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Citigroup (C)

Citigroup Sells Diners Club North America Business

Citigroup said Tuesday it is selling its Diners Club North America card business to Bank of Montreal. The deal gives BMO exclusive rights to issue Diners cards in the U.S. and Canada. Terms of the deal were not disclosed.
The sale is anticipated to reduce Citi's assets in Citi Holdings by approximately $1 billion and is not expected to have a material impact on Citi's net income or capital ratios. The transaction is expected to close by March 31, 2010 and is subject to regulatory approvals and customary closing conditions.

Nov 24 · 12:13:00 PM · Source: Company News
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by Larry Etter

American Express (AXP)

Amex to Buy Revolution Money

American Express Company Wednesday announced it has agreed to acquire Revolution Money, a company launched by AOL Co-founder Steve Case's Revolution LLC in 2007 to provides secure payments through an internet based platform.
Interestingly, American Express is buying a nascent competitor that has positioned itself to merchants as a low-cost alternative as Revolution offers PIN-based credit cards that charge merchants a fraction of the typical acceptance cost and free online money transfers.

Nov 18 · 11:58:00 AM · Source: Company News Release
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by Larry Etter

Lazard Ltd. (LAZ)

Lazard Names New CEO

Lazard Ltd. Tuesday said it had named Kenneth Jacobs, head of the investment bank’s North American businesses, as chairman and CEO, succeeding Bruce Wasserstein, who passed away last month. Jacobs, 51, takes over from interim CEO Steven Golub, 63, who will continue as vice chairman of Lazard and chairman of the financial-advisory group.

Nov 17 · 11:44:00 AM · Source: Company News Release
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by Larry Etter

AIG (AIG)

AIG Posts Profit for Second Quarter In Row

AIG said Friday its net income rose to $455 million, or 68 cents per share, an improvement over the $24.5 billion loss from a year earlier. Results included a one-time net charge of $1.5 billion for capital losses and hedging. Sales for the New York-based company rose 189% to $26 billion, topping analysts' forecasts of $23 billion.
The troubled insurer said it continues to benefit from stabilization in the housing and credit markets, but future quarters will continue to be volatile.

Nov 6 · 5:28:00 PM · Source: Company News
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by Larry Etter

Allstate (ALL)

Allstate Posts Q3 Profit of $0.41

Allstate reported Q3 earnings of $0.41 per share on net income of $221 million versus a loss of $1.70 per share on a net loss of $923 million in the year ago period.
“Allstate delivered strong operating income of $538 million and increased book value per share by 16% during the third quarter, thanks to our operating discipline and proactive approach to investing,” said Thomas J. Wilson, chairman, president and CEO of The Allstate Corporation. “For the third quarter in a row, customer loyalty increased and we delivered a double-digit percentage increase in new standard auto business. By focusing on the customer and maintaining our financial strength, we are building a foundation for sustainable growth.”

Nov 5 · 3:26:00 PM · Source: Company News Release
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by Michael Oliveto

Principal Financial Group (PFG)

Principal Financial Group Q3 Profit Up 98%

Principal Financial Group said that it reported a third quarter profit of $192.9 million, or 57 cents a share, up from $98.3 million, or 35 cents a share, a year earlier. Operating earnings, which exclude net realized capital gains and losses, fell to 74 cents from 96 cents on lower assets under management, higher benefit costs and lower investment income. Revenue slid 9.1% to $2.27 billion.
The company said "mproved market conditions, and the positive impact of actions by management over the past several quarters, contributed to a strong sequential increase in assets under management and operating earnings."

Nov 2 · 10:14:00 PM · Source: Company News Release
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by Larry Etter

CNA Financial Corporation (CNA)

CNA Posts Q3 Loss

CNA Financial Corp. said third-quarter results swung to a profit, reporting net income of $263 million, or 86 cents per share available to stockholders, compared with a loss of $331 million, or $1.23 per share, a year earlier.

Nov 2 · 1:25:00 PM · Source: Company News Release
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by Larry Etter

MetLife (MET)

MetLife Posts Another Loss

MetLife said it had a third-quarter net loss of $620 million, or 79 cents a share, compared with net income of $630 million, or 83 cents, in the year-earlier period. Premiums and other revenue at the MetLife business that sells coverage to companies, including retirement plans and employee benefits, slipped about 8 percent to $4.2 billion, while the unit’s operating earnings dropped 21 percent to $311 million on lower investment income.

Oct 29 · 8:53:00 PM · Source: Company News Release
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by Larry Etter

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