude nor the fact that it was the largest temblor in the state in more than half a century; it was its depth,...
Fremont General Reports Loss, Shares Plunge
Mar 9 2001 // Fremont General Corp. reported on Thursday a much larger fourth-quarter loss that originally expected as the Santa Monica, Calif.-based company took a large charge to continue scaling back its workers compensation...
Workers’ Comp Insurers Suffer 86 Percent Profit Decline Since 1998
Mar 8 2001 // The nation’s workers’ compensation insurers suffered an 86 percent decline in profits, to $144 million during the first nine months of 2000 from a $1 billion peak during the same period in 1998, according to...
Harleysville Reports Profit
Mar 6 2001 // P&C holding company Harleysville Group Inc. released earnings reports last week showing the company earned $17.7 million, or 60 cents a share for the fourth quarter of 2000, up almost 40 percent from the same period a...
Insured Losses from Seattle Earthquake Could Reach $1 Billion
Mar 6 2001 // The insurance industry could pay up to $1 billion in claims to people whose property was damaged by the earthquake that struck Washington State last week, according to the Insurance Information Institute. The I.I.I. noted...
E.W. BLANCH EARNINGS DOWN
Mar 5 2001 // Dallas-based E.W. Blanch Holdings has released its financial results for the fourth quarter and year ending Dec. 31, 2000, reporting annual revenues of $208.2 million compared to $244.5 million during 1999. Revenues for...
The Tide is TURNING For Marine Insurance
Mar 5 2001 // For the past decade, the marine insurance market has been struggling to keep its head above water. And to make matters worse, premiums dropped 4.1 percent between 1998 and 1999-marking the third straight year of decline....
ING Profit Up 24.8 Percent To $3.7 Billion
Mar 2 2001 // Holland’s ING Groep NV reported strong earnings increases in all sectors for the year 2000 with overall operating profit rising 24.8 percent to €4.01 billion ($3.7 billion). The results were in line with analysts...
RSA Profits Down on Flood Losses
Mar 1 2001 // The U.K.’s Royal & Sun Alliance confirmed previous estimates that claims from the floods which struck Britain in October and November would cost it around £200 million ($290 million), and reduced operating...
State Farm Earnings Plunge 60 Percent
Mar 1 2001 // State Farm Insurance Cos., the nation’s largest personal lines insurer, announced yesterday that its net income dropped 60 percent in 2000 due to a combination of increased claims and reduced rates. Net income from...
AMP Profits Rebound on Strong Growth, Cost Reductions
Feb 28 2001 // Australian insurer AMP announced that its net after tax profit had rebounded sharply to A$1.152 billion ($604 million) for the year 2000, following 1999’s $225 million loss. The company cited strong growth in its...
