Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Safety Insurance Net Income Plummets as Auto Claims, Inflation Take Toll
May 5 2022 // Boston-based Safety Insurance Group, Inc. reported first quarter 2022 results showing net income of $7.8 million, compared to $36.2 million for the comparable 2021 period, as auto insurance claim frequency returned to...
Swiss Re Reports Q1 Loss as Ukraine War, Natural Disasters and COVID Take Their Toll
May 5 2022 // Swiss Re reported a group net loss of $248 million during the first quarter, as a result of headwinds such as the war in Ukraine, higher-than-expected natural catastrophes and the ongoing COVID-19 pandemic. This loss...
Financial Services Firms Face Losses of $225B From Variety of Water Risks: Report
May 5 2022 // Financial institutions face losses of at least $225 billion from risks related to water, with a third of them doing nothing to assess the potential impact, a report by leading environmental disclosure platform CDP and...
Allstate Q1 Net Income Returns to Black Despite Adverse Auto Results
May 4 2022 // First quarter 2022 insurance premiums earned grew 6.5% to about $11 billion at Allstate Corp., as net income was $630 million compared with a loss of about $1.4 billion during the first three months of 2021. Tom Wilson CEO...
Weight-Loss Surgery Covered by Workers’ Comp, Carolina Appeals Court Finds
May 4 2022 // Workers’ compensation insurer Erie Insurance Group must pay for weight-loss surgery for an obese woman who was injured at her child-care center, the North Carolina Court of Appeals decided this week. The appeals...
AIG Q1 Net Income Up as Underwriting Profit Soars
May 3 2022 // First quarter underwriting profit soared as AIG reported net income of $4.25 billion compared with $3.87 billion during the 2021 first quarter. Underwriting income in AIG’s General Insurance unit was $446 million...
China’s Ping An Profit Drops 24% as Pandemic Deals Blow to Business
May 3 2022 // Ping An Insurance (Group) Co., China’s largest insurer by market value, said profit fell 24% and warned that outbreaks of COVID in the world’s second-biggest economy pose a threat to near-term growth. Net...
Lloyd’s Insurer Lancashire Sees Manageable Russia-Ukraine Losses
Apr 28 2022 // Shares in Lloyd’s of London insurer Lancashire jumped nearly 10% on Thursday as it estimated net losses in Ukraine at around $20-30 million and said further potential losses in the region were within its risk...
Chubb Posts Record Q1 P/C Underwriting Income
Apr 26 2022 // Chubb said first quarter 2022 net income fell to $1.97 billion compared with $2.3 billion during the same time a year ago but property/casualty underwriting income during the period shot up 106% to a record $1.3...
Louisiana Houses Passes Bill Broadening Loss of Use Coverage Scenarios
Apr 26 2022 // The Louisiana House passed a bill Monday that would broaden the requirements of when insurers have to pay loss of use coverage in response to a storm evacuation warning. House Bill 83 says any loss of use coverage would be...
Iowa Court Finds No Coverage for COVID Income Loss in 2 Decisions
Apr 26 2022 // The Iowa Supreme Court last week ruled in two separate decisions that COVID-19 did not cause a physical loss or damage that would allow a private golf club or a restaurant and bar to recoup income lost during COVID-19...
Texas Division of Workers’ Comp Seeks Comments on Income Benefits Form
Apr 25 2022 // The Texas Department of Insurance, Division of Workers’ Compensation (DWC) is accepting public comments on a proposed new form: DWC Form-033, Request to Reduce Income Benefits Due to Contribution. Adopting this form...
ESG, Invasion of Ukraine Focus of Marsh McLennan Earnings Call
Apr 22 2022 // Much attention was paid to ESG (environmental, social, and governance) issues and the Russian invasion of Ukraine as Marsh McLennan reported the highest first-quarter underlying growth in more than 20 years. First quarter...
Claims Inflation, Weakening Price Momentum Could Hit Reinsurer, London Mkt Profits
Apr 21 2022 // The global reinsurance and London market sectors face increased risks from rising claims inflation, financial market volatility and weakening price momentum, according to a commentary published by Fitch Ratings. As a...
Insured Losses From Eastern Australia Floods Estimated at A$4B: PERILS
Apr 21 2022 // Initial insurance losses for the Eastern Australia floods are estimated at A$3.99 billion (US$2.97 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance...
Travelers CEO Schnitzer: Loss Costs ‘Challenging as Ever to Predict’
Apr 20 2022 // In the words of its CEO, there’s a “fair amount to pay attention to” from the first-quarter earnings call of Travelers, as the P/C insurer grew net written premiums 11% to a record $8.4...
Swiss Re Secures $1.15B Stop-Loss Protection to Support Reinsurance Growth
Apr 19 2022 // Swiss Re has secured US$1.15 billion in stop-loss cover that protects the entire group for severe underwriting-related losses over a five-year period. Swiss Re said the transaction supports its “growth opportunities...
Insurer Travelers’ Profit Beats on Lower Catastrophe Losses
Apr 19 2022 // Property and casualty insurer Travelers Companies Inc. reported a 48% jump in quarterly profit that beat analysts’ estimates on Tuesday, as lower catastrophe-related claims cushioned a hit from investment losses. The...
UK CFOs Expect High Inflation to Cut Profit Margins: Deloitte Survey
Apr 19 2022 // More than seven out of 10 chief financial officers (CFOs) at Britain’s biggest companies expect high inflation to reduce their profit margins, and few see the Bank of England getting inflation under control in the...
SCOR Warns of Ukraine Conflict Impact on Q1 2022 Results
Apr 18 2022 // Paris-based reinsurer SCOR said the company expects a first-quarter 2022 charge in the high double-digit million euros range for potential claims related to the Russia-Ukraine conflict across both treaty reinsurance and...
