Swiss insurer Zurich Financial Services AG reports it has a realized capital loss of approximately $100 million on investments related to WorldCom Inc., according to a Dow Jones report.
A Zurich spokesperson said the losses were not related to insurance activities, but rather investment portfolios.
WorldCom, which filed for bankruptcy a month ago and listed $107 billion in total assets and $41 billion in debts, reported it discovered an additional $3.3 billion of improperly booked earnings, and indicated it will likely write off $50.6 billion of goodwill and other intangible assets.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Satellite Data Reveals Hurricane Melissa Damage in Jamaica 
Buffett’s Berkshire Cash Hits $382 Billion, Earnings Soar 
Jamaica Catastrophe Bond Has Now Triggered, Government Says 
Don’t Look Now, But Citizens Is No Longer the Largest Property Insurer in Florida 
