Category: Financial Reports

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ICBC reports Q2 results, asks for basic rate reduction

ICBC reported its financial results for the first six months of 2010 with net income for the first half of the year at $232 million, down from $277 million for the same period in 2009. “Our customers’ smart driving has made a major contribution to our financial results and we have asked for permission to [...]

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EGI Financial reports Q2 net income of $1.9 million, down from $4.8 million

EGI Financial Holdings Inc. announced its results for the three and six-months ended June 30, 2010. Q2 Financial Highlights include: -   Net income of $1.9 million, compared to $4.8 million in the second quarter of 2009 -   Net income per fully diluted share of $0.15, compared to $0.38 in the second quarter of 2009 -   [...]

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Western Financial Group announces Q2 results

Western Financial Group announced its second quarter 2010 financial numbers which show net income increased by 37%, with Earnings Per Share up by 13% over the same period in 2009. All Business Units showed positive results year over year, with Bank West reporting its second profitable quarter in a row and record profits for the [...]

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Kingsway Financial halves second quarter losses to US$18.5 million

Kingsway Financial Services Inc. has managed to halve its second-quarter losses to US$18.5 million. The Toronto-area company, which reports in U.S. currency, said the loss amounted to or 36 cents per share. That compares to a deeper $38.4 million loss, or 70 cents per share, a year ago. Kingsway has spent the past year tightening [...]

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CI Financial reports second quarter earnings rise to $89M from $52.9M

CI Financial Corp., Canada’s third-largest investment funds company, reports its second-quarter profits rose to $89 million from $52.9 million as the company generated higher revenues and cut operating costs. Average assets under management increased to $63.5 billion from $53.7 billion last year, but retail assets were down from the first quarter, the Toronto wealth manager [...]

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Insurer Zurich Financial reports 5% drop in Q2 net profit to $707M

Swiss insurer Zurich Financial Services Group reported a 51 per cent drop in the second-quarter net profits to $707 million as earnings were hit by payouts for weather-related losses and the earthquake in Chile. This compares with a profit of $1.43 billion during the same period last year. The Zurich-based company says investment income fell [...]

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Berkshire Hathaway says Q2 profit down 40% on derivative losses

Warren Buffett’s company reported a 40 per cent drop in second-quarter profit because the improvement at Berkshire Hathaway Inc.’s operating companies couldn’t overcome US$1.4 billion in paper losses on derivative contracts. Berkshire’s strong performances from its railroad, insurance and manufacturing businesses was overshadowed by the plummeting value of the Omaha company’s derivatives – many of [...]

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Insurance company Swiss Re reports a Q2 net profit of $812M

Swiss Re Insurance Co. has reported a net profit of US$812 million for the second quarter despite payouts for two large-scale disasters. The company recorded a net loss of $342 million during the same period last year. Swiss Re says earnings per share were 2.56 Swiss francs compared to a loss per share of 1.13 [...]

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SCOR’s Q2 performance drives H1 2010 net income to EUR 156 million

French reinsurer SCOR says that thanks to a second quarter which illustrated the Group’s capacity to deliver a high level of recurring profitability with a net income of EUR 120 million (CAD$163 million) compared to EUR 91 million in the second quarter 2009 (i.e. +32%), it has recorded a net half-year income of EUR 156 million, compared [...]

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Lloyds Banking Group H1 net profit down 92%

Part-nationalized Lloyds Banking Group PLC reported that first-half net profit fell 92 per cent from a year ago, when it booked a big one-off gain, but revenue grew and bad loans were almost halved from a year ago. Lloyds, formed last year when Lloyds TSB took over Halifax/Bank of Scotland, said net profit was 596 [...]

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AIG posts Q2 loss of $538M on restructuring charges

The insurance giant AIG reported a US$538 million loss in the second quarter due to charges related to selling assets to repay the federal government bailout. Its adjusted results excluding the charges beat Wall Street expectations, and its shares rose almost three per cent in pre-market trading. Its insurance business showed improvement. American International Group [...]

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Standard Life reports Q2 premiums and deposits grew by 13%

Standard Life Financial Inc. reported in the quarter ended June 30, 2010, premiums and deposits grew 13% to $1.2 billion, underpinned by successful sales in its core markets. Net income amounted to $23.8 million, increasing year-to-date profit to $77.9 million (2009: $64.9 million). Standard Life Financial is the Canadian subsidiary of the UK-based long-term savings [...]

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Munich Re says Q2 profit up 3.5% despite Gulf spill impact

Strong gains on investments helped Munich Re AG’s second-quarter profit rise 3.5 per cent despite the impact of the oil spill in the Gulf of Mexico, the reinsurer said. Net earnings for the April-June quarter were up to euro709 million ($937 million) from euro685 million a year earlier, defying analysts’ expectations of a drop. Its [...]

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Sun Life Financial reports Q2 earnings fall to $2134M from $591M

Sun Life Financial Inc., Canada’s third largest insurance company, reported its net profits fell sharply in the second quarter as volatile stock markets and a big loss in its U.S. operations squeezed the company’s business. The Toronto financial services giant reported late Wednesday it earned $213 million or 37 cents a share for the three [...]

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Willis Group reports second quarter 2010 results

Willis Group Holdings plc reported results for the quarter and six months ended June 30, 2010. “Our second quarter results continue to reflect the strength of our geographic diversity and our relentless focus on building the business,” said Joe Plumeri, Chairman and Chief Executive Officer, Willis Group Holdings, in a statement. “Organic growth in commissions [...]

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