Most Popular Profit Loss Headlines This Year

The most viewed headlines from our Profit Loss Topic Page over the last year.

#1 State Farm Sets Another Record With $14B Underwriting Loss in 2023

Mar 1 2024 // A year after recording the largest underwriting loss in the company’s 100-year history, State Farm eclipsed it in 2023. The underwriting loss figure climbed to $14 billion for 2023, with a nearly $5 billion...

#2 GEICO’s ‘Eye-Popping’ 2023 Insurance Profits, Falling Employee Counts

Feb 26 2024 // Even though Berkshire Hathaway’s latest annual report featured Warren Buffett’s forecast that the days of “eye-popping performance” for the giant conglomerate are over, readers focused on...

#3 Liberty Mutual Announces Organizational Changes, Leading to 370 US Job Losses

Jul 17 2023 // Liberty Mutual Insurance announced major organizational changes and executive leadership appointments, which are aimed at enhancing its personal and small commercial lines business in long-term strategic markets....

#4 Allstate Announces May Catastrophe Losses, Auto Rate Hikes

Jun 15 2023 // Allstate Corp. today released estimated catastrophe losses for the month of May of $885 million or $699 million, after-tax. There were a dozen events in May causing $893 million in catastrophe losses, Allstate said, but...

#5 Allstate Reports $276M in January Cat Losses, Updates Rate Increases

Feb 15 2024 // Allstate Corp. on Thursday reported January pretax catastrophe losses of $276 million. The Northbrook, Illinois-based insurer reached its $150 million threshold to report catastrophe losses following several months of low...

#6 Allstate Records $2.7B Net Catastrophe Hit on Way to Q2 Loss of $1.4B

Aug 1 2023 // Allstate Corp. reported net catastrophe losses of $2.7 billion in the second quarter, resulting in a net loss for the period of $1.4 billion as catastrophe and underwriting losses offset other favorable factors. President...

#7 Ray of Sunshine: Florida Insurers Show Profit as Citizens Takeouts Rise – S&P Global

Aug 2 2023 // Republished from S&P Global Market Intelligence For the first time in three years, Florida’s struggling domestic residential property insurers have posted a quarterly profit, according to an analysis by S&P...

#8 Progressive Q4 Net Income Up 141% as Combined Ratio Exceeds Goal for 2023

Jan 24 2024 // Progressive Corp. today said fourth quarter 2023 net income jumped to nearly $2 billion compared to about $826 million a year ago during the same period. The Mayfield Village, Ohio-based insurer reported some quarterly and...

#9 Near $27B Underwriting Loss in 2022 Largest for U.S. P/C Insurers Since 2011

Mar 30 2023 // Key financial results for private U.S. property/casualty insurers significantly worsened in 2022 from a year earlier, according to preliminary results from global analytics provider Verisk and the American Property...

#10 Progressive Q3 Earnings Skyrocket as Combined Ratio Gets Closer to Goal

Oct 16 2023 // Progressive Corp. posted significant improvement in third quarter earnings late last week – with net income of $1.12 billion compared to $124.1 million a year ago during the same period. Progressive gave a snapshot of...

#11 Harvard Claims Marsh Is to Blame for Its Loss of $15M in Coverage for Admissions Fight

Nov 2 2023 // Having lost two bids to recover $15 million from its insurer to cover costs related to its failed defense of its admissions policy, Harvard University is now looking to hold its insurance broker, Marsh,...

#12 5th Circuit Reverses Class Certification in Lawsuit Alleging State Farm Undervalued Total-Loss Claims

Dec 28 2023 // A federal appellate court reversed a trial court’s decision to certify a class of plaintiffs in a lawsuit that alleged State Farm Mutual Automobile Insurance Co. undervalued total-loss claims by Louisiana...

#13 Allstate Says Q3 Catastrophe Losses Were $1.2 Billion

Oct 19 2023 // Allstate Corp. today reported September catastrophe losses of $317 million and total catastrophe losses for the third quarter of about $1.2 billion pretax. Seventeen events in September resulted in catastrophe losses of...

#14 US P/C Industry Turns in $32.2B Underwriting Loss After 9 Months

Dec 8 2023 // U.S. property/casualty underwriting results deteriorated during the first nine months of 2023 to a loss of $32.2 billion. The result, highlighted in short financial review from AM Best, is $7.6 billion worse than the same...

#15 US P/C Industry Underwriting Loss Reaches 10-Year High: AM Best

Mar 7 2024 // Industry rating agency AM Best said the U.S. property/casualty industry’s underwriting loss for 2023 reached a 10-year high of $38 billion, attributable to severe weather-related losses, stubborn inflation, and...

#16 Zurich’s Farmers Group Seeks More Fee Income Via Acquisition of 3 Brokers for $760M

Nov 16 2023 // Zurich Insurance Group announced that its subsidiary, Farmers Group Inc. (FGI), has agreed to acquire three insurance brokers of the Farmers Exchanges for US$760 million. The deal also includes the Farmers Exchanges’...

#17 Allstate Reverses Q4 Loss With Benefit of Low Cat Losses, Auto Rate Increases

Feb 8 2024 // Allstate Corp. fourth quarter 2023 net income attributable to common shareholders was about $1.5 billion, reversing a loss of $303 million during the same time the prior year. Allstate CEO Tom Wilson said “improved...

#18 Travelers’ Q4 Net Income Skyrockets as Personal Lines Reverses Underwriting Loss

Jan 19 2024 // Net income at The Travelers Cos. for the last quarter of 2023 about doubled compared to the same time last year to $1.6 billion on lower catastrophe losses and a return to profitable results in the personal insurance...

#19 US P/C Records $8.2 Billion Underwriting Loss in Q1: AM Best

Jun 15 2023 // A rise in first quarter losses in the homeowners insurance line of business primarily put U.S. property/casualty underwriting results in the red, according to AM Best. The U.S. P/C industry booked a $8.2 billion...

#20 U.S. P/C Industry Records $26.5 Billion Underwriting Loss in 2022

Mar 23 2023 // The U.S. property/casualty (P/C) industry recorded a $26.5 billion net underwriting loss in 2022, $21.5 billion more than the $5 billion underwriting loss reported in 2021, according to a report published by AM Best. The...