Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Firm Estimates $11B in Mortgage Applications Misrepresented Income
Mar 18 2008 // Analysts at a mortgage watchdog firm say they have uncovered more than 42,000 mortgage applications, totaling nearly $11 billion, containing significant misrepresentations of the borrowers’ income. These applications...
Florida’s Main Street America Group Reports Results for 2007
Mar 17 2008 // Jacksonville, Fla.-based Main Street America Group reported its fiscal year 2007 ended on an high note with “some of the best financial results in its 84-year history.” The super regional property/casualty...
Financial Reports Show Texas Insurers Profitable in 2007
Mar 14 2008 // In 2007, Texas insurers recorded one of their most profitable years of the decade, prompting some consumer advocates to call for tougher state regulation on homeowner rates. Financial reports released by the Texas...
AIG Shares Fall Sharply on Concerns Over Possible Bigger Credit Losses
Mar 13 2008 // Shares of American International Group fell as much as 8 percent Thursday on concern the world’s largest insurer could face larger-than-expected losses from a credit derivatives portfolio that has already led it to...
Hannover Re Group Net Income up 42.6% to $1.144 Billion
Mar 13 2008 // Germany’s Hannover Re reported excellent result for 2007 with the Group’s net income up 42.6 percent to €733.7 million ($1.144 billion. “We surpassed our profit targets and reported the highest Group...
2007 Cat Losses Top $70 Billion Swiss Re <em>sigma</em> Study Finds
Mar 12 2008 // Swiss Re’s latest sigma study – “Natural Catastrophes and man-made disasters in 2007” – examines catastrophe-related economic losses from natural and man-made disasters last year, which...
Things to Consider When Estimating Subprime D&O Losses
Mar 10 2008 // Several observers and analysts have recently tried to estimate the insurance industry’s aggregate subprime-related loss exposure. At one end, Bear Stearns has estimated the industry’s exposure at $8 billion to...
State Farm Reports 3% Profit Increase For 2007
Mar 10 2008 // Bloomington, Ill.-based State Farm Insurance announced that profit rose 3 percent last year on the strength of higher auto policyholder dividends despite a steep decline in property casualty underwriting. The company said...
Storm Losses Blamed on Coastal Growth, Not Global Warming
Mar 10 2008 // A hurricane that hit Miami in 1926 would cause up to $157 billion in damage if it were to strike today, according to a recent study. U.S. storm costs are rising because of higher populations and wealth on the coasts, not a...
Hedging Against Losses
Mar 10 2008 // How to navigate risk and find coverage solutions for hedge funds and their managers Hedge funds manage financial risk every day. Managers constantly seek out new strategies and investments, and then weigh the potential...
Credit Crisis Throws AIG Into ‘Uncharted Waters’
Mar 10 2008 // American International Group, on the heels of reporting its largest-ever loss, said that the subprime crisis had thrown it into “uncharted waters” that were likely to remain choppy through 2008. The...
Fortis Q4 Profits Down 50%
Mar 7 2008 // Dutch-Belgian financial services group Fortis said its profit halved in the fourth quarter after a €1.5 billion ($2.3 billion) subprime-related writedown. Net profit, which also included gains from Fortis’ 2007...
AIR Estimates Emma Insured Losses at $1.15 to $2 Billion
Mar 7 2008 // AIR Worldwide’s preliminary estimates of onshore wind losses for Windstorm Emma are between €750 million and €1.3 billion ($1.15 and $2 billion), significantly higher than the insured loss estimates released by...
RMS Puts Emma Losses at $458 Million to $1.1 Billion
Mar 5 2008 // Risk Management Solutions released preliminary loss estimates, following an analysis of the insured exposure from Windstorm Emma (See IJ web site –...
Hiscox 2007 Net up 18% to $471M
Mar 4 2008 // Bermuda-based Hiscox Ltd. posted a strong profit gain in 2007. Results, released yesterday, March 3, showed a record setting £237.2 million ($471 million) pretax profit, compared to £201.1 million ($399.5 million) in...
RMS Ups UK Quake Loss Estimates: $30 to $60 Million
Mar 3 2008 // Risk Management Solutions has given updated estimates of the likely insured losses caused by the earthquake that struck Market Rasen in Lincolnshire in Northeast England on Thursday (See IJ web site –...
Swiss Re Profit Down Less than Expected
Feb 29 2008 // Swiss Re, the world’s biggest reinsurer, made better than expected 2007 net profit, as it escaped further subprime writedowns in the fourth quarter, and gave a confident earnings outlook. It reported on Friday a...
AmComp Announces 2007 Fourth Quarter and Year-End Figures
Feb 29 2008 // Florida-based AmCOMP Inc., announced results for the fourth quarter and 2007 year-end results. For calendar year 2007, net income increased 13.7 percent to $18.8 million, compared to net income of $16.6 million for the...
Berkshire Net Down 18%; Buffett Eyes Successors, Lower Insurance Earnings Ahead
Feb 29 2008 // Warren Buffett’s Berkshire Hathaway Inc. said Friday quarterly profit fell 18 percent, hurt by lower earnings from insurance underwriting and a decrease in investment gains. In his annual letter to Berkshire...
AXA Earnings: Net Income up 11% to $8.55 Billion; Conference Call Today
Feb 28 2008 // France’s AXA Group reported strong results for 2007. The earnings release cited the growth in underlying earnings up 27 percent to €4.963 billion [$7.5 billion] (up 15 percent on a comparable basis). Adjusted...
