Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Progressive More Than Doubles Feb. Income, Reports Investments With Failed Banks
Mar 16 2023 // In reporting February financial results that continued a positive start to 2023, Progressive Corp. said it has about $75 million total investments tied to banks recently taken over by the Federal Deposit Insurance...
Insured Losses From N. Zealand Floods Estimated at US$1.02B, With Profit Hit Expected
Mar 15 2023 // The initial insured losses for the recent floods in the North Island of New Zealand are estimated at NZ$1.65 billion ($1.02 billion), according to PERILS, the independent Zurich-based organization that provides...
China’s Ping An Insurance Reports 17.6% Drop in 2022 Profit
Mar 15 2023 // Ping An Insurance Group Co. of China Ltd., China’s largest insurer by market value, reported a 17.6% drop in its 2022 annual net profit on Wednesday due to a slump in investment gains. Its profit of 83.8 billion yuan...
Generali Hikes Dividend Payout After Posting Its Best Ever Operating Profit
Mar 14 2023 // Italy’s Assicurazioni Generali surprised investors on Tuesday by hiking the dividend payout on its 2022 results after posting its best operating profit ever. Finance chief Cristiano Borean also told reporters the...
Lloyd’s Expects 2022 Loss of $947.6M on Investments; Underwriting Results ‘Strong’
Mar 9 2023 // Lloyd’s reported an interim full-year 2022 loss before tax of £800 million ($947.6 million) as a result of investment losses of approximately £3 billion ($3.6 billion). This compares to a profit of £2.3 billion...
Show Must Go On for Broadway Theaters’ Covid Loss Claim, Federal Judge Rules
Mar 8 2023 // A New York federal judge has refused to lower the curtain on a Covid-19 business loss claim by the owner of five Broadway theaters because the entertainment insurance policy language is ambiguous as to whether the theater...
Florida’s Heritage Insurance Posts Q4 Profit, But Losses for the Year
Mar 8 2023 // Heritage Insurance Holdings Inc. (HRTG) on Thursday reported fourth-quarter net income of $12.5 million, after reporting a loss in the same period a year earlier. For the year 2022, though, the company reported that its...
Claims Management Firm Crawford & Co. Posts 4Q Loss for 2022
Mar 8 2023 // Crawford & Co. (CRD. A), a claims management and adjusting firm for insurers, reported a fourth-quarter loss of $14.1 million, after reporting a profit in the same period a year earlier. On a per-share basis, the...
Yellen Warns Climate Change Could Trigger Asset Value Losses, Harming Economy
Mar 7 2023 // Climate change is already having a major economic and financial impact on the United States and may trigger asset value losses in coming years that could cascade through the U.S. financial system, Treasury Secretary Janet...
Ryan Specialty Posts 54% Jump in Q4 Net Income
Mar 1 2023 // Ryan Specialty reported a 54.6% increase in fourth quarter net income to the same period the prior year, while revenue outpaced Q4 2021 by 14.9%. The Chicago, Illinois-based specialty insurance firm reached fourth quarter...
State Farm P/C Businesses Report $13B Underwriting Loss
Mar 1 2023 // Late last year, State Farm’s chief executive broke the news that the auto giant would record the largest underwriting loss in its 100-year history for 2022. On Monday, the news became official with a huge number...
Cyberattack on Boston Labor Union Results in $6.4M Loss
Mar 1 2023 // A cyberattack on a Boston-based labor union’s health fund resulted in the loss of $6.4 million, but it does not appear that the personal information of members was stolen or compromised, union officials said. Federal...
Insurer Startup Trium Cyber Finds Path to Profits, With Large Business Focus
Feb 28 2023 // This profile of Trium Cyber is the inaugural article in a regular series of Company Spotlights, published by Insurance Journal, which cover the insurance industry’s startups and innovators. Trium Cyber is the...
Berkshire Hathaway Reports First Underwriting Loss Since 2017, Drop in GEICO Staffing
Feb 27 2023 // 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...
Florida’s Universal Insurance Bounces Back in Q4 After Hurricane Ian Losses
Feb 27 2023 // Universal Insurance Holdings Inc. (UVE), parent company of Universal Property & Casualty Insurance Co., last week reported net income of $25.1 million in its fourth quarter, a sharp increase from the previous...
Root Books Another Net Loss; Stays Positive on Embedded Insurance Results
Feb 23 2023 // 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...
Moody’s RMS Estimates $5B Insured Losses From Turkey Quake as Costs Keep Mounting
Feb 23 2023 // The economic and insured losses from the earthquakes that hit southern Turkey on Monday, Feb. 6 continue to escalate as damage information and data keeps pouring in. The catastrophe risk modeling firm Moody’s RMS...
Epstein Victims Say Banks Chose Profits Over Following Law
Feb 22 2023 // Deutsche Bank AG and JPMorgan Chase & Co. chose to profit from Jeffrey Epstein’s sex-trafficking venture rather than follow the law, victims of the pedophile told a judge, urging him not to throw out their...
Loss Adjuster McLarens Forms Strategic Alliance in Egypt, Expanding Regional Footprint
Feb 21 2023 // Global claims services provider McLarens has established a strategic alliance with Egypt Global Adjusters (EGA), a leading Egyptian loss adjusting firm, headquartered in Cairo. Operating as McLarens’ exclusive...
Allstate’s Plan to Return to Profit in Auto
Feb 20 2023 // Following a year of turbulence in its auto insurance business, Allstate Corp. outlined what CEO Tom Wilson called the company’s number one priority: improve margins. Allstate ended 2022 with an unprofitable 110.1...
