Euro zone debt crisis to support gold in 2012, says WGC, Thomson Reuters: Reuters Insider
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Big auto insurers will be examining past auto accident claims involving Toyota vehicles for possible subrogation action, an insurance arbitration executive predicted, as Allstate said it has a case review underway.
Mark Bunim, president and chief executive of Case Closure--a New York-based insurance arbitration and mediation firm--said large auto insurers are “going to amalgamate their serious claims involving Toyotas over the past five or six months, and see how many of them are tied to or could be tied to the gas pedal recall.”
“Then they are going to try and subrogate. And why not?” added Mr. Bunim.
At Allstate spokesman, Mike Siemienas, said cases are being examined, but it is too early to discuss whether the company will be involved in subrogation activity. “We will wait and see,” he noted.
“Allstate has processes in place because vehicle recalls occur regularly,” Mr. Siemienas added. “Allstate is in the early stages of reviewing claims involving Toyota’s recalled vehicles. The results of this investigation will help Allstate determine the appropriate next steps to take on behalf of our customers.”
In the past after such reviews, the company has instituted subrogation actions, according to Mr. Siemienas.
Since last November, at least 10 negligence lawsuits have been instituted seeking class-action status against Toyota in the United States and Canada, according to the Web site, www.attorneyatlaw.com.
PHILADELPHIA--(BUSINESS WIRE)--CIGNA Corporation (NYSE: CI) today reported shareholders’ net income1 of $330 million, or $1.19 per share2, for the fourth quarter of 2009 compared with a shareholders’ net loss1 of $209 million, or $0.77 per share2, for the same period last year. Shareholders’ net income1 for the fourth quarter 2009 included income related to the GMIB5,6 business of $60 million after-tax, or $0.22 per share2, primarily related to favorable interest rate movements. Shareholders’ net income1 for the fourth quarter 2008 included losses of $408 million after-tax, or $1.51 per share2, related to the GMIB5,6 and VADBe5 businesses.
“In 2009, each of our ongoing operations delivered solid earnings in a challenging economic and competitive environment. We continue to deliver strong service and clinical results while driving ongoing efficiency gains”
CIGNA's adjusted income from operations3 for the fourth quarter of 2009 was $285 million, or $1.03 per share2, compared to adjusted income from operations3 of $132 million, or $0.48 per share2, for the same period last year. Fourth quarter 2008 results included losses of $192 million after-tax, or $0.71 per share2, from the VADBe5 business. As a result of continued stability in the equity markets, no reserve strengthening was required for the VADBe5 business in the fourth quarter of 2009.
For full year 2009, adjusted income from operations3 was $1.1 billion, or $3.98 per share2, compared to adjusted income from operations3of $946 million, or $3.39 per share2 in 2008. Consolidated revenues were $4.6 billion and $18.4 billion for the fourth quarter and full year of 2009, respectively, and $4.8 billion and $19.1 billion for the comparable periods of 2008.
HIGHLIGHTS OF SEGMENT RESULTS
Health Care
Financial Results (dollars in millions, medical membership in thousands):
Fourth Qtr. | Fourth Qtr. | Third Qtr. | Year ended | |||||||||||
2009 | 2008 | 2009 | Dec. 31, 2009 | |||||||||||
Adjusted Segment Earnings, After-Tax | $ | 194 | $ | 209 | $ | 204 | $ | 729 | ||||||
Premiums and Fees | $ | 2,806 | $ | 2,905 | $ | 2,812 | $ | 11,384 | ||||||
Segment Margin, After-Tax10 | 6.0% | 6.3% | 6.3% | 5.6% | ||||||||||
Aggregate Medical Membership | 11,040 | 11,679 | 11,104 |
|
Disability and Life
Financial Results (dollars in millions):
Fourth Qtr. | Fourth Qtr. | Third Qtr. | Year ended | |||||||||||
2009 | 2008 | 2009 | Dec. 31, 2009 | |||||||||||
Adjusted Segment Earnings, After-Tax | $ | 66 | $ | 64 | $ | 65 | $ | 279 | ||||||
Premiums and Fees | $ | 647 | $ | 666 | $ | 654 | $ | 2,634 | ||||||
Segment Margin, After-Tax10 | 9.0% | 8.5% | 8.7% | 9.3% |
International
Financial Results (dollars in millions):
Fourth Qtr. | Fourth Qtr. | Third Qtr. | Year ended | |||||||||||
2009 | 2008 | 2009 | Dec. 31, 2009 | |||||||||||
Adjusted Segment Earnings, After-Tax | $ | 38 | $ | 44 | $ | 40 | $ | 182 | ||||||
Premiums and Fees | $ | 504 | $ | 448 | $ | 482 | $ | 1,882 | ||||||
Segment Margin, After-Tax10 | 7.2% | 9.3% | 8.0% | 9.2% |
Other Segments
Fourth Qtr. | Fourth Qtr. | Third Qtr. | Year ended | |||||||||||
2009 | 2008 | 2009 | Dec. 31, 2009 | |||||||||||
Run-off Reinsurance | $ | 9 | $ | (179) | $ | 14 | $ | (24) | ||||||
Other Operations | $ | 23 | $ | 23 | $ | 23 | $ | 85 | ||||||
Corporate | $ | (45) | $ | (29) | $ | (35) | $ | (154) |
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