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BUSINESS
February 24, 2011 | Bloomberg News
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.
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BUSINESS
November 3, 2003 | From Times Wire Services
Here are some of the key economic and business events scheduled for the week. Today: * Senate Governmental Affairs panel holds hearing on the mutual fund industry. * Commerce Department reports on construction spending for September. * Institute of Supply Management releases its manufacturing index report for October. * Automakers report on vehicle sales for October. * Charter Communications Inc., Kellogg Co. and MetLife Inc. release third-quarter earnings. * Tuesday: * D.C.
BUSINESS
October 18, 2006 | From Reuters
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.
BUSINESS
May 27, 2002 | From Bloomberg News
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.
BUSINESS
February 2, 2005 | From Associated Press and Bloomberg News
American Express Co. said Tuesday that it would spin off its financial advisory business so it could focus on the faster-growing charge card, payments processing and travel businesses. The announcement by the New York-based company came a day after Citigroup Inc. said it would sell its Travelers life insurance business to MetLife Inc. Both moves suggest that the "supermarket" approach to financial services that was so popular in the 1980s and 1990s may be proving cumbersome.
BUSINESS
April 23, 2012 | By Tiffany Hsu
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.
BUSINESS
October 10, 2008 | From the Associated Press
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.
BUSINESS
June 3, 2005 | From Bloomberg News
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.
BUSINESS
September 15, 2001 | From Bloomberg News
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.
BUSINESS
December 8, 2010 | Bloomberg News
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.
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