Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Deadly US Oil Blast Exposes Risks of Pushing Profits Over Safety
May 17 2024 // The explosion that rocked Marathon Petroleum Corp.’s Galveston Bay oil refinery one year ago trapped Rigoberto Guillen 75 feet in the air. Stranded on a metal platform, he and a colleague crouched low as black smoke...
Swiss Re to Withdraw From Digital Insurer iptiQ, Reports Strong Q1 Net Income of $1.1B
May 16 2024 // Swiss Re announced plans to withdraw from its digital B2B2C insurance business, iptiQ, following a strategic review. The iptiQ business lost $250 million in 2023, but the loss was projected to be less in 2024....
Zurich’s First-Quarter P/C Revenue Rises on Higher Premiums
May 16 2024 // Zurich Insurance Group AG said revenue from property and casualty insurance rose 12% in the first quarter on a like-for-like basis, helped by higher premiums. Gross written premiums in the business rose 9% from a year...
Insurance Research Council: Home Insurance Spend Tops Household Income Growth
May 15 2024 // According to the Insurance Research Council (IRC), the average homeowners insurance expenditure has become less affordable for U.S. consumers over time. Looking at the the years 2001 to 2021—the latest year in which...
US Workers’ Comp Line Still Showing Strong Profits, Lower Claim Frequency
May 15 2024 // Net written premium in the U.S. workers’ compensation insurance market grew by just 1% from 2022 to 2023, a far smaller percentage than most other property/casualty lines. However, the workers’ compensation...
American Coastal Reports Profitable Q1 for This Year
May 13 2024 // SAINT PETERSBURG, Fla. (AP) — American Coastal Insurance Corp. (ACIC) on Thursday reported first-quarter earnings of $23.6 million. The Saint Petersburg, Florida-based company, the rebranding of part of now-insolvent...
AM Best: Social Inflation Key Factor in Rise of Loss Severity
May 13 2024 // Loss severity for many U.S. casualty lines of insurance business has exceeded economic inflation over the past decade, indicating other factors are influencing claims costs for indemnity and expense payments, according to...
China Construction Bank Sued in US Over Reinsurance Fraud Losses
May 10 2024 // China Construction Bank Corp., the nation’s third-largest commercial lender, was accused in a US lawsuit of enabling a massive fraud in the reinsurance industry that left companies with “monumental...
Liberty Mutual Posts $1.5B Net Income for Q1, Reversing Loss
May 10 2024 // Liberty Mutual Holding Company on Thursday reported first quarter 2024 net income of $1.5 billion compared to loss of $74 million during the same period last year. The combined ratio for the first three months of 2024...
Berkshire’s ‘Most Important’ Biz Drives Q1 Results; GEICO Still Behind on Tech
May 6 2024 // Berkshire Hathaway continued to deliver eye-popping results for its insurance and reinsurance operations during the first quarter of 2024, with underwriting profits for personal auto insurer GEICO and reinsurance...
GSK, Boehringer Put Profits Over User Safety, Zantac Jury Told
May 6 2024 // Drugmakers GSK Plc and Boehringer Ingelheim GmbH prioritized profits over consumer safety by hiding the cancer risks of their once-blockbuster heartburn drug Zantac, according to lawyers representing a Chicago woman in the...
New York Restricts Sale of Weight-Loss and Muscle-Building Supplements to Minors
May 6 2024 // It’s now illegal to sell weight-loss and muscle-building supplements to minors in New York, under a first-in-the-nation law that went into effect this week. Experts say loose federal regulation of dietary supplements...
Fitch: U.S. Cyber Insurers Saw Strong Profits, Slowdown in Premium Growth in 2023
May 6 2024 // The U.S. cyber insurance line generated strong direct underwriting profits for the second straight year in 2023, but written premium volume has stalled amid renewed pricing pressure, according to a Fitch Ratings...
NCCI’s Chief Actuary Discusses Workers’ Comp Profits, Safety and Future
May 6 2024 // The workers’ compensation system overall is healthy and strong. The sector has seen long-term frequency declines for multiple decades with moderate severity of claims costs for at least the past decade. That’s...
AXA’s Q1 Revenues Rise 6%, Led by P/C Business Growth
May 3 2024 // AXA, Europe’s second-largest insurer, reported a 6% increase in total revenue during the first quarter to €34 billion ($36.4 billion), compared with €31.8 billion ($34.1 billion) in Q1 2023. The increase in Q1...
Florida’s Heritage Insurance Sees More Profits in Q1 This Year
May 3 2024 // Heritage Insurance Holdings Inc. (HRTG) on Wednesday reported earnings of $14.2 million in its first quarter of this year, about the same as earnings for Q1 of 2023, but down from the $31 million in net income reported for...
Verisk’s First-Quarter Profit Beats on Insurance-Focused Analytics Demand
May 2 2024 // Data analytics firm Verisk beat estimates for first-quarter profit on Wednesday, driven by strong demand for its products used by property and casualty (P&C) insurers to assess underwriting risks. WHY IT’S...
Allstate Tops Profit Estimates on Higher Premiums, Investment Returns
May 2 2024 // Insurer Allstate posted an upbeat first-quarter profit on Wednesday, helped by higher premiums and stronger investment returns. Insurers usually see stable product demand irrespective of economic conditions, mainly due to...
AIG Profit Exceeds Expectations on Lower Catastrophe Losses
May 2 2024 // American International Group Inc. (AIG) reported profit above analysts’ estimates in the first quarter as lower-than-expected catastrophe losses contributed to strong underwriting results. Adjusted earnings for the...
Insurtechs Root, Lemonade Book Q1 Net Income Losses but Each Tout Progress
May 1 2024 // Insurtech Root Inc. posted a net loss for the first quarter 2024 of $6.2 million but said it recorded operating income for the first time in the company’s history. The net income loss for the first three months of...
