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.
January 22, 2013 |
KB Home and Nationstar Mortgage Holdings Inc. are forming a joint venture that will offer home loans to KB customers across the country, so they can shop for a house and a mortgage at the same time. Nationstar, of Lewisville, Texas, agreed last year to be KB's preferred lender, providing representatives to pitch mortgages to potential buyers at KB's tracts of new homes. Those employees will now work for Home Community Mortgage, the new company jointly owned by KB and Nationstar. Jeffrey Mezger, president and chief executive of Los Angeles-based KB, called the venture a “natural progression” for the nation's fifth-largest home builder.
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.
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.
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.
October 3, 2008 |
New York Sen. Charles E. Schumer was accused of speeding the failure of IndyMac Bancorp in July. Now Senate Majority Leader Harry Reid is getting credit for sparking a blistering sell-off in insurance stocks. Shares of MetLife Inc., Hartford Financial Services Group Inc. and Prudential Financial Inc. all fell by double-digit percentages Thursday after Reid said Wednesday that the financial-system bailout plan was crucial because a large insurer was at risk of failing.