Travelers Cos. said that costs of insuring against the damage caused by the Chilean earthquake and winter storms in the eastern United States led to a two per cent decline in its first-quarter profit. Those catastrophes were “unusually significant” during the first three months for Travelers as well as for the entire industry, the company [...]
Moody’s Corporation announced results for the first quarter 2010, with revenue of $476.6 million for the three months ended March 31, 2010, an increase of 17% from $408.9 million for the first quarter of 2009. Operating income for the quarter was $196.8 million, a 32% increase from $148.9 million for the same period last year. [...]
B.C. credit unions collectively earned a record $294 million before dividends and taxes last year, topping the previous high mark of $277 million set in 2008 by 6.2 per cent. Earnings growth resulted from improved operating efficiency, lower loan loss expense and higher income from subsidiaries. Total assets increased by 6.5 per cent to $48.4 [...]
The Co-operators announced net income for the co-operatively-owned group of companies of $55 million for 2009, a decrease of 25 per cent from $73 million the previous year. Amid challenges including the economic downturn and a very costly year for property claims related to storms across Canada, The Co-operators maintained its financial strength and made [...]
ICBC has reported its 2009 year-end financial results, with a net income of $563 million, up from $497 million for 2008. Its investment portfolio made a strong contribution, with returns rising to $532 million in 2009 from $280 million in 2008. ICBC says this is reflective of a well-managed and diversified portfolio. Claims and related [...]
Lloyd’s announced a profit of £3,868 million ($6,227m) for 2009. The specialty insurer said that these are record results during challenging economic conditions and confirmed that its balance sheet remains strong and there’s a continued focus on underwriting discipline in 2010. Financial highlights: • profit before tax of £3,868m ($6,227m) (2008: £1,899m); • combined ratio [...]
Swiss insurer Zurich Financial on Thursday revised its annual net profit upward by US$747 million, citing accounting changes related to hedging in the U.S. life insurance market. The company, which has operations around the world, including Canada, put its new net profit for 2009 at $3.98 billion. Reported annual earnings per share rose to 29.87 [...]
Power Financial Corp., whose subsidiaries include Great-West Lifeco Inc. and IGM Financial Inc., reported a big improvement in fourth-quarter earnings despite an overall decline in revenue. The Montreal-based holding company said net profits were $340 million or 45 cents a share for the three months ended Dec. 31. That compared with a net loss of [...]
Pethealth Inc. reported robust fourth-quarter and full-year earnings results. The medical insurance provider for pets said it earned $515,003 or 1.8 cents a share in the three-months ended Dec. 31. That reversed a loss of $479,816 or 1.7 cents a share in the same quarter the year before. Revenue for the quarter was $8.9 million, [...]
View the video here on your mobile device. Canada’s five biggest banks saw their profits soar in the first quarter of 2010, compared to a year before when the recession battered away at earnings. The banks earned a combined $5.09 billion in the three months ended January 31, compared to $2.97 billion in 2009. Scotiabank [...]
Bank of Nova Scotia wrapped up the Canadian banking industry’s first-quarter earnings season with a $988-million profit that was up 17 per cent from a year earlier and ahead of analyst estimates. Scotiabank says its profit for the three-month period was the equivalent of 91 cents per diluted share or 93 cents on a cash [...]
Standard Life Financial, a Canadian financial services company that’s part of the Scottish-based Standard Life plc group, reports its net profits for 2009 rose to $109 million from just $3 million the previous year. “In Canada, Standard Life has delivered a strong performance in 2009, despite the uncertain market conditions,” president Joseph Iannicelli said in [...]
CIBC opened the first-quarter earnings with big increases in revenue and profit compared with last year. The Toronto-based bank, which held its annual meeting in Montreal, reported that profit for the quarter ended January 31 was $652 million. A large chunk of the earnings for the quarter came from CIBC’s Canadian consumer banking division. Earnings [...]
Toronto-Dominion Bank continued a string of big-profit announcements from Canada’s largest banks, posting first-quarter results that handily blew away analyst estimates for both earnings and revenue. The bank’s net income rose to $1.3 billion in the quarter, essentially doubling the $653 million it earned a year earlier, helped by record earnings from its domestic banking [...]
Bank of Montreal reported a $657-million profit in its latest financial quarter as revenue increased by 24 per cent from a year earlier, soundly beating analysts’ expectations. BMO’s revenue in the three months ended Jan. 31 increased by $583 million from the comparable period a year before, rising to $3.02 billion on strong results from [...]
Royal Bank of Canada says its profit in the latest quarter was nearly $1.5 billion, an increase of 35 per cent from a year before as most of its businesses had strong results. RBC earned $1 per share, up 22 cents from a year earlier when Canada’s largest bank had overall net income of $1.1 [...]
View the video here on your mobile device. Fannie Mae needs another $15 billion in federal assistance, bringing its total to more than $75 billion. And worse, the mortgage finance company warned its losses will continue this year. The rescue of Fannie Mae and sister company Freddie Mac is turning out to be one of [...]
View the video here on your mobile device. German insurer Allianz SE made 1.1 billion euros – about $1.5 billion – in the fourth quarter, bouncing back from a loss of more than 3 billion euros a year ago thanks in part to improvements in capital markets. Revenue was 11 per cent higher to 26 [...]
View the video here on your mobile device. AIG said it lost $8.87 billion in the fourth quarter as its general insurance business remained weak and it ran up expenses from paying back government loans. The troubled insurer also said in an annual regulatory filing that it may need additional support from the government. However, [...]
