earnings News

Ryan Specialty Q4 Net Income Up 28% on E&S Expansion

Ryan Specialty reported fourth quarter 2023 net income of $58.5 million and net income of $194.5 million for the full year. The Chicago-based specialty insurance firm grew Q4 net income by about 28% from the prior year, while full year …

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

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 underwriting loss for property lines outpacing …

Lemonade CEO Calls 2023 ‘The Year When the Plan Came Together’

Insurtech Lemonade reported a fourth quarter 2023 net loss of $42.4 million and a net loss of about $237 million for the full year but its chief executive said the company has seen “dramatic progress.” Results were in comparison to …

Warren Buffett Says Berkshire ‘Built to Last’ Though Eye-Popping Gains Are Over

Warren Buffett on Saturday moved to reassure investors that his conglomerate Berkshire Hathaway would serve them well over the long term, even as he mourned the recent passing of his longtime second-in-command Charlie Munger. In his widely-read annual letter to …

Insurtech Root Inc. Results Improve but Remain at a Net Loss

Insurtech Root Inc. posted a net loss for the fourth quarter 2023 of $24 million and a net loss for the year of $147.4 million. Results were improvements from net losses of about $58.3 million for fourth quarter 2022 and …

AIG General Insurance Q4 Income Up 19% on Underwriting, Investments

American International Group (AIG) during the fourth quarter 2023 recorded underwriting income of $642 million within its General Insurance segment — a slight increase from $635 million during the same quarter the prior year. Adjusted pretax income (APTI) in the …

Another Banner Year Seen by 5 Publicly Traded Insurance Brokers in 2023

Five of the largest publicly traded insurance brokers — Marsh & McLennan Cos., Aon, Arthur J. Gallagher, WTW and Brown & Brown – reported generally strong revenues in 2023, with annual increases ranging from 7% (Aon) to 18% (Arthur J. …

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

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 auto profitability and mild weather” drove …

Weekly Q4 2023 Earnings Wrap: The Hartford, The Hanover, Markel, and Selective

The Hartford said fourth quarter net income available to common stockholders increased 30% to $766 million. The insurer ended the year with net income up 38% to about $2.5 billion. Commercial lines record fourth quarter 2023 net income of $687 …

Record Q4 at Chubb Ends Historic, ‘Blowout Year’

Record fourth quarter 2023 net income of $3.3 billion, a huge increase over net income of about $1.3 billion during the same period a year ago, ended what CEO Evan G. Greenberg called a “blowout year.” Last year was the …