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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
April 24, 2012 | By Tiffany Hsu, Los Angeles Times
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.
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.
BUSINESS
February 13, 2002 | From Bloomberg News
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.
BUSINESS
October 1, 2001 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
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.
BUSINESS
August 29, 2003 | From Bloomberg News
MetLife Inc. on Thursday acquired the Sears Tower in Chicago, buying Trizec Properties Inc.'s interest in the tallest U.S. building for $9 million. The transaction allowed Trizec to avoid assuming a $766-million mortgage debt. "It's a terrific building, but it just wasn't right for us to own it at this time," said Rick Matthews, a spokesman for Trizec, the second-largest office real estate investment trust. Toronto-based Trizec, seeking to reduce its $3.2-billion debt, will continue as building manager and leasing agent.
BUSINESS
February 17, 2011 | By Ronald D. Orol
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.
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