PartnerRe Ltd. has reported its financial results for the full-year and fourth quarter of 2011, including a quarterly net loss of $17.6m, equating to $0.49 per share. This compares to a net profit of $57m, ($0.65 per share), in the corresponding period last year and the $180.1m it made in Q3 2011. The firm also [...]
Markel Corporation has reported its full-year financial results for 2011, including diluted net income per share of $14.60. This is just over half the $27.27 the firm made in 2010, but gross written premiums increased from $709m to $825m. Chairman and Chief Executive Officer Alan I. Kirshner said that the firm’s results were affected by [...]
Munich Re has released its preliminary financial figures for 2011, including annual profits of €0.71bn. This is significantly less than the €2.43bn of 2010, but this is largely due to the record catastrophe losses the insurance industry suffered (US$380bn in 2011 compared to US$220bn during the previous worst year, 2005). Profit in the fourth quarter [...]
The Chubb Corporation has reported its financial results for the fourth quarter of 2011, including net income of $452m, equating to $1.60 per share. This is around two-thirds the $620m ($2.02 per share) the firm made in the corresponding period last year, but is significantly greater than the Q3 2011 net income of $298m. Operating [...]
AEGON is proposing to raise at least $500 million with an offering of 8% non-cumulative subordinated notes, due 2042. As part of the offering, the Dutch insurer has granted the underwriters a 30-day option to purchase up to $75 million of notes to cover over-allotments, raising gross proceeds to $575 million, should this option be [...]
The Financial Reporting Council (FRC) has published an update for directors of listed companies in the UK aimed at helping them respond to increased country and currency risk as they prepare forthcoming annual and half-yearly reports. The watchdog says it is responding to the economic uncertainties facing a number of countries around the world. The [...]
Aviva is reported to be considering selling some of its UK pension assets in efforts to boost its capital position. According to The Sunday Telegraph, the insurer could auction off part of its back-book of annuities to consolidators such as Pension Corporation and Rothesay Life. Last month, the insurer bolstered its capital position with a [...]
Allianz UK has reported its financial results for the first nine months of the year, including a rise in gross written premiums of 10.2% to £1374.7m. The operating profit in the 9M period rose by 3.8% to £123.6m, and the firm’s Combined Ratio was 95.8% at the end of Q3. The Commercial Division saw gross [...]
Aviva is bolstering its capital position with a public offering of $400 million of 8.25% Capital Securities (notes) in the US market. The notes pay interest quarterly and have a maturity of 1st December 2041. Merrill Lynch, Pierce, Fenner & Smith, Morgan Stanley and Wells Fargo Securities are joint book-runners. In September, Aviva completed the [...]
Zurich Financial Services Group has reported its financial results for the first nine months and third quarter of 2011. In the first nine months of the year Zurich made a business operating profit of US$3.3bn, with a net income of $3.2bn. This is a slightly lower business operating profit than that made in 9M 2010, [...]
Insurers are being alerted to the amount of work needed to comply with Solvency II reporting requirements. According to PricewaterhouseCoopers (PwC), for many insurers, reporting has tended to take a back seat to capital evaluation and risk management under the Solvency II directive, due to the uncertainty around reporting requirements. However, EIOPA’s recently launched proposals [...]
AEGON recorded a sharp drop in new life sales in the third quarter of 2011, compared to a year earlier. At €405 million, sales were down 18% due to product repricing, as the Dutch insurer continued to focus on margins. Accident & health sales increase 5% year-on-year, to €153 million, with growth mainly driven by [...]
Ageas UK has reported its financial results for the third quarter of 2011, including pre-tax profits of £78.3m. This is more than quadruple the £16.6m the firm made in the corresponding period last year, and follows a similarly improved biannual result. Total income rose by 88.6% to £1,358.2m, with gross written premiums up 88.5% to [...]
Munich Re has released its financial results for the first nine months of 2011, including net profits of €80m, hugely down on the €1,955m of the corresponding period last year. However, the firm’s 9M result does take into account a €3.6bn claims burden relating to the major natural catastrophes that occurred earlier in the year. [...]
Hiscox saw gross written premium fall 3% year-on-year, to £1.96 billion, in the nine months to the end of September, as the group continued to “walk away” from poorly rated risks. At its London Market business premium income declined 3.2%, to £475.3 million, and the re/insurer says it plans to increase Syndicate 33 2012 capacity [...]
American International Group, Inc. (AIG) has reported its third quarter results, including a net loss of $4.1bn. This is much worse than the $1.8bn net income of Q2 2011 and the $2.5bn net loss of Q3 2010. The firm has indicated that its third quarter results were adversely affected by a number of macroeconomic factors, [...]
The Navigators Group, Inc. has reported that it made a net income of $13.9m, equating to $0.92 per diluted share, in the third quarter of 2011. This is slightly down on the $16.2m ($1 per diluted share) the firm achieved in the corresponding period last year, but is up on the $9.5m, equating to $0.6 [...]
Lancashire Holdings Limited has reported its financial results for the third quarter and first nine months of 2011. Net profits in the third quarter declined from $106m to $75.7m, year-on-year, and was also down from the $88.9m made in Q2 2011. Quarterly gross written premiums increased from $135m to $142.9m, with net premiums down, year-on-year, [...]
Swiss Re has reported its financial results for the third quarter of 2011, during which it made a net income of US$1.3bn. This is more than double the US$618m the firm made in the corresponding period last year, and is also a substantial improvement on the US$960m net income of Q2 2011. The fourth quarter [...]
