2017 financial results News

Rising Homeowners Losses Hurt P/C Insurers in 2017: Fitch

Personal lines underwriting losses rose in 2017 for the fourth year in a row, Fitch Ratings found in a new report. There’s a twist, however. In the three years prior to 2017, personal automobile insurance contributed largely to underwriting losses. …

How Bad Was P/C Insurers’ Underwriting Loss in 2017?

The U.S. property/casualty industry recorded a net underwriting loss of $23.5 billion for year-end 2017, according to preliminary results from A.M. Best. That was $18 billion bigger than the underwriting loss in 2016. The 2017 underwriting loss was mainly due …

AIG’s Doubling of Q4 Loss Pinned on Wildfires, Tax Act

American International Group reported a net loss of $6.7 billion for the fourth quarter of 2017, compared to a net loss of $3.0 billion in the prior-year quarter. The fourth quarter of 2017 net loss included a charge of $6.7 …

Investments, Tax Cuts Boosted Allstate Profit in Q4

The Allstate Corp., like many carriers, faced an enormous hit from natural catastrophe losses in the 2017 fourth quarter. Investment returns soared by double digits, however, and the Trump tax cuts gave it a one-time gain, helping to ensure the …

A.M. Best Calculates P/C Insurers’ Underwriting Loss for 2017

Rating agency A.M. Best expects the U.S. property/casualty insurance industry to post a second consecutive underwriting loss in 2017, driven mainly by catastrophe losses. The expected net underwriting loss for 2017 of $29.3 billion — which follows a $6.5 billion …

Travelers Insurance Reports Solid Q3 Results Despite $700M Cat Losses

The Travelers Companies today reported $293 million in net income for the third quarter despite absorbing more than $700 million in catastrophe claims. The $293 million in net income was a 59 percent decline from the $716 million in last …

P/C Insurers Lost $5.1 Billion on Underwriting in First Half of 2017: A.M. Best

The U.S. property/casualty (P/C) industry recorded a net underwriting loss of $5.1 billion for the first six months of 2017, according to preliminary results, compared with a $2.0 billion loss in the same period a year ago. This financial review …

Berkshire Hathaway Reports Losses on Re/Insurance Underwriting in Q2

Warren Buffett’s Berkshire Hathaway insurance and reinsurance businesses lost money or gained less in underwriting in the second quarter and first six months of 2017 compared to last year while his railroad, manufacturing, energy and utilities businesses all reported increased …

Liberty Mutual Reports Q2 Results Including Ironshore Impact

Liberty Mutual Holding Co. Inc. reported net income $126 million for the three months ended June 30, 2017, an increase of $111 million over the same period in 2016 thanks to improved investment returns. The rise in net income offset …

AIG’s Q2 Results Feature Expense Savings, Consumer Business

Expense savings and strong results in its consumer insurance business were the highlights of the second quarter for American International Group Inc. After-tax operating income was $1.4 billion for the second quarter 2017 compared to $1.3 billion. Net income came …