February 24, 2011 |
American International Group Inc. posted its first profit in three quarters Thursday on gains from divestitures. Fourth-quarter net income of $11.2 billion, or $16.60 a share, compares with a loss of $8.87 billion, or $65.51, a year earlier, the New York-based insurer said in a regulatory filing. Chief Executive Robert Benmosche raised almost $37 billion last year selling American Life Insurance Co. to MetLife Inc. and divesting a majority stake in AIA Group Ltd. in a public offering.
October 18, 2006 |
MetLife Inc. said Tuesday that it had agreed to sell two adjoining Manhattan apartment complexes for $5.4 billion in one of the largest U.S. real estate transactions on record. The company said it would sell Peter Cooper Village and Stuyvesant Town to a joint venture of New York real estate developer Tishman Speyer and the realty unit of BlackRock Inc.
May 27, 2002 |
MetLife Inc., the largest U.S. insurer, agreed to buy Mexico's state-owned Aseguradora Hidalgo for $962 million in cash, outbidding Spanish and Mexican insurers trying to expand in Latin America's biggest economy. The combined company would be Mexico's second-largest insurer. Mexico also received offers from Spain's Corporacion Mapfre and Grupo Financiero Inbursa, the banking and insurance company owned by Latin America's richest man, Mexican billionaire Carlos Slim.
April 23, 2012 |
Life insurance giant MetLife Inc. will shell out nearly $500 million to settle a multi-state probe into its alleged failure to pay death benefits to beneficiaries. The company said it will pay out about $438 million over the next 17 years, with $188 million going out to beneficiaries this year. Insurance regulators from dozens of states have accused the company of delaying or withholding life insurance payments to many of its policyholders. About $40 million of that will likely end up in California, said State Controller John Chiang . The funds will either be sent on to beneficiaries of deceased MetLife policyholders or stored in state coffers as unclaimed property.
February 2, 2012 |
The California Department of Insurance and regulators from six other states announced Thursday that they signed a settlement with Prudential Insurance Co. of America that requires the insurer to use enhanced research techniques to find beneficiaries of life insurance policies. The agreement, said California Insurance Commissioner Dave Jones, should "ensure that when life insurance policyholders die, their beneficiaries receive the benefits owed. " Prudential is the first of more than half a dozen targeted insurance companies to settle with California and the other states, which include Florida, Illinois, New Hampshire, North Dakota, Pennsylvania and New Jersey.
October 1, 2001 |
Following the trail blazed by State Farm Insurance Cos. and MetLife Inc., Allstate Corp. today became the latest insurer to open a bank, using its network of 2,000 California agents as a testing ground. Allstate Bank will offer checking accounts, certificates of deposit and mortgages through its California offices as well as nationwide via a Web site and a toll-free telephone number, said Kevin Slawin, the bank's chief executive. Northbrook, Ill.
October 10, 2008 |
New applications for unemployment benefits dropped last week from a seven-year high, the Labor Department said Thursday, although claims remain at elevated levels that indicate recession. And new job cuts announced after the report was released indicate Thursday's good news is likely to be short lived. Initial claims for jobless benefits dropped 20,000 to a seasonally adjusted 478,000, the department said, the same level that Wall Street economists expected.
June 3, 2005 |
Citigroup Inc., the world's biggest bank, may do an asset swap with financial services firm Legg Mason Inc. that would get the former out of the mutual fund business and the latter out of the brokerage business. Citigroup may swap its $460-billion asset management business for Legg Mason's 1,540 brokers, people familiar with the discussions said Thursday.
September 15, 2001 |
General Electric Co., the largest company by market value, said Friday that its third-quarter profit will be less than analysts' forecasts because of an estimated $400 million in losses at its reinsurance business after the terrorist attacks on the World Trade Center. The company said net income will be about 33 cents a share, 4 cents less than the average estimate of analysts surveyed by Thomson Financial/First Call. General Electric had profit of 32 cents a share in the year-ago period.
December 8, 2010 |
American International Group Inc. has struck a deal to repay a Federal Reserve credit line as the insurer seeks independence from the government. AIG will use proceeds from the sales of two non-U.S. life insurance units to repay the line, on which it owed about $21 billion as of last week, the New York-based company said Wednesday in a filing. The deal was struck with entities including the Treasury Department, which holds a $49-billion preferred stake in the company. The Treasury Department plans to convert its investment into about 1.66 billion shares of common stock, or about 92% of the total, by March 15. The stake will then be sold to private investors.