May 5, 1998
Equitable Cos., the fourth-largest U.S. life insurer, said its first-quarter earnings from operations rose 62%, as rallies in financial markets boosted annuity sales, investment banking and money management. Profit rose to $213.9 million, or 92 cents a diluted share, from a year ago, exceeding analyst estimates of 79 cents. The New York company's investment unit--investment bank Donaldson, Lufkin & Jenrette Inc. and money manager Alliance Capital Management--saw profit rise 38% to $105.
November 4, 1998 |
Home equity lender FirstPlus Financial Group Inc. said Tuesday that third-quarter earnings plunged 70%. The company also told investors and analysts in a conference call that it faces hurdles before it can close an agreement to sell off key portions of its business to Coast-to-Coast Financial Corp.--a sale that's essential to its survival. "If the Coast-to-Coast deal, which is dependent on financing, isn't completed, they're going to be out of business," said Michael Abrahams at Sutro & Co.
February 6, 2001
* Halifax, Britain's largest mortgage bank, said it reached an agreement to buy troubled life insurer Equitable Life for as much as $1.47 billion. But U.S. financial services group GE Capital, which had failed to win over Equitable's management, was considering striking back with a "substantially" higher and restructured proposal, an industry source said. Equitable maintained that the deal with Halifax is final. GE Capital is a unit of U.S. conglomerate General Electric Co.
March 16, 1992 |
Equitable Begins Mailing Ballots: The Equitable has begun mailing its 2.2 million policyholders over a ton of documents--the equivalent of 145 African elephants, executives have joked--to solicit their approval for converting to a public company. For seven days ending Friday, 315,000 one-pound packages will be sent out each day in what is the largest personalized mailing in the history of the U.S. Postal Service.
CALIFORNIA | LOCAL
December 30, 1993 |
An attorney who claims he becomes physically ill when he nears a courthouse is being sued by an insurance company trying to recover $85,000 it paid him in disability benefits after he was charged with murder in an unrelated insurance fraud case. Gary P. Miller was arrested in October, 1992, at his Encino home for allegedly masterminding a staged wreck four months earlier on the Golden State Freeway in Sun Valley that killed Jose Luis Lopez Perez, 29, a participant in the scheme.
February 9, 2001 |
Equitable Life, the troubled British mutual insurer, Thursday rejected a $2.17-billion offer from U.S. financial services group GE Capital, saying its terms were inferior to a sale agreed with British mortgage bank Halifax this week. Equitable, forced to close to new business in December, said in a statement that although GE Capital's figure was higher than Halifax's, overall it was not as attractive.