Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
AXA Reports 66% Drop in 2018 Net Profit on U.S. Unit’s IPO Costs, Natural Disasters
Feb 21 2019 // Net profits at AXA, Europe’s second biggest insurer, fell sharply as a result of charges related to its U.S. unit’s initial public offering (IPO) and a spate of natural disasters, although AXA hoped for higher...
SCOR’s Net Profit in 2018 Rises 13% Despite Spate of Q4 Natural Disasters
Feb 20 2019 // French reinsurer SCOR, which was the target of a thwarted acquisition by rival Covea last year, posted a surge in overall 2018 net profits despite making a loss in the fourth quarter caused by a spate of natural...
Midwest Ratings Roundup
Feb 18 2019 // Upgraded Ratings for Northwest G.F. Mutual Insurance AM Best upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to “bbb” from “bbb-” of...
Total Compensation and Salaries Growing, But at a Slower Pace
Feb 18 2019 // Employee Satisfaction with Compensation on the Rise Total compensation and salary adjustments on average fell slightly in independent insurance agencies responding to the 2019 Agency Salary Survey, but that trend has had...
Allianz Q4 Net Profit Rises 19% to $1.92 Billion
Feb 15 2019 // Allianz may slow its share buyback program after the one announced this week to allow the German insurer to make small acquisitions, the group’s finance chief said on Friday after reporting a 19 percent rise in...
AIG Reports Q4 Loss on Catastrophes, Lower Investment Returns
Feb 13 2019 // American International Group Inc. on Wednesday reported a quarterly loss as the insurer was hit with catastrophe losses and made a lower return on investments in a volatile market. Excluding realized investment gains and...
Mercury General in California Reports 4Q Earnings Loss
Feb 12 2019 // Mercury General Corp. reported a fourth-quarter loss of $81.9 million, after reporting a profit in the same period a year earlier. The Los Angeles, Calif.-based carrier said it had a loss of $1.48 per share. Losses,...
AXA XL Merges European Teams with Job Losses Expected
Feb 12 2019 // AXA XL announced another step in its post-merger integration which is expected to lead to job losses in Europe. AXA XL said it began transferring employees in Europe into a single employing company at the beginning of...
CNA Reports Q4 Loss on Catastrophes, Investments
Feb 11 2019 // Catastrophe claims and a disappointing investment performance drove commercial lines insurer CNA Financial Corp. to an $84 million loss in the fourth quarter of 2018. The quarter’s $84 million net loss compare to...
January’s U.S. Storms, Australia Floods Bring Economic Damages Near $2B: Aon
Feb 11 2019 // Multiple winter storms and extreme cold led to 45 deaths and cost the U.S. economy $1 billion during January, according to Aon’s Global Catastrophe Recap – January 2019. The report listed the winter storm events in...
Allstate Q4 Catastrophe Loss Tempered by Higher Premiums, Reduced Auto Claims
Feb 8 2019 // The Allstate Corp. lost $312 million in its 2018 fourth quarter, which was attributable to higher catastrophe losses, lower investment income and a pension settlement charge. Catastrophe losses hit $963 million, versus...
Zurich Insurance Reports 24% Jump in 2018 Net Income Driven by Life, P/C Units
Feb 8 2019 // Zurich Insurance’s reported 2018 net income after tax of $3.72 billion, a 24 percent jump from $3.0 billion it reported in 2017 – primarily driven by growth in its life business and improved underwriting in its...
UK’s Ocado Expects Total Loss of $58M Distribution Center After Huge Fire
Feb 7 2019 // One of Ocado Group Plc’s largest U.K. warehouses is expected to be completely destroyed by a fire, constraining the online grocer’s ability to meet customer demand and cutting sales growth. The blaze began...
Chubb Took $500M Hit from Catastrophes in Q4 But Saw Better Pricing, Investments
Feb 6 2019 // In 2018 fourth quarter, global insurer Chubb saw a surge in catastrophe losses, along with growth in premium revenue, better global property/casualty pricing and record net investment income. The insurer booked $355...
Munich Re Reports 56% Drop in Q4 Profit on Spate of Natural Disasters
Feb 6 2019 // German reinsurer Munich Re on Wednesday reported a 56 percent decline in fourth quarter net profit after a spate of natural catastrophes but proposed raising its dividend for 2018. Net profit fell to 238 million euros...
Italy’s Banks Look to Sell P/C Insurance as New Source of Revenues
Feb 4 2019 // An aging population and struggling state finances could turn into an unlikely boon for Italy’s banks, which have turned to a growing market for insurance to brighten their prospects. Intesa SanPaolo has marketed the...
Cyber Attack, or Act of (Cyber) War?
Feb 4 2019 // How a Small Distinction Can Nullify Insurance Coverage In June 2017, the NotPetya virus crippled many large companies including Merck and Mondelez (the manufacturer of Nabisco, Cadbury, and Toblerone). The aggregated...
Businesses View Cyber, Business Interruption as Bigger Risks Than Catastrophes
Feb 4 2019 // Cyber incidents join business interruption as the top risks facing global businesses, according to a survey conducted by Allianz Global Corporate & Specialty (AGCS). The impact of business interruption (which includes...
MMC Acquisition of JLT on Track to Close in Spring
Jan 31 2019 // Marsh & McLennan Cos.’ $5.6 billion acquisition of Jardine Lloyd Thompson Group is on track to close this spring. MMC CEO Dan Glaser, who described the deal as one of “strength on strength,” told...
Insured Losses from Sydney Hailstorms Estimated at A$635M (US$457.5M): PERILS
Jan 31 2019 // Initial insured property losses for December’s hailstorms in Sydney are estimated at A$635 million (US$457.5 million), according to PERILS, the independent Zurich-based organization that provides industry-wide...
