In Canada, premiums of CAD $456 million were up by 26% (23% at constant exchange) driven by rate increases, strong retention and the acquisition of GCAN
Great-West Lifeco Inc. said it expects to take a $75 million after-tax hit in the first quarter, due largely to the magnitude 9.0 earthquake and resulting tsunami in Japan. “The financial impact is essentially related to claims on property catastrophe retrocession coverage sold to property and casualty reinsurers by London Reinsurance Group Inc., an indirect subsidiary of [...]
Irish budget airline Ryanair reported a 24 per cent drop in first-quarter net profit, citing C50 million (US$65 million) in lost business from the Icelandic volcano as well as a rising fuel bill – but the carrier says it remains poised to keep expanding. Net profit for the April-June quarter fell to C93.7 million ($121.8 [...]
Fuelled by reduced claims costs, Manitoba Public Insurance reported net income of $102.9 million for the first quarter of 2010. For the three months ended May 31, 2010, earned revenues increased by $5.2 million over the same period last year, as the number and value of vehicles insured increased. Net income from operations increased from [...]
ICBC reported its financial results for the first three months of 2010, with its investment income showing good returns on the back of a strengthening economy, and a positive claims picture developing as a result of both good weather and the 2010 Winter Games. ICBC’s net income for the first quarter of 2010 was $155 [...]
Billionaire Warren Buffett’s firm says it cut its holdings in a dozen companies in the first quarter, including slashing its stake in Kraft Foods Inc., as it finished raising cash for its US$26.7-billion acquisition of the Burlington Northern Santa Fe railroad. The sale of more than 30 million Kraft shares came after Buffett criticized the [...]
Pet insurance and tracking company Pethealth Inc. has cited the appreciation of the Canadian dollar as a major reason for a decline in first-quarter earnings. The Oakville, Ont.,-based company said it earned $528,000 or less than a penny a share in the quarter ended March 31, down from a net profit of $902,000 or a [...]
Western Financial Group announced today its operating and financial results for the three months ended March 31, 2010. The company more than doubled its first-quarter earnings compared with a year earlier as revenue rose 60 per cent. "We are pleased to report early success in achieving our goal for a strong 2010 financial result," said [...]
Financial co-operative Desjardins Group reported that its surplus before member dividends surged 225.6 per cent to $381 million in the first quarter. The profits for the period ended March 31 compared to $117 million in 2009. Chief executive Monique Leroux said 2010 was off to a strong start with Desjardins posting gains in several areas. [...]
A slimmed-down Kingsway Financial Services Inc. returned to profitability in the first quarter, although the insurance company’s revenue dropped dramatically from the same time last year. The Toronto-area company, which reports in U.S. currency, had $24.1 million or 46 cents per share of net income in the first quarter with $83.4 million of revenue from [...]
Crawford & Company has announced its financial results for the first quarter ended March 31, 2010. Consolidated Results First quarter 2010 consolidated revenues before reimbursements totaled $236.3 million compared to $236.1 million in the 2009 first quarter. First quarter 2010 net income attributable to Crawford & Company was $3.1 million, unchanged compared to net income [...]
MCAN Mortgage Corp. said its profits dropped by 25 per cent to $4.8 million in the first quarter, primarily due to lower mortgage interest and fee income. The Toronto-based company earned 33 cents per share for the period ended March 31, down from 45 cents in the year-earlier quarter when net earnings were $6.4 million. [...]
German insurer Allianz SE said it had nearly quadrupled profits in the first quarter of 2010 thanks to growth in its life and health insurance and asset management segments as well as one-off gains. The Munich company reported net income rose to euro1.6 billion (US$2.03 billion) in the first quarter from euro424 million during [...]
Berkshire Hathaway says it benefited from an improving economy and investment gains related to its acquisition of BNSF railroad in the first quarter as it rebounded from last year’s loss to deliver $3.6 billion in net income. Berkshire said it earned $2,272 per class A share during the quarter. That’s after last year’s loss of [...]
AIG, the insurance giant bailed out by the U.S. government, reported net income of $1.45 billion for the first quarter as its struggling insurance business showed signs of improvement. The company also said that recovering credit markets and ongoing efforts to streamline its operations contributed to improved performance. American International Group Inc., which received more [...]
Returned strength in equity markets helped insurance and wealth management giant Manulife Financial Corp. post a first-quarter profit of $1.15 billion, reversing a year-earlier loss of $1.07 billion. Canada’s largest insurance company said its earnings amounted to 64 cents per share, compared with a loss of 67 cents per share a year ago Total revenue [...]
Intact Financial earned $119.7 million in the first quarter on a stronger operating performance and equity investments, reversing last year’s $36.3 million loss. The Toronto-based insurance company earned $1.01 per share for the period ended March 31, compared to a 30-cent loss in the same period in 2009. Direct premiums written (excluding pools) increased 5.2 [...]
