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.
North Carolina Adjuster and Son Charged With Embezzlement in Roof Jobs 
South Carolina Ringleader Sentenced to 8 Years for Staged Accidents 
Chubb to Acquire MGA Healthy Paws From Aon 
Why New York’s Attorney General Objects to Trump’s Bond Insurer 
