February 2, 2005 |
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.
April 24, 2012 |
Life insurance giant MetLife Inc. will shell out roughly $500 million in a multistate settlement of its alleged failure to pay death benefits to heirs, regulators said. MetLife, however, said it will pay out about $438 million over the next 17 years, with $188 million going to beneficiaries this year. Insurance regulators from dozens of states had accused the company and others of delaying or withholding life insurance payments to many of its policyholders. About $40 million of the total is likely to end up in California, said State Controller John Chiang, who waged a multiyear audit of life insurance companies' operations.
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 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.
February 13, 2002 |
MetLife Inc. had a loss in the fourth quarter, reflecting stagnant sales and losses on investments in Enron Corp. and Argentina. The largest U.S. life insurer also incurred expenses of $489 million as it fired staff and set aside money to settle lawsuits. The New York-based company's net loss was $296 million, or 41 cents a share, compared with net income of $591 million, or 74 cents, a year earlier. Revenue was little changed at $8.4 billion.
September 2, 2011 |
American International Group Inc., the bailed-out U.S. insurer, plans to sell more than 20 percent of its ILFC Holdings Inc. plane-leasing subsidiary in an initial public offering and divest most of the unit over time. Details including the number of shares offered, price and timing haven't been determined, New York-based AIG said today in a regulatory filing. None of the proceeds will go to ILFC, the filing said. AIG, led by Chief Executive Officer Robert Benmosche, is selling assets as the company seeks to exit a government rescue that was valued at $182.3 billion.
February 17, 2011 |
Major U.S. banks are about to get penalized for "critical deficiencies" and shortcomings in how they handled foreclosures, a top federal regulator said Thursday at a Senate Banking Committee hearing examining the Dodd-Frank Act six months after its congressional approval. "These deficiencies have resulted in violations of state and local foreclosure laws, regulations or rules," said John Walsh, acting comptroller of the currency. Banking regulators are preparing sanctions and "remedial requirements," he said.