Full-year net income for U.S. property/casualty insurers increased slightly to $61.9 billion from $60.3 billion in 2020, but the industry turned in a $3.8 billion underwriting loss in 2021. The P/C industry posted a $5.2 billion underwriting gain in 2020 …
First quarter 2022 insurance premiums earned grew 6.5% to about $11 billion at Allstate Corp., as net income was $630 million compared with a loss of about $1.4 billion during the first three months of 2021. CEO Tom Wilson said …
First quarter underwriting profit soared as AIG reported net income of $4.25 billion compared with $3.87 billion during the 2021 first quarter. Underwriting income in AIG’s General Insurance unit was $446 million during the first three months of 2022, compared …
Much attention was paid to ESG (environmental, social, and governance) issues and the Russian invasion of Ukraine as Marsh McLennan reported the highest first-quarter underlying growth in more than 20 years. First quarter net income attributable to the company was …
Property and casualty insurer Travelers Companies Inc. reported a 48% jump in quarterly profit that beat analysts’ estimates on Tuesday, as lower catastrophe-related claims cushioned a hit from investment losses. The company’s core income rose to $1.04 billion, or $4.22 …
For the second time this month, a personal auto insurance giant devoted an investor conference to the topic of rate hikes, with Allstate executives also assuring listeners the carrier has various other tools to return to profitability. “Looking back to …
While he didn’t say that distribution of Root Insurance products through independent agents was off the table in 2022, the insurtech’s chief executive officer did say during a recent earnings call that the company is now laser-focused on embedded insurance. …
AM Best announced March 1 that the rating agency won’t change the A- (Excellent) financial strength ratings for the operating subsidiaries of James River Group Holdings, Ltd., a day after the insurer announced a fourth-quarter loss $66.2 million. The bottom-line …
With unfavorable development and product mix changes propelling fourth-quarter and full-year loss 2021 ratios into the 90s—up 20 points over comparable 2020 periods—Lemonade guided shareholders that results will get worse in 2022. “2022 is expected to be our year of …
An increase in capital gains on investments is largely credited with lifting the after-tax net income of private U.S. property/casualty insurers to $42.1 billion over nine months in 2021 compared to $35.2 billion during the same period the prior year, …
