Sun Life Financial today reported a 13.8% gain in net income for the second quarter, compared with the same period in 2008.
Alternative asset manager Fortress Investment Group LLC said today that its second-quarter loss narrowed as it cut expenses and recorded a special non-cash gain on affiliate investments.
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.
A broker booted from Next Financial is under investigation by the police in San Antonio for his role in an alleged theft of about $1.5 million from an elderly couple.
Societe Generale SA said today its net profit fell 52 percent in the second quarter as the French bank wrote down its derivatives holdings and suffered increased losses on bad loans.
The Ohio Department of Insurance is examining storied insurance firm Barry Kaye Associates Inc. after a civil suit on a failed life settlements transaction accused the firm of fraud and negligence.
The ADP National Employment Report, a closely watched precursor to the government's report, said today that employment decreased by 371,000 in July versus a revised decline of 463,000 jobs in June.
Although advisers are all over the map when it comes to predicting the longevity of the economic downturn, most have adjusted the way they do business because of it, according to a recent industry survey.
Conseco Inc. reaped a second-quarter profit of $27.6 million, or 15 cents a share, marking its second consecutive quarter in the black.
The median asset levels in 401(k) plans dropped at least 15% from yearend 2007 to mid-June 2009, but the affluent and wealthy saw much heftier losses, according to a report released yesterday.
J. Ezra Merkin, one of Bernie Madoff's most important sources of cash, pocketed an average of $35 million in fees every year for funneling money to the Ponzi schemer and other investment firms.
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.
Americans' personal savings rate slipped to 4.6% in June, from 6.2% the previous month, the Department of Commerce's Bureau of Economic Analysis reported today.
The Commerce Department says consumers boosted their spending 0.4 percent, slightly ahead of analysts' estimates. That comes after spending rose 0.1 percent in May.
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.
IntercontinentalExchange Inc. reported today its second-quarter profit slipped 15 percent as it recorded a special charge on an investment in an Indian exchange and costs tied to acquisition last year of credit-derivatives processor Creditex.
GMAC Financial Services, which provides both automotive and home loans, says it posted a wider second-quarter loss of $3.9 billion as it transformed from an arm of General Motors Co. into an independent bank.
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.
Hard-hit Swiss bank UBS AG reported another quarterly loss today while France's BNP Paribas posted a 6.6 percent increase in net profit.
