Reinsurance 2007 – A victim of success?
If the reinsurance industry were a game of golf, one would say that after three rounds — the two halves of 2006 and the first half of 2007 — it tops the leader board. But as any golf buff knows …
QBE H1 Net up 56% to $740 Million
Australia’s QBE Insurance Group reported a hefty 56 percent increase in after tax net profit for the half year to June 30, 2007 to a record A$921 million (US$740 million), compared to A$591 million (US$475 million) in H1 2006. “The …
Zurich H1 Net up 33% to $2.684 Billion
Zurich Financial Services Group turned in a strong first half performance with net income rising 33.3 percent to $2.684 billion. Return on common shareholders equity (ROE) rose to 22.3 percent, while business operating profit (BOP) increased by 12 percent to …
Ratings Roundup: Dongbu (Hawaii); SPARTA; Benicorp
Standard & Poor’s Ratings Services has assigned its ‘BBB+’ insurer financial strength rating to Dongbu Insurance Co. Ltd. (Hawaii Branch) with a stable outlook. “The rating reflects Dongbu Insurance’s good competitive position in Korea, strong capitalization, and solid operating performance,” …
Validus Posts Q2 Net of $70.8 Million
Bermuda’s Validus Holdings Limited reported net income for the quarter ended June 30, 2007 of $70.8 million, or $1.17 per diluted common share, compared with $29.7 million, or $0.51 per diluted common share, for the quarter ended June 30, 2006. …
AXA 1H Net up 16% to $4.37 Billion
France’s AXA Group reported significant earnings increases in all of its business sectors for the first half of 2007, led by a net income gain of 16 percent to €3.2 billion ($4.372 billion). The growth figures, however, are decreased somewhat …
Aviva’s First Half Global Sales up 25% to $38.8 Billion
Aviva, the UK’s largest insurer, also reported some of the largest growth figures for the first half of 2007, with “worldwide sales” up 25 percent to £19.294 billion ($38.816 billion). Other earnings higlights included: — Life EEV operating profit up …
Insurance Helps Wis. Manufacturer Falk Reopen After Deadly Blast
Falk Corp.’s parent company said the mining equipment maker will return by September to production levels it reached before the December blast that killed three workers. Milwaukee-based Rexnord Corp. made the comments in announcing its quarterly earnings. The blast at …
AIG Reassures Investors About Subprime Mortgage Loan Exposure
Insurance giant American International Group last week told investors the housing market would have to spiral to Depression-era levels before it would be harmed by its exposure to the residential mortgage market. The world’s largest insurer has exposure to subprime …
AEGON Q2 Net Drops on Credit Woes; Plans $1.37 Billion Share Buyback
AEGON N.V.’s operating earnings for the second quarter of 2007 improved by 22 percent over the same period of 2006 to €570 million ($780 million), while net underlying operating earnings rose 9 percent, on pro forma basis, to €532 million …
