The New York-based insurance broker and consulting firm said it lost $193 million, or 37 cents per share. It earned $65 million, or 12 cents per share, during the same quarter last year.
AIG Investments, the asset management arm of American International Group Inc., is close to being sold to a group that includes private equity firm Crestview Partners for $300 million to $400 million, Reuters reported today, citing a source.
Although improving financial markets have helped lift some life insurance carriers, the firms still have a ways to go before they recover fully, according to a report from Moody's Investors Service.
Bank holding companies raked in $3.03 billion in insurance brokerage fee income during the first quarter, down from $3.21 billion a year earlier, according to a report.
Assets of money market mutual funds declined by $215 billion, or 6%, in the second quarter, according to Crane Data LLC, a Westborough, Mass.-based research firm.
Pending U.S. home sales rose in June for the fifth straight month, another encouraging sign of life for the embattled U.S. housing market, the National Association of Realtors reported today.
Massachusetts regulators sent subpoenas to four brokerage firms on Friday asking about their sales practices relating to inverse and leveraged exchange traded funds weeks after Edward D. Jones, Ameriprise, LPL and UBS restricting the sale of the products or stopped selling them altogether.
Mutual fund assets are on the rise and as a result, investor fees may not go up as much as analysts had expected, according to Chicago-based Morningstar Inc.
Even as Americans suffer rising unemployment, foreclosure rates in three states hit hardest by the housing bust — California, Arizona and Florida — stabilized in June, offering hope that the worst of the real estate crisis is over, according to The Associated Press' monthly analysis of economic stress in more than 3,100 U.S. counties.
MetLife Inc. ended the second quarter in the red, reporting a net loss of $1.4 billion, or $1.74 per share.
Annuities will continue to take a back seat to other insurance and wealth management products at Genworth Financial, according to the insurer's finance chief.
Investors are flocking to emerging markets with the anticipation of hefty returns, though analysts doubt that the performance will last.
An Ohio man has sued life settlements and insurance guru Barry Kaye's firm, alleging that the firm encouraged him to buy a $5 million life policy and left him hanging when it couldn't find a buyer on the secondary market.
Investors bought more exchange traded funds in the first half of this year than in the comparable time period in 2008, according to Strategic Insight Mutual Fund Research and Consulting LLC.
The Commodity Futures Trading Commission is mulling setting position limits on physical commodities and is questioning whether swaps dealers should remain exempt from position limits.
Investors poured $11.05 billion into mutual funds for the one-week period ended July 22, according to the ICI.
The Hartford (Conn.) Financial Services Group Inc. booked a $15 million loss, or 6 cents per share, for the second quarter.
Commercial and personal property insurer Travelers Cos. said today that lower investment income and underwriting profit drove its second-quarter earnings down 21 percent.
Health insurer Cigna Corp. said today its second-quarter profit jumped 60 percent on a more favorable interest rate and other items, but enrollment fell 7 percent.
There is a disconnect between how some of the largest mutual fund firms' brands are perceived by many advisers and the actual performance of the funds, according to a recent survey conducted by Cogent Research LLC of Cambridge, Mass.
