The pain for home- and auto-insurance customers is quickly becoming investors’ gain. Insurance giants’ shares and profits are hitting records, thanks in part to steep rate hikes.
Tag: insurer profits
Facing Big Storm Losses, Insurers Aim to Boost Rates
A wave of severe storms that brought hail and high winds to places such as Texas and a string of states in the central U.S. in recent months is wreaking havoc on insurers’ profits.
Travelers Profit Falls 20% on Hurricane Ida, Auto Claims
Property-casualty insurer Travelers Cos. posted a 20% decline in net income in the third quarter, weighed down by storm damage and car-wreck related claims. Travelers is among the largest issuers of insurance to U.S. businesses, and it sells car and home insurance to individuals and families. Analysts’ estimates of Hurricane Ida’s late summer industrywide damage… Continue reading Travelers Profit Falls 20% on Hurricane Ida, Auto Claims
Allstate’s Q1 Revenue Drops 8.3%
Allstate Corp.’s profit fell in the first quarter as revenue declined, and the insurer also logged $210 million in costs for its Shelter-in-Place Payback program that it adopted because of the COVID-19 pandemic. Allstate’s profit was $549 million, or $1.59 a share, down from $1.29 billion, or $3.74 a share, a year ago. First-quarter adjusted… Continue reading Allstate’s Q1 Revenue Drops 8.3%
AXA Reports Lower 2018 Net Profit after IPO Costs and Natural Disasters
Net profits at AXA, Europe’s second biggest insurer, fell sharply as a result of charges related to its U.S. unit’s initial public offering (IPO) and a spate of natural disasters, although AXA hoped for higher earnings this year. Its 2018 Net profit fell 66 percent from a year earlier to 2.14 billion euros ($2.42 billion),… Continue reading AXA Reports Lower 2018 Net Profit after IPO Costs and Natural Disasters