Progressive Corp. posted full-year 2022 net income of $721.5 million, down about 78% from net income of $3.35 billion the prior year, due to losses in its investment portfolio. However, Chief Executive Officer Tricia Griffith in a letter to shareholders …
Berkshire Hathaway recorded its first full-year underwriting loss since 2017—but a small one—as strong profits from reinsurance operations were almost enough to counterbalance the deteriorating results from the conglomerate’s personal lines insurer GEICO. In fact, while GEICO’s pretax underwriting loss …
The story of U.S. personal lines challenges impacting the results of multiline insurers was repeated for Liberty Mutual, which reported underwriting losses and waning policy growth in the segment in 2022. President and Chief Executive Officer Tim Sweeney reported overall …
Calling embedded insurance the “next secular trend in distribution,” Root Inc. CEO Alex Timm in a letter to shareholders said the company has an advantage to scale access in the channel and become profitable. Root reported a net loss of …
Executives of insurtech Lemonade say they’re slowing down growth in 2023, as the company waits for regulators to approve rate hikes needed to keep up with inflation. “So long as these mismatched pockets persist, our growth will be more muted, …
Fourth quarter 2022 net income attributable to American International Group common shareholders fell to $264 million from about $3.7 billion the year prior, but the insurer’s general insurance business ended the year with “the strongest underwriting results the business has …
Progressive Corp. said net income for the month of January was $449.4 million compared with $25.8 million the same month in 2022 as gains on securities were $245.6 million from a loss of $348 million in January 2022. January net …
The Hartford reported a 19% drop in fourth quarter net income compared to the same period last year, while core earnings outpaced Q4 2021 by 7%. Fourth quarter net income available to common stockholders reached $584 million, compared to $724 …
CAN Financial Group notched a net income of $248 million during 2022’s final quarter. This was a slight dip from the $266 million recorded during the same period in 2021. Overall, CNA recorded a yearlong net income of $894 million …
The Hanover Insurance Group reported a fourth quarter 2022 loss of $11.6 million, driven by widespread catastrophic losses from Winter Storm Elliott. Results were in comparison to net income of $163.5 million in the prior-year quarter. The Hanover experienced catastrophe …
