While stagnant growth forecasts, sovereign debt contagion issues, and political infighting continue to drag down many Western economies and industries, the first quarter of 2012 was relatively stable to many in the international insurance industry. Several notable insurance companies posted positive business developments in the face of adverse market developments over the past month. The following is a summary of some of the most recent earning statements put forward by some prominent insurers.
MetLife, the United States’ largest life insurance group, posted net loss of US$174 million during the first quarter of 2012. This result was driven by a derivative net loss of US$1.3 billion for the quarter, which the company said was due in principal to rising interest rates and lower credit spreads experienced during the reporting period. Outside of these derivate losses, which impact the valuation of certain insurance liabilities but not the company’s overall economic performance, MetLife’s operations have remained on track in 2012. Accor
Today, the U.S. Department of State alerts U.S. citizens traveling to or living in Egypt of the continuing potential for sporadic political unrest. The first round of presidential elections is to be held in May 23-24 and political rallies and demonstrations are likely to occur in the period leading up to and perhaps after the election.
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