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 [...]
Marsh & McLennan Companies, Inc. (MMC) has reported its financial results for the third quarter, including income from continuing operations of $133m, equating to $0.23 per share. This is very slightly better than the $128m ($0.22 per share) the firm managed in Q3 2010. Quarterly net income was $130m ($0.24 per share), down from $168m [...]
XL Group plc has reported its financial results for the third quarter of 2011, including operating net income of $88.8m, equating to $0.28 per share. The firm also reported net income attributable to ordinary shareholders of $42.4m ($0.14 per share), significantly down on the $77.5m ($0.23 per share) the firm made in the corresponding period [...]
PartnerRe Ltd. has reported its financial results for the third quarter and first nine months of 2011, including quarterly net income of $180.1m, equating to $2.43 per share on a fully diluted basis. This is just over a third of the $524.9m ($6.76 per share) the firm made in the corresponding period last year, but [...]
Validus Holdings, Ltd. has reported net income of $56.5m, equating to $0.54 per diluted common share, in the third quarter of 2011. This is less than a quarter of the $238.5m ($2.08 per diluted common share) the firm made in the corresponding period last year, and around half the $109.9m ($1.05 per diluted common share) [...]
Aspen Insurance Holdings Limited has reported that it made a net income of $22.2m ($0.23 per diluted share) in the third quarter of 2011. This included net losses of $55m related to natural catastrophe events and increased estimates of losses due to severe weather in the US. The quarterly net income is less than a [...]
Allianz SE has confirmed that it wrote down its holdings in Greek sovereign bonds in the second quarter of 2011, to an average nominal amount of 54%. In the current situation, the group does not expect recent EU decisions to have any further impact in the fourth quarter, although this does depend on whether the [...]
Specialty insurance and insurance-related products and services provider Assurant, Inc. has reported its financial results for the third quarter ended 30 September 2011. Quarterly net operating income fell sharply, dropping by 45% to $75.6m, equating to $0.79 per diluted share, from $137.7m ($1.27 per diluted share) in the corresponding period last year. The lower quarterly [...]
Zurich has announced the successful placement of CHF 425 million of senior debt with retail and institutional investors in the Swiss Franc domestic market. The seven-year senior notes, maturing in 2018, will be issued by Zurich Insurance Company Ltd under its “Euro Medium Term Note Programme”. The coupon has been set at 2.375%. The spread [...]
Willis Group Holdings plc has reported its financial results for the third quarter and first nine months of 2011. Willis reported quarterly net income of $60m, equating to $0.34 per diluted share, slightly down on the $64m ($0.37 per diluted share) it achieved in the same period last year. The quarterly result was affected by [...]
The UK’s “big four” auditors face an inquiry, following a decision by the Office of Fair Trading (OFT) to refer the UK’s market for statutory audit services to the Competition Commission (CC). The watchdog says it has been concerned for some time that the market is highly concentrated, with low levels of switching and barriers [...]
The Chubb Corporation has reported that in the third quarter it made net income of $298m, just over half the $572m it made in the corresponding period last year and significantly less than the $419m.of Q2 2011. Similarly, net income per share fell, year-on-year, from $1.80 to $1.04. Quarterly operating income more than halved, declining [...]
The BGL Group has reported its financial results for the year from July 2010 to June 2011. Group Chief Executive Peter Winslow described the year as seeing a strong performance, including increased profits and contract extensions. Pre-tax profits increased, year-on-year by 16%, to £72m, up from £62m in the previous year. The firm also added [...]
With the pace of growth in UK financial services continuing to slow in the three months to September, the latest survey from the Confederation of British Industry (CBI) and PricewaterhouseCoopers (PwC) has the following to say about the insurance industry: Life insurance volumes increased for the seventh consecutive quarter, although the level of business was [...]
Ai Claims Solutions plc has reported its preliminary financial results for the year ending 30 June 2011. Revenue rose by more than a quarter (28%) from £92m to a record high of £118m, with pre-tax profits rising from £2.6m to to £3.7m. Annual adjusted profits also increased, up by 40% from £2.7m last year to [...]
The Association of British Insurers (ABI) is about to take up the cause of gender equality in the board room and wants firms to have clearer strategies for evaluating directors and recruiting key executives, The Financial Times reports. With ABI members among the leading investors in the FTSE 100, the move would follow calls for [...]
In a new report, KPMG is predicting a spate of consolidation in the London insurance market, following record losses in the catastrophe market for 2011 so far. Yesterday, Lloyd’s reported a £679 million first-half loss while saying it remained “well positioned” to handle the difficulties facing the industry. Whilst broadly in agreement, KPMG’s General Insurance [...]
Lloyd’s says it remains well positioned to handle the difficulties facing the insurance industry, despite posting a loss of £697 million for the six months to the end of June. Squaring up to what could be the second most expensive year on record for insurers, Lloyd’s chief executive, Richard Ward, says the first-half 2011 loss [...]
Reinsurers and investors are not capitalising on the potential attractiveness of the sector, according to PricewaterhouseCoopers (PwC), with the issue compounded by a lack of confidence in reinsurers’ business models and little distinction within the sector. In a new report, the accountancy firm suggests companies need to move away from the diversified business model to [...]
Firms that have been burying the extent of their strategic and operational risks deep in company reports, or have missed them out altogether, have come to the attention of the Financial Reporting Council (FRC). The Council, which promotes investment by ensuring high-quality corporate governance and reporting, wants strategic risk to take its proper place in [...]
