Life and Health Insurance
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Fitch placed Athene on Rating Watch Negative on Dec. 21, 2012 following the company's announcement that Athene Holding Ltd. would be acquiring the U.S. annuity and life operations of Aviva PLC for $1.55 billion. Following close, Aviva USA's insurance operations will become wholly owned subsidiaries of Athene.
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AIG reported earnings that beat market expectations but revenue fell short. Shares rose after-hours.
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*1st- qtr operating EPS $1.34 vs estimates $0.87. May 2- Insurer American International Group Inc reported a quarterly profit that beat analysts' estimates, driven primarily by higher operating income in its property and casualty business. Net income fell to $1.98 billion, or $1.34 per share, in the first quarter, from $3.05 billion, or $1.71 per share, a year earlier.
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Slaughter will start at Lazard on June 3. Jim Voorheis, a 23- year investment banking veteran who was most recently a managing director at Deutsche Bank, will start his new position heading up specialty finance investment banking in July.
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**APPLE INC, $447.94, up 2 pct. William Blair& Co analyst Anil Doradla said the bond oversubscription showed investor confidence in Apple, adding that shareholders will get these benefits, and that capital allocation is driving the shares up. **AVEO PHARMACEUTICALS INC, $2.69, down 49 pct.
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TORONTO, May 2- Canada's top life insurer, Manulife Financial Corp, reported a 56 percent drop in profit in the first quarter, while earnings at rival Great-West Lifeco Inc rose 15 percent as both companies met expectations in a tough market. Net income fell to C $540 million, or 28 Canadian cents a share, from C $1.22 billion, or 63 Canadian cents a share, a year earlier.
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NEW YORK, May 2- The nation's largest health insurers are far from leaping at the chance to join new state health insurance exchanges under President Barack Obama's reform law, making it likely that some markets will have little or no competition next year.
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NEW YORK, May 2- The nation's largest health insurers are far from leaping at the chance to join new state health insurance exchanges under President Barack Obama's reform law, making it likely that some markets will have little or no competition next year.
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**GENERAL MOTORS CO, $31.5, up 4 pct. **VISA INC, $170.8, up 3 pct. **FACEBOOK INC, $28.17, up 3 pct.
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Wall Street was set to open slightly higher Thursday as an interest rate cut from the European Central Bank and better-than-expected weekly jobless claims data in the U.S. boosted investors' appetite for risky assets. **GENERAL MOTORS CO, Wednesday close $30.18, up 4 pct premarket. **VISA INC, Wednesday close $166.02, up 3 pct premarket.
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Fitch Ratings has published a sector-specific special report describing the credit factors the agency uses to analyse the European non-life insurance sector.
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Link to Fitch Ratings' Report: Non-Life Insurance Sector Credit Factors. LONDON, May 02 Fitch Ratings has published a sector-specific special report describing the credit factors the agency uses to analyse the European non-life insurance sector.
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**GENERAL MOTORS CO, Wednesday close $30.18, up 4 pct premarket. **SEAGATE TECHNOLOGY, Wednesday close $36.94, up 4 pct premarket. **FACEBOOK INC, Wednesday close $27.43, up 2 pct premarket.
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May 2- (The following statement was released by the rating agenc. Fitch Ratings has published a sector-specific special report describing the credit factors the agency uses to analyse the European life insurance sector.
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Link to Fitch Ratings' Report: Life Insurance- Sector Credit Factors. LONDON, May 02 Fitch Ratings has published a sector-specific special report describing the credit factors the agency uses to analyse the European life insurance sector.
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**GENERAL MOTORS CO, Wednesday close $30.18. **MANULIFE FINANCIAL CORP, Wednesday close $14.65. **ACTAVIS INC, Wednesday close $104.39.
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--Russian dairy producer OJSC Unimilk Co, which is controlled by French food group Danone Group, and French logistics company NDL International, which is controlled by French transport group Norbert Dentressangle, to form a logistics joint venture.
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LONDON, May 2- British life insurer Legal& General outpaced expectations on sales and cash generation in the first quarter of 2012 as its products were snapped up investors and ageing savers putting more aside for retirement.
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U.S. stocks extended their advance on Thursday, with the Nasdaq Composite up 1 percent, led by gains in shares of Apple and Gilead Sciences. **GILEAD SCIENCES INC, $52.88, up 5 pct.
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May 2- Cigna Corp on Thursday reported higher-than-expected quarterly earnings that benefited from the insurer's acquisition of Medicare specialist HealthSpring and low medical costs as visits to doctors and hospitals dropped.