AETNA POSTS QUARTER NET
OF $288 MILLIONHARTFORD, Conn. - Aetna reported $288 million in net income for the second quarter thanks to the $263.7 million in after-tax gain on the sale of Aetna's property-casualty operations April 2. Aetna had reported a net loss of $296.9 million in the second quarter of 1995 due to an after-tax charge of $488 million for environmental reserves in its discontinued property-casualty operations.
For the first half of the year, the company had $635.7 million in net income in 1996 compared with a net loss of $136.1 million.
Total revenues from continuing operations for the second quarter of 1996 stayed level as $3.2 billion. For the six months, revenues increased slightly to $6.5 million from $6.4 billion.
CHUBB REPORTS DIP
IN 2ND-QUARTER EARNINGS
WARREN, N.J. - Chubb Corp. reported second-quarter net income fell to $174.3 million from $185 million in the same period last year. Net income was also down for the first six months of the year to $325.7 million from $331.7 million.
Revenue increased very little in the quarter and the half-year periods. The insurance group's revenue was $1.5 billion in 1996, unchanged from the same period in 1995. For the first half, revenue increased to $3.2 billion from $3 billion the previous year.
The combined ratio for the quarter improved slightly to 96.3 percent from 96.4 percent for the year-earlier period. The combined ratio worsened, however, for the first half to 98.8 percent from 96.3 percent in 1995. The company's first-half catastrophe losses almost doubled to $83.9 million from $49.1 million for the period in 1995 due to several severe winter storms in the first quarter.
GAINS IN 2ND QUARTER
BALTIMORE - USF&G Corp. reported consolidated $67 million in net income for the second quarter, up from $46 million in the 1995 period. Net income rose to $124 million from $95 million for the first six months of last year.
Revenues increased in the second quarter to $858 million from $856 million last year. For the first half, revenues stayed the same at $1.7 billion.
The company's property/casualty unit reported a 104.5 percent combined ratio, down from 105.2 percent in the 1995 quarter. The combined ratio improved to 106.6 percent from 107.2 percent for the first half of 1995.
1ST-HALF NET INCOME
FELL AT LINCOLN NATIONAL
FORT WAYNE, Ind. - Lincoln National Corp.'s second-quarter net income decreased to $111.4 million from $117.9 million in the second quarter of 1995. First-half net income decreased slightly to $251.5 million from $252 million.
Total revenues at the insurance group decreased in the second quarter to $1.6 billion from $1.7 billion for the same period last year. Revenues for the first six months of 1996 rose, however, to $3.3 billion from $3.1 billion for the period in 1995.
The combined ratio of LNC's property/casualty unit American States Financial Corp. improved in the second quarter to 109 percent from 115.8 percent, thanks in part to a slight decrease in catastrophe losses to $56.5 million from $61.7 million in 1995. For the first half of the year, the combined ratio improved to 109.1 percent from 109.8 percent.