Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Allianz Ex-Manager Must Face US Fraud Charges On $7B Investor Loss
Aug 7 2023 // A U.S. judge has rejected former Allianz fund manager Gregoire Tournant’s bid to dismiss a criminal fraud case over his role in causing more than $7 billion of investor losses. In an order made public on Friday, U.S....
Workers’ Compensation Remains Profit Engine for U.S. P/C Insurers
Aug 7 2023 // Workers’ compensation insurers’ underwriting results continued to outpace the rest of the U.S. property/casualty (P/C) commercial sector in 2022, as they benefited from the long-term decline in workplace...
Swiss Re H1 Net Income Surges to $1.4B on Lower Natural Catastrophe Losses
Aug 4 2023 // Swiss Re AG said first-half net income rose more than ninefold to $1.4 billion from a year earlier, driven by contained natural catastrophe losses and a rebound in its life and health business to pre-pandemic levels. Net...
Lemonade Posts Q2 Loss of $67.2M, Reviews Homeowners Book
Aug 3 2023 // Artificial intelligence-powered insurer Lemonade recorded a net loss of $67.2 million for the second quarter compared with a net loss of $67.9 million a year ago during the same period. Catastrophes, specifically severe...
Root Inc. Narrows Q2 Net Loss to $37M, Remains Committed to Pricing Model
Aug 3 2023 // Insurtech Root Inc. posted a another net loss for the second quarter 2023 of about $37 million. The loss was a 62% improvement from the net loss of about $96 million during the same period in 2022. Over the first half of...
Verisk Beats Wall Street Expectations on Q2 Earnings Report
Aug 3 2023 // Verisk Analytics Inc. (VRSK) on Wednesday reported second-quarter earnings of $196.9 million. The Jersey City, New Jersey-based company said it had profit of $1.35 per share. Earnings, adjusted for one-time gains and...
Ray of Sunshine: Florida Insurers Show Profit as Citizens Takeouts Rise – S&P Global
Aug 2 2023 // Republished from S&P Global Market Intelligence For the first time in three years, Florida’s struggling domestic residential property insurers have posted a quarterly profit, according to an analysis by S&P...
Allstate Records $2.7B Net Catastrophe Hit on Way to Q2 Loss of $1.4B
Aug 1 2023 // Allstate Corp. reported net catastrophe losses of $2.7 billion in the second quarter, resulting in a net loss for the period of $1.4 billion as catastrophe and underwriting losses offset other favorable factors. President...
CNA Financial Misses Profit Estimates on Higher P/C Catastrophe Losses
Jul 31 2023 // Insurer CNA Financial missed second-quarter profit estimates on Monday, as wider catastrophe losses in its property and casualty (P&C) segment partially offset higher investment income. Profits at insurers came under...
Q2 Net Income Up 23% at The Hartford, Bolstered by Commercial Lines
Jul 31 2023 // The Hartford said second quarter net income was $542 million, an increase of 23% compared with the same period a year ago, driven by written premium growth of 12% in commercial lines. Net income from commercial lines was...
Florida’s Universal Profits Are Up as Carrier Sheds Policies, Feels Impact of Reforms
Jul 28 2023 // Efforts by Universal Insurance Holdings, the publicly traded parent company of one of Florida’s largest property and casualty insurers, to shed policies, spread risk and raise rates appears to have paid off so far in...
WTW Q2 Net Income Down 16%
Jul 27 2023 // Second-quarter net income at broker WTW was down 16%, compared to the same period a year ago, to $96 million. Revenue at WTW was up 6% to $2.16 billion, with organic growth up 7%. WTW Chief Executive Office Carl Hess said...
Vermont Farmers Urged to Document Crop Losses From Flooding
Jul 27 2023 // Vermont state and federal officials are urging farmers to document and report damage from the catastrophic flooding that hit the state two weeks ago and inundated crops in the rural mountainous state known for its scenic...
Brown & Brown Q2 Earnings Beat Expectations
Jul 26 2023 // Florida-based Brown & Brown Inc. (BRO), a global insurance broker, reported second-quarter earnings of $190.4 million. The Daytona Beach company said it had profit of 67 cents per share. Earnings, adjusted for costs...
Airlines Face Doubling in War Insurance Premiums After Sudan Losses: Sources
Jul 26 2023 // Airlines could end up paying twice as much for insurance they need to protect themselves against losses triggered by war after a bruising year wiped out aviation war insurers’ revenue for 2023, industry sources...
Chubb ‘Record’ Q2 Sees Net Income Up 50.7%
Jul 26 2023 // Chubb second-quarter net income went up 50.7% to nearly $1.8 billion and its property/casualty combined ratio came in at 85.4. “We had another simply outstanding quarter – in fact, a record, which contributed to a...
Berkley on Industry’s Financial Results: ‘Cat Losses Count’
Jul 25 2023 // The fact is, catastrophe losses are a part of an insurers’ financial results and not a line item to be dismissed, said W. Robert Berkley Jr, president and chief executive of W.R. Berkley Corp during a recent...
Elon Musk to Appeal Loss in SEC Case to Supreme Court
Jul 25 2023 // Elon Musk plans to ask the U.S. Supreme Court to consider whether the Securities and Exchange Commission overstepped its authority in enforcing a consent decree that he has called a “muzzle” on his free...
The Hanover Insurance Group Estimates Q2 Catastrophe Losses of $262 Million
Jul 21 2023 // The Hanover Insurance Group Inc. announced a preliminary estimate for second quarter catastrophe losses of approximately $262 million, before taxes, or 18.5 points of net earned premium. Second quarter catastrophe losses...
Update: Allstate Estimates Catastrophe Losses of $1 Billion in June, $2.7 Billion in Q2
Jul 20 2023 // Allstate Corp. announced estimated catastrophe losses for the month of June of $1.01 billion, or $799 million, after-tax. June’s month catastrophe losses include 18 events estimated at $1.13 billion, with...
