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☆ Australia's Westpac sees $824 mln hit in second half from unit sale
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

Oct 24 (Reuters) - Australia's Westpac Banking Corp (WBC.AX) warned on Monday that its second-half reported net profit and cash earnings will be reduced by A$1.3 billion ($824 million) after tax, citing a loss on the sale of its life insurance business, among others. Westpac, the country's third-largest lender, said the one-off charge will have a net positive impact of 12 basis points (bps) on its common equity tier 1 capital ratio as the unit sale added 17 bps. Westpac is set to announce its fiscal 2022 results on Nov. 7. Rivals National Australia Bank (NAB.AX) and Australia and New Zealand Banking Group (ANZ.AX) will report their annual results on Nov. 9 and Oct. 27, respectively. ($1 = 1.58 Australian dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Sameer Manekar in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Allstate Loss Highlights Struggles Among Insurers
▼ + stars: | 2022-10-20 | by ( Leslie Scism | ) www.wsj.com time to read: 1 min

The nation’s biggest car insurers, struggling with high inflation and mounting accidents, are now facing losses from vehicles submerged by flooding from Hurricane Ian. The inflation pressures prompted Allstate to say Wednesday it would take an $875 million charge to bolster its claims reserves in its coming third-quarter earnings, mostly tied to its auto-insurance business. Allstate, which is a top-five car and home insurer by premium volume, took a $408 million inflation-related charge in the second quarter.

☆ Elevance raises annual profit forecast after quarterly beat
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - Health insurer Elevance Health Inc (ELV.N) on Wednesday raised its annual profit forecast after beating estimates for quarterly earnings on lower-than-expected medical costs and strong performance of its Medicaid business. Last week, larger rival UnitedHealth Group Inc (UNH.N) raised its annual profit forecast for the third straight quarter and said the direct impact of COVID-19 was expected to ease next year. The lower the ratio, the better it is for a health insurer as it indicates a tight rein on costs. Elevance, which was previously known as Anthem, now expects annual adjusted earnings to be higher than $28.95 per share, compared with its prior forecast of more than $28.70 per share. Excluding items, the company reported earnings of $7.53 per share, above analysts' estimates of $7.15, according to IBES estimates from Refinitiv.

☆ Credit Agricole, AXA to bid this week for Banco BPM's insurance deal-sources
▼ + stars: | 2022-10-18 | by ( Andrea Mandala | ) www.reuters.com time to read: +2 min

Credit Agricole has bought 9.2% of Banco BPM this year with a view to expanding their strategic partnerships beyond consumer finance. Insurance and asset management, which Banco BPM has put at the core of its profit strategy, are seen as the obvious candidates. Banco BPM, AXA, Credit Agricole and Generali all declined to comment. Banco BPM CEO Giuseppe Castagna recently said the bank was in no rush to select an insurance partner. In August Banco BPM had indicated it would take a decision by the end of the year.

Wayne LaPierre, CEO of the National Rifle Association (NRA), speaks at the NRA-ILA Leadership Forum during the National Rifle Association (NRA) annual convention in Houston, Texas, U.S. May 27, 2022. REUTERS/Shannon Stapleton/File PhotoNEW YORK, Sept 22 (Reuters) - A federal appeals court on Thursday ordered the dismissal of a National Rifle Association lawsuit accusing a New York regulator of stifling its speech by pressuring banks and insurers to stop doing business with the gun rights group. A lower court judge in March 2021 dismissed all claims apart from two free speech claims against Vullo, but the appeals court said those should have also been dismissed. The NRA, which is incorporated in New York, faces a separate investigation by state Attorney General Letitia James into alleged corruption within the group. The case is National Rifle Association of America v Vullo, 2nd U.S.

☆ FASB Tweaks Upcoming Rule on Insurance Contracts to Ease Transition
▼ + stars: | 2022-09-21 | by ( Mark Maurer | ) www.wsj.com time to read: +3 min

The U.S. accounting standard setter allowed insurers that recently sold their long-term insurance business to exclude those from their balance sheets when they comply with a new accounting rule on valuing certain contracts. The FASB in 2019 and 2020 delayed implementing the rule by a year to give companies more time to prepare. Long-term contracts include agreements on annuities, endowments and title insurance, whereas short-duration contracts usually cover property and liability protection. PREVIEWOriginally, insurers that sold or disposed of their long-term policies would have needed to apply the new accounting rule on valuing certain contracts when they presented prior periods. Insurance companies supported the relief and said that disposed contracts were no longer relevant to their current operations or future cash flows.

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