DIRS.INFO The most relevant business & tech news

☆ Banco BPM wants to squeeze more long-term value from retailers' payment business
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 4 (Reuters) - Italy's third-largest bank Banco BPM (BAMI.MI) is keen to generate greater value longer-term from its retailers' payment business as it explores strategic options for the unit, its chief executive said on Saturday. Speaking to reporters on the sidelines of the Assiom-Forex conference in Milan, Chief Executive Giuseppe Castagna said Banco BPM was considering ways to boost profitability at its business that provides payment services to shopkeepers. "What we certainly won't do is be selling future P&L (profit and loss) inflows to get cash upfront," Castagna said. "Like with our other businesses, we're looking for ... a model that creates more value for the bank," Castagna said without elaborating. Banco BPM recently agreed to sell a majority stake in its non-life insurance business to Credit Agricole (CAGR.PA), its single biggest investor with whom it already partnered in consumer credit.

☆ Humana profit beats estimates on strength in govt-backed insurance
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

Companies Humana Inc FollowFeb 1 (Reuters) - Humana Inc (HUM.N) beat Wall Street estimates for quarterly profit on Wednesday on strength in its government-backed insurance business for older adults. This was, however, higher than analysts' expectations of 87.20%. Excluding one-off items, the health insurer reported a profit of $1.62 per share, higher than analysts' average estimate of $1.46 per share. The company forecast adjusted profit of at least $28 per share for 2023, in line with analysts' expectations. Reporting by Leroy Leo and Khushi Mandowara in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ China's EV giant BYD in talks to acquire insurer Yi'an
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] The BYD Atto 3 EV car is displayed at the 39 Thailand International Motor Expo, in Bangkok, Thailand, November 30, 2022. REUTERS/Athit Perawongmetha/FilesSHANGHAI, Jan 31 (Reuters) - Chinese electric vehicle (EV) giant BYD said on Tuesday it is working on a potential acquisition of Yi'an P&C Insurance Co, an insurer that was seized by Chinese regulators two years ago as part of a crackdown on financial conglomerates. Chinese business publication Caixin reported earlier this month, citing unnamed sources, that BYD would fully take over the insurer and would use it to start an insurance business targeting electric vehicles. Yi'an P&C Insurance was among nine firms Chinese regulators seized from the Tomorrow Holdings conglomerate in July 2020. China banking and insurance regulator said last year it had agreed to allow Yi'an P&C Insurance to enter bankruptcy and reorganisation procedures.

☆ Health insurer Elevance's strategy is coming into focus as it goes head-to-head with giants UnitedHealth and CVS
▼ + stars: | 2023-01-25 | by ( ) www.businessinsider.com time to read: +4 min

Elevance Health, the major US health insurer formerly called Anthem, said Monday that it plans to acquire Blue Cross and Blue Shield of Louisiana in a rare merger between two Blue-affiliated health insurers. It's possible that if the merger goes through, the Louisiana Blue could flip to using Elevance's PBM. While competitors like UnitedHealth, CVS, and Humana are pushing deeper into delivering primary care, Elevance has focused on owning businesses that serve people with serious and chronic illnesses. Carelon's strategy has been to sell its services to both Elevance's own health plans and other Blue-affiliated insurers. Carelon brought in almost $41 billion in revenue in 2022, and 60% of that came from Elevance's own health plans, Boudreaux said Wednesday.

☆ Foundation empties coffers to fund Black paper in Baltimore
▼ + stars: | 2023-01-19 | by ( The Associated Press | ) www.nbcnews.com time to read: +8 min

She and Brandon Soderberg, a former Baltimore City paper editor, had tried to launch a new paper, the Baltimore Beat, but the publishing company that supported it pulled the plug. Decades ago, the Holofceners left Baltimore for the suburbs, like thousands of other white families, leaving the city with a depleted tax base. The large grant is an attempt to counter the idea that “any giving is good giving,” Holofcener says. “There’s a real opportunity for us to engage.”The problem was that none of the cousins actually had any say over how the family foundation doled out money. Instead, the pause gave the paper and the family time to thoroughly nail down their plans.

☆ UBS says some stocks have upside to Q4 earnings as reports ramp up
▼ + stars: | 2023-01-19 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Though UBS has warned stocks in the S & P 500 are poised for a tough earnings season, it still sees some that could positively surprise Wall Street. To get more granular, Parker expects 14 of 20 industries to see fourth-quarter earnings decline on a year-over-year basis. Despite the pessimistic sentiment for the broader market, Parker found 32 stocks that the firm thinks could have positive earnings surprises. Mastercard, which shed just over 3% in 2022 but has gained more than 5% since the start of the new year, reports earnings Jan. 26. Visa, which is also up just over 5% this year after shedding 4% in 2022, reports a day later.

☆ Market environment was one of the worst imaginable in 2022, insurer Allianz says
▼ + stars: | 2023-01-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

The chief executive of Allianz on Tuesday said that the German insurer proved to be "very resilient" through what he described as one of the worst market environments imaginable in 2022. Bäte said that 2022 saw Allianz post record customer satisfaction levels and claimed its employee satisfaction was "beating almost every company in the world." Asked how difficult it is for the company to invest, Bäte replied, "2022 was one of the worst, in terms of environment, that you can imagine. "We are now benefitting tremendously from rates rising in the insurance business … but it has not been priced yet. It is recently that people have come to understand that the higher rates are really, really good for us as a life insurer," Bäte said.

☆ Allianz CEO says company ‘benefitting tremendously’ from rising rates in the insurance business
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAllianz CEO says company ‘benefitting tremendously’ from rising rates in the insurance businessOliver Bäte, CEO of insurance and asset management giant Allianz, reflects on what he describes as one of the worst imaginable market environments last year, but says the company is “benefitting tremendously” from rising rates in the insurance business.

☆ Health insurance upstarts that grew fast while bleeding money now say they want to turn a profit. They're raising premiums, exiting markets, and leveraging their size to get there.
▼ + stars: | 2023-01-13 | by ( ) www.businessinsider.com time to read: +6 min

Newly public health insurers Bright, Clover, and Oscar historically have prioritized fast growth. Now that it's become harder to raise capital from investors, the insurers Bright Health, Clover Health, and Oscar Health have shifted their strategies toward making money. Bright Health, in particular, was forced to take extreme measures that will see it cover members in just one state this year, after serving people in 17 states in 2022. Here's what Bright, Clover, and Oscar said they're doing to reach a profit, from raising the premiums of their health plans to exiting the markets they once bet big on. Clover slashed its participation in a federal programClover Health CEO Andrew Toy Clover HealthClover also slashed its footprint in a major program to bring down costs.

☆ Oscar Health CEO Mario Schlosser shares how the health-insurance upstart plans to finally turn a profit after years of losses
▼ + stars: | 2023-01-12 | by ( ) www.businessinsider.com time to read: +7 min

Oscar Health has bled money since it was founded more than a decade ago. Oscar Health, the 10-year-old health insurer, has never turned a profit. In an interview with Insider in November, Schlosser said Oscar had already done the legwork to turn a profit. Oscar is doing a better job at lowering patients' medical costs and is raising the prices of its health plans, he said. In 2013, Oscar met with outside actuaries to price its first health plans, Schlosser said.

☆ There could be a new market low in 2023. Investors can hide in these 5 stocks, MKM Partners says
▼ + stars: | 2022-12-17 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +4 min

The stock market could reach new lows in the new year, but there are some stocks where investors can weather market volatility, according to MKM Partners. That doesn't bode well for stocks and means there's a high risk that the equity market will see a new low next year, he said. In that market environment, MKM recommends focusing on stocks that are defensive and avoiding sectors trading at high-cyclical adjusted valuations. MKM sees investors overlooking the amount of leverage that Arch has as a positive going into the current cycle. The pick with the largest potential upside is Talos Energy , which MKM sees surging 47% to its target price.

☆ Inside the stunning unraveling of Bright Health, a health-insurance upstart that rocketed to an $11.2 billion valuation and then cratered as it grew too fast
▼ + stars: | 2022-12-05 | by ( ) www.businessinsider.com time to read: +11 min

Bright Health Group grew fast. "We're just starting to realize the full potential of our differentiated model, and we're excited about the future of Bright Health Group," Bright CEO G. Mike Mikan told analysts at that investor event. Bright Health is one of a handful of upstarts trying to take on the health-insurance industry. Clover Health; Bright Health; Oscar Health; Olivia Reaney/Business InsiderBreaking into the health-insurance industry is tough. Bright moves to cut expensesAs losses mounted in 2021, Bright scrambled to raise capital.

☆ Credit Agricole Q3 profit beats forecasts on corporate loan growth
▼ + stars: | 2022-11-10 | by ( ) www.cnbc.com time to read: +1 min

Credit Agricole joined French and European peers in booking higher-than-expected third-quarter profit, driven mainly by corporate loans and consumer finance which more than offset withdrawals at asset manager Amundi and lower trading revenue. Net income came in at 1.35 billion euros ($1.35 billion), down 3.6% from a year earlier but above a 1.17 billion euro average forecast in a Refinitiv analyst poll, helped by one-off items such as the sale of the La Medicale insurance business. But Credit Agricole, like most European banks, managed to take advantage of rising interest rates to post a strong increase in corporate loans, up by 15.4%, and consumer finance, which rose 12.6%. "Globally we have a lower risk profile than rivals, which means we may profit less from volatility," said Credit Agricole Deputy Chief Executive Xavier Musca. It said it would not increase its stake in Credit Agricole beyond 65%.

☆ Credit Agricole Q3 profit beats forecast despite asset outflows
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

Amundi, which is majority owned by the bank, last month posted net outflows of 12.9 billion euros in the third quarter, hurt by weak markets and concern about the economic outlook following the war in Ukraine. But Credit Agricole, like most European banks, managed to take advantage of rising interest rates to post a strong increase in corporate loans, up by 15.4%, and consumer finance, which rose 12.6% in the quarter. Capital markets and investment banking revenues, which have boosted rivals as they benefited from market volatility, fell by 5.7% in the quarter however. "Globally we have a lower risk profile than rivals, which means we may profit less from volatility," said Credit Agricole deputy CEO Xavier Musca. The bank said that would not increase the holding company's stake in Credit Agricole above 65%.

☆ Warren Buffett's Berkshire Hathaway likely boosted its Chevron bet last quarter. Here are 6 key insights from its Q3 earnings.
▼ + stars: | 2022-11-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Berkshire benefited from higher interest rates and a stronger US dollar. It also revealed the billion-dollar hit to its insurance business from Hurricane Ian, and the positive impact of higher interest rates and a stronger US dollar on its operations. The discrepancy suggests it raised its stake to about 170 million shares last quarter. It owned about 908 million shares of the iPhone maker at the end of December, and purchased nearly 4 million more shares in the second quarter of this year. The US central bank's rate increases boosted the amount of interest that Berkshire earned on its cash and Treasury bills.

☆ Australian lender Westpac's profit falls on charge, raises target for costs
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +2 min

Westpac also revised its target for costs incurred up to A$8.6 billion by the 2024 financial year, citing wage increases from a tight labour market and continued regulatory costs. The new cost target marks a departure from its A$8 billion by FY24 target set in May 2021, as part of a cost-cutting exercise which analysts had termed "ambitious". However, the bank saw a 19% reduction in annual operating expenses, benefitting from lower asset writedowns and lower staff expenses. read moreWhile its lending margins in the second half did recover slightly from the first half, full-year margins were still down 13 basis points from last year. Westpac declared a final dividend of 64 Australian cents per share, compared with 60 Australian cents last year.

☆ Buffett's Berkshire loses money as stocks, Hurricane Ian offset rising demand
▼ + stars: | 2022-11-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +5 min

Nov 5 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday posted a $2.69 billion third-quarter loss as rising inflation, falling stock investments and a big loss from Hurricane Ian offset improvement in many of the conglomerate's businesses. Berkshire also bought back more of its own stock but was cautious, repurchasing $1.05 billion, similar to the second quarter. Berkshire also said rising costs from fuel and accidents hurt respective results at two of its best-known businesses, the BNSF railroad and Geico auto insurer. Results included $10.45 billion of losses from investments and derivatives, as the stock prices of many large Berkshire investments other than Apple Inc (AAPL.O) fell. Results improved despite a $2.7 billion after-tax loss from Ian, a strong Category 4 hurricane that slammed into Florida on Sept. 28.

☆ Buffett's Berkshire loses money as stocks, Hurricane Ian offset higher demand
▼ + stars: | 2022-11-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

Nov 5 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday posted a $2.69 billion third-quarter loss as rising inflation, falling stock investments and a big loss from Hurricane Ian offset improvement in many of the conglomerate's businesses. It also bought back more of its own stock but was cautious, repurchasing $1.05 billion, similar to the second quarter. It also said rising costs hurt results at two of its best-known businesses, the BNSF railroad and Geico auto insurer. That helped offset a $2.7 billion after-tax loss from Ian, a strong Category 4 hurricane that slammed into Florida on Sept. 28. Net results included $10.45 billion of losses from investments and derivatives, as the stock prices of many large Berkshire investments other than Apple Inc (AAPL.O) fell.

☆ Berkshire Hathaway posts quarterly loss as stocks, Hurricane Ian weigh
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +3 min

Nov 5 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday posted a third-quarter loss, as falling stock investments and a big loss from Hurricane Ian offset improvement in many of its industrial businesses. Berkshire posted a quarterly net loss of $2.69 billion, or $1,832 per Class A share, compared with a profit of $10.34 billion, or $6,882 per share, a year earlier. Geico, meanwhile, suffered its fifth straight quarterly underwriting loss, reflecting "significant cost inflation" from damages claims, used car prices and shortages of car parts. Net results included $10.45 billion of losses from investments and derivatives, as the stock prices of many large Berkshire investments fell. This causes large quarterly swings in results that Buffett says are usually meaningless.

☆ Insurance Broker Arthur J. Gallagher Subpoenaed by Justice Department’s Foreign Bribery Unit
▼ + stars: | 2022-11-04 | by ( Dylan Tokar | ) www.wsj.com time to read: +3 min

Arthur J. Gallagher & Co. said it received a subpoena from the Justice Department’s foreign bribery unit, making it the latest company to become ensnared in a sprawling investigation into corruption at state-owned companies in Ecuador. The information request, which the company said it received in its third quarter, was from the Justice Department’s Foreign Corrupt Practices Act unit, Arthur J. Gallagher said. Prosecutors from that unit have asked Arthur J. Gallagher for information related to its insurance business with public entities in Ecuador, the company said in its Nov. 2 report. The law is enforced by the Justice Department and the U.S. Securities and Exchange Commission. A spokesperson for Arthur J. Gallagher didn’t immediately respond to a request for comment.

Nov 2 (Reuters) - CVS Health Corp (CVS.N) on Wednesday forecast a 2023 profit below Wall Street estimates and said it hoped to mitigate the hit from a performance rating decline for its most popular Medicare plan by encouraging members to shift to other plans. read more CVS took a pre-tax charge of $5.2 billion in the third quarter related to the settlement. The settlement price, which was below investor expectations, according to Evercore ISI analyst Elizabeth Anderson, and other measures announced by the company helped lift CVS Health shares nearly 5%. In its insurance business, CVS said it is trying to move members out of Aetna's National PPO plan, which currently accounts for 59% of its Medicare Advantage plan members. CVS' health insurance business as well as peers Elevance Health (ELV.N) and UnitedHealth (UNH.N) have benefited from a slow recovery in elective procedures and a fall in COVID cases that has kept costs in check.

☆ CVS Health lifts forecast as PBM, insurance units drive profit beat
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

Nov 2 (Reuters) - CVS Health Corp (CVS.N) on Wednesday raised its annual profit forecast after topping quarterly estimates on strong performance at its health insurance and pharmacy benefit management businesses, sending its shares up 1% in premarket trade. CVS' health insurance business benefited from a slow recovery in elective procedures and a fall in COVID cases, which kept costs in check, as did peers Elevance Health (ELV.N) and UnitedHealth (UNH.N). Revenue from the insurance and pharmacy benefit management businesses rose around 10% each, while retail and pharmacy sales gained about 7%. Excluding some one-off items, CVS Health reported a profit of $2.09 per share, compared with analysts' average estimate of $1.99 per share. It removes an "overhang" on CVS and is lower than investor expectations, Evercore ISI analyst Elizabeth Anderson said in a note.

☆ Accel-backed insurance startup Luko doubles down on core business in push to profitability as it struggles to fundraise in gruelling market
▼ + stars: | 2022-11-02 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +4 min

Accel-backed insurance startup Luko has struggled to raise during the market downturn. The Paris-based company, which was founded in 2018, predominantly operates as a home insurance business by selling policies to homeowners and renters using its proprietary AI. The round valued the business at around 260 million euros ($253 million), according to one London-based source. Funding to insurance tech startups also plummeted 50% year-on-year to $2.41 billion in Q2, according to data from brokerage Gallager Re. The home insurance startup has also been forced to lose employees across the business in recent months in a bid to conserve cash.

☆ Insurer AIG profit slumps on hurricane costs, lower investment returns
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Insurer American International Group Inc (AIG.N) on Tuesday reported a more than 39% decline in quarterly profit as investment income fell by more than $1 billion and losses from Hurricane Ian pushed up catastrophe bills. read moreAIG - one of the world's biggest commercial insurers - reported $600 million of catastrophe losses in the quarter, out of which about $450 million was attributable to Hurricane Ian, the insurer said. Total consolidated net investment income fell 28% to $2.7 billion, hurt mainly by lower alternative investment income. The metric excludes catastrophe losses, and a ratio below 100 signifies that the insurer earns more from premiums than it pays out in claims. read moreReporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Verisk to Sell Energy-Analytics Unit in $3.1 Billion Deal
▼ + stars: | 2022-10-31 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

The deal to sell Wood Mackenzie follows moves to have Verisk Analytics commit to becoming a purely insurance business. Verisk Analytics Inc. has struck a deal to sell its energy-consulting arm, Wood Mackenzie, to private-equity firm Veritas Capital in a transaction valued at $3.1 billion or more. The transaction, unveiled Monday, comes after the company kicked off a strategic review in 2021, Chief Executive Lee Shavel told The Wall Street Journal. Veritas could pay up to an additional $200 million depending on how well it does on the investment, he said. The Journal earlier reported news of the deal.

Search resuls for: "Insurance Business"

25 mentions found