CIGNA POSTS RISE
IN ITS QUARTERLY INCOMEPHILADELPHIA - Cigna's consolidated net income for the second quarter rose to $231 million from $205 million for the period a year ago. For the first half of 1996, however, consolidated net income fell to $469 million from $495 million a year ago.
Consolidated revenue for the second quarter of 1996 were $4.7 billion, down slightly from the $4.8 billion reported for the same period in 1995. For the first six months of 1996, consolidated revenue decreased to $9.4 billion from $9.5 billion for the 1995 period.
The company's domestic property/casualty operations saw an improvement in its combined ratio to 109.1 percent from 114.6 percent for the second quarter of 1995. The quarterly combined ratio for Cigna's international unit also improved to 93 percent from 94.4 percent.
NET INCOME FALLS
AT OHIO CASUALTY
HAMILTON, Ohio - Ohio Casualty Corp.'s net income for the second quarter dropped to $14.8 million from $25.9 million for the same period last year, thanks to heavy-storm losses that hit the Midwest in April and May. Net income for the first six months also fell, to $18.4 million from $41 million in 1995.
Second-quarter revenue dropped to $366.2 million from $376.7 million in the 1995 period. For the half, revenue fell to $729.5 million from $758.3 million last year.
GCR SEES SLIP IN INCOME
HAMILTON, Bermuda - GCR Holdings Ltd.'s net income dropped for its statutory third quarter to $24 million from $30.7 million for the period last year. Net income for the nine months of the catastrophe reinsurer's fiscal year dipped to $73.1 million from $73.5 million in the 1995 period.
Third-quarter revenue decreased to $36 million from $40.6 million while nine-month revenue grew to $116.7 from $110.6 million for 1995.
The quarterly combined ratio increased to 36 percent from 29.7 percent. The nine-month combined ratio improved to 39.6 percent from 40.9 percent.
SPUR CONSECO DROP
CARMEL, Ind. - Conseco Inc. reported second-quarter 1996 net income dropped to $50.1 million from $99.9 million for the period in 1995.
The firm attributed the decrease to $1.9 million in trading losses and $1.8 million in investment losses compared with 1995, when it reported trading income of $0.8 million and $5.6 million in investment gains. Net income for the first half of the year also decreased, to $96.4 million from $124.3 million for last year's half. Total revenue decreased in the quarter to $672.5 million from $737.1 million in the 1995 period.