2020 financial results News

GEICO Drives Up Berkshire 2020 Underwriting Profit

With GEICO’s 2020 underwriting profit more than doubling above the level recorded in 2019, Berkshire Hathaway’s full-year property/casualty underwriting income was in the black, even though the conglomerate’s P/C reinsurance units saw underwriting losses in both years. Taken together, $3.4 …

UK Insurer RSA Reports 15% Hike in 2020 Operating Profit

UK insurer RSA has reported a 2020 business operating result of £751 million ($1.1 billion), up 15% from £656 million ($926 million) reported during 2019. The group paid out some £4.6 billion ($6.5 billion) in “normal” claims while also providing …

Irish Insurer FBD More Than Doubles Money Set Aside for Lockdown-Related Claims

DUBLIN – Irish insurer FBD more than doubled the money set aside to cover lockdown-linked claims to 65 million euros ($79 million) after it lost a test case brought by four publicans over a policy that included business-interruption losses. Ireland’s …

Munich Re’s 2020 Profit Drops 55% on COVID-19-Related Reinsurance Claims of $4.1B

Munich Re reported a profit of €1.21 billion (US1.47 billion) for 2020, a 55% decline from the €2.71 billion (US$3.29 billion) reported for the previous year. The reinsurer’s Q4 2020 profit dropped to €212 million (US$258 million) from €217 million …

AXA Reports 18% Drop in Net Income During 2020 with COVID Claims of $1.8 Billion

AXA reported net income of €3.16 billion (US$3.8 billion) during 2020, an 18% drop from €3.86 billion (US$4.7 billion) in full-year 2019. The combined ratio for AXA’s P/C business increased 3.2 points to 99.5%, largely reflecting the impact from COVID-19 …

Liberty Mutual Boosts Profit for Q4 and Year

Liberty Mutual reported net income of $162 million for the fourth quarter and $758 million for the full year 2020, versus a fourth quarter net loss of $301 million and net income $1.037 billion for full year 2019 Liberty Mutual …

QBE Reports Full-Year 2020 Loss of $1.5 Billion; No Final Dividend Declared

QBE officially announced a $1.5 billion bottom-line net loss for 2020 late last week, confirming a figure the Australia-based insurance group pre-announced in late mid-December. The result represents nearly $1 billion downward swing from a $522 million net profit reported …

Fitch Sees ‘Modest’ Homeowners Insurance Underwriting Loss for 2020

The homeowners insurance industry is poised to shift to a modest underwriting loss for 2020, reports Fitch Ratings, citing losses from natural catastrophes and managing operations amid the global pandemic. However, barring another overly severe catastrophe season in 2021, the …

Swiss Re Reports Larger-Than-Expected Annual Loss of US$878 Million

Swiss Re swung to a larger-than-expected annual loss on Friday, pressured by $3.9 billion in claims and reserves related to the coronavirus pandemic, but declared a dividend as the reinsurer expects a return to profit in 2021. Swiss Re and …

Allianz’ 2020 Operating Profit Drops 9.3% in First Decline Since 2011

FRANKFURT – German insurer Allianz posted its first fall in annual operating profit in nearly a decade on Friday on higher claims from businesses hit by lockdowns and lower demand for car and travel insurance. Operating profit fell 9.3% to …