The insurance giant has reduced but not eliminated the risk that its failure could pose to the global economy despite getting more than $180 billion in federal bailout aid, Edward Liddy is expected to tell Congress today.
The Munich, Germany-based insurer said net profit in the January-March period was €29 million ($40 million) compared with a profit of €1.15 billion in the first quarter of 2008.
The British economy has a 50-50 chance of returning to growth by the middle of 2010, says the U.K.'s central bank.
The Dutch bank and insurer blamed loss on falling asset prices, the weak performance of insurance contracts and restructuring charges.
Banks that sold insurance last year reaped higher profits than those that didn’t, according to a study from the Bank Insurance Market Research Group.
Exchange traded funds have fared relatively well during the financial crisis, but haven’t been immune to market volatility.
The slumping economy is causing even state and local government employees, who typically get traditional fully loaded pensions, to hold off on retirement, according to a survey released today.
Home prices fell in nearly nine out of every 10 U.S. cities in the first quarter of this year as first-time buyers looking for bargains dominated the market.
The government's unprecedented "stress tests" of the 19 largest U.S. banks should bolster Americans' battered confidence in U.S. banking system, Federal Reserve Chairman Ben Bernanke said today as he defended the rigor of the exams.
Great-West Lifeco Inc., the Winnipeg, Manitoba-based parent company of Putnam Investments of Boston, is looking for acquisition opportunities among U.S. and British life insurance companies, president and chief executive Allen Loney told the Globe and Mail newspapers of Toronto.
More than $24 billion in additional estate taxes would have to be paid from fiscal 2010 to fiscal 2019 under a budget proposal for the next fiscal year released Monday by the Obama administration.
A prominent lawyer accused of defrauding hedge funds of at least $400 million is expected to plead guilty Monday to charges that carry a potential sentence of decades in prison.
Investors pulled $87.6 billion out of stock, bond, mixed-equity and money market mutual funds in March, the highest net redemption total since September 2008, according to a report released today by New York-based Lipper Inc.
Hedge funds gained almost 4% in April, but failed to keep pace with the surging broad market indexes.
The average yield for money market mutual funds hit a record low in April, according to Crane Data LLC.
The Internal Revenue Service has delivered two revenue rulings to help determine the tax hit on life settlements.
Turner Investment Partners Inc. today announced the launch of a mutual fund that will invest in six long-short equity strategies.
Equity managers overall got a boost at the end of the first quarter, thanks to the March rally, but the firms at the top of the performance charts for the 12-month period ended March 31 were those that followed non-traditional strategies, according to Morningstar Inc.'s database of separate accounts and collective investment trusts.
Safety reigns supreme this year, with managers of long-duration and government bond strategies taking six of the top 10 spots in Morningstar Inc.'s database of separate accounts and collective investment trusts for the year ended March 31.
Executives of Neuberger Berman Group LLC, now running the $155 billion money manager as an independent firm, plan to share some of their institutional-only investment strategies with investment advisers and individuals for the first time.
