The New York-based ratings agency cut the carrier’s grade following Phoenix’s announcement of a first-quarter operating loss of $117.8 million and a $143.9 million — or 17% decline — in statutory surplus and asset valuation reserves,
Longtime insurance and annuity expert Jerome “Jerry” S. Golden, president of the income management strategies division and a corporate vice president of MassMutual’s retirement income division, is retiring.
Investment losses and subprime mortgage impairments drove Genworth Financial Inc. to a first-quarter loss, and the insurer says it plans to sell up to 49 percent of its Canadian mortgage business to raise cash.
Investment executives and retirement plan officials will band together over the next several months to propose some radical enhancements to the nation's 401(k) system, said Robert Reynolds, president and CEO of Boston-based Putnam Investments.
Federal Reserve Chairman Ben Bernanke gave his most optimistic prediction yet Tuesday about the end of the recession, saying he expects the economy to start growing again this year — although the comeback could be weak and more jobs will disappear even after a recovery takes hold.
Lincoln National Corp. ended the first quarter in the red, citing a $600 million charge on the impairment of goodwill in its annuity business.
While charitable giving using the Internet continues to rise, the pace is slowing down due to the recession, according to a survey published yesterday by The Chronicle of Philanthropy.
Stocks are higher in early trading following data indicating job losses are slowing.
Marsh & McLennan Cos. said today it returned to profitability in the first quarter, bouncing back from a loss a year ago when it absorbed a big write-down. But the latest results fell short of Wall Street expectations.
The Securities and Exchange Commission filed fraud charges today against the father and son team who ran Reserve Management Co., the money-market fund company that rocked the financial world last September when it broke the buck on its flagship fund.
Raymond James Financial has attracted a number of recruits in recent months and is on track to add advisers with more than $100 million in production this year.
While charitable giving using the Internet continues to rise, the pace is slowing down due to the recession, according to a survey published yesterday by The Chronicle of Philanthropy.
Sales of mutual funds through brokers and financial advisers continued to shift toward fee-based compensation last year, while the trend toward fee-for-advice distribution accelerated, according to a study released today by Strategic Insight Mutual Fund Research and Consulting LLC.
Legg Mason Inc. today reported a net loss of $325.1 million, or $2.29 per diluted share, for the fourth quarter of the fiscal year ended March 31.
Investors are rushing into stocks Monday as surprise increases in pending home sales and construction spending offered the latest signs that the economy is stabilizing.
