Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Fitch Affirms SAFECO’s Ratings
Feb 12 2003 // Fitch Ratings has affirmed the ‘AA-‘ insurer financial strength ratings of SAFECO Life Insurance Company and the SAFECO Property/Casualty Group. Fitch has also affirmed its ‘A-‘ long-term and senior...
CNA Surety Earns $8 Million in Fourth Quarter
Feb 12 2003 // Improved underwriting income helped CNA Surety Corp. score a net income of $2.6 million, or 6 cents per share, for the fourth quarter of 2002 compared to $600,000, or 1 cent per share, in 2001. Net operating earnings for...
XL Capital Reports $250.2 Million Q4 NOI; $396 Million Net Income for 2002
Feb 12 2003 // Bermuda’s XL Capital Ltd. posted net operating income of $250.2 million for the fourth quarter, and net income for 2002 of $396 million after the payment of preferred dividends. In 2001 XL reported a fourth quarter...
Mercury General Corp. Announces 4thQ Results
Feb 11 2003 // Mercury General Corporation reported that premiums written were $504.6 million in the fourth quarter, a 34.5 percent increase over 2001 and $1,865.0 million for the entire year, a 29.3 percent increase over 2001. “We...
American National Reports Losses, Some Gains
Feb 11 2003 // Despite a 68 percent increase in gains from operations after tax for the year 2002, Galveston, Texas-based American National Insurance Company reported its net income for the year 2002 was $16,855,000 ($0.64 per share)...
Converium Posts $106.8 Million Net Profit in 2002
Feb 11 2003 // The Swiss-based Converium Group, a leading global reinsurer, reported a very successful 2002, with pre-tax operating income of $67.7 million, an increase of $528.8 million compared to a pre-tax operating loss of $ 461.1...
PartnerRe Reports Strong Gains in Q4, Full Year Earnings
Feb 11 2003 // Bermuda’s PartnerRe Ltd. joined Converium in reporting excellent fourth quarter and full year results. It posted operating earnings, which exclude net realized investment gains or losses and are calculated after...
W. R. Berkley Reports $53 Million Operating Income in Q4, $160.6 Million for Full Year
Feb 11 2003 // Connecticut-based W.R. Berkley Corp. bounced back strongly from last year’s losses, reporting $53.040 million in operating earnings and $72.731 million net income for the fourth quarter, compared to a $10.606 million...
Horace Mann Improves, But Ends Down for the Year
Feb 10 2003 // Horace Mann Educators Corp., based in Springfield, Ill., today reported net income of $13.5 million, or 33 cents per share, for the fourth quarter, up from $4.8 million, or 12 cents per share, for the year-earlier quarter....
Philadelphia Consolidated Reports 53.3% Increase in Q4 NOI to $13.8 Million; Up 34.5% for the Year
Feb 10 2003 // Philadelphia Consolidated Holding Corp. (PCHC) reported that its net operating income (net income excluding after tax net realized investment gain/loss) increased 53.3% to $13.8 million ($0.62 diluted earnings per share)...
Five Ways Savvy Salespeople Can Profit From the Internet
Feb 10 2003 // I’ve written previously that the increase in technology will lead to a decrease in the number of salespeople. Although this is a bad omen for low producers, technology (specifically the Internet) isn’t the...
Calif. Commissioner Testifies Before Assembly Insurance Committee
Feb 7 2003 // California Insurance Commissioner John Garamendi testified before the Assembly Insurance Committee recently, discussing the impact of water damage and mold on consumers and the insurance industry. Below is the text of his...
Ohio Casualty Reports Lower Profits But Beats Street Estimates
Feb 6 2003 // Ohio Casualty Corp. reported lower quarterly profit as it took lower gains from investments, but it beat analysts’ forecasts as premium prices rose. The Fairfield, Ohio-based property/casualty insurer reported...
AXA 2002 Gross Revenues Top $80 Billion
Feb 6 2003 // France’s AXA Group released earnings results showing that its total gross revenues in 2002 reached 74.728 billion Euros ($80.7 billion), approximately the same figure it reported for 2001. The company said, however,...
ACE Limited Reports $77 Million Net Income for 2002; Posts $168 Million Q4 Loss
Feb 6 2003 // Bermuda’s ACE Limited reported net income, including realized losses, for 2002 of $77 million, compared with a net loss of $146 million for 2001. The insurer’s net operating income for the full year was $511...
Willis Group Reports $210 Million Net Income for 2002; $118 Million in Q4
Feb 6 2003 // Insurance companies aren’t the only ones who made money last year. Brokers seem to be doing pretty good too, as the earnings announcement from the world’s third largest insurance broker, Willis Group Holdings...
Argonaut Delays Announcing Fiscal 4Q and Year End Earnings
Feb 5 2003 // Argonaut Group Inc., headquartered in San Antonio, announced it will delay the release of its fiscal fourth quarter and year end financial results in order to complete the company’s previously announced study of its...
RenRe Posts $105 Million NOI in Q4; $365 Million Operating Profit for 2002
Feb 5 2003 // Bermuda’s RenaissanceRe Holdings Ltd. posted $105 million in fourth quarter net operating income available to common shareholders (excluding realized investment gains and losses) compared to $46.6 million in the...
PIFC Explains Reasons for Recent Homeowners Insurance Premium Increases
Feb 5 2003 // Diane Colborn, vice president of the Personal Insurance Federation of California (PIFC), told the Assembly Insurance Committee earlier today that the most significant factor in recent homeowners insurance premium increases...
AIG Reports It Will Add to General Loss Reserves
Feb 4 2003 // American International Group, Inc. (AIG) announced that it will incur a net, after tax charge of $1.8 billion in the fourth quarter of 2002 related to an increase of general insurance net loss and loss adjustment reserves....
