WESTERN NATIONAL NET DOWN AS FIRM
REALIZES LOSSES TO OFFSET PRIOR GAINS
Western National Corp. Monday announced reduced net income for the third quarter of 1995, down to $9.5 million, or 15 cents a share, from $18.8 million, or 30 cents a share, a year earlier. Net income fell for the nine- month result even more dramatically, to $28.5 million, or 46 cents a share,
from $69.4 million or $1.11 a share.
These results were derived from increased revenue, however. The total operating revenue for the quarter ended Sept. 30 was $179.8 million, up from $171.6 million for the third quarter of 1994. For the nine months ended Sept. 30, the operating revenue was $517.5 million, up from $495.3 million a year earlier.
The net income results were affected by the company's initial public offering and related transactions as of Jan. 1, 1994, which reduced operating earnings and net income by $800,000.
Western National Corp., headquartered in Houston, is the parent of Western National Life Insurance Co. It has statutory assets of $8.4 billion and claims to be one of the largest life insurance companies in the United States.
The company says that its reduced net income reflects management's decision to realize losses in 1995 to capitalize on current tax benefits resulting from the carryback of these losses to offset prior period capital gains. Realized losses to date will result in a tax refund of $26.2 million, the company says.
MARSH & MCLENNAN
REGISTERS HIGHER PROFIT
NEW YORK - Marsh & McLennan Cos. reported Monday that its profit for the third quarter of 1995 was up to $91.3 million, or $1.26 a share, from $83.4 million, or $1.14 a share, for the third quarter of 1994.
Revenue at the broking major was also up. For the quarter ended Sept. 30, revenue was up to $922 million, compared with $827 million a year earlier.
The nine-month result was good too, although not so dramatic. For the first three quarters of 1995, net income was $317.9 million, up from $299.3 million for the first nine months of 1994.
Revenues over the same period increased to $2.812 billion, up from $2.578 billion a year earlier. The nine-month figures for 1994 take into account a change in accounting adjustment of $10.5 million, or 14 cents a share subtracted from the profit margin. The new measures were adopted Jan. 1, 1994.
Marsh & McLennan Cos. describes itself as a professional services firm with insurance and reinsurance broking, consulting and investment management businesses. It has more than 25,000 employees worldwide in over 80 countries.
A&A TURNS PROFIT
FOR THIRD QUARTER
NEW YORK - Broking giant Alexander & Alexander Services Inc. on Monday reported a third-quarter profit of $17.5 million, or 25 cents a share, a dramatic turnaround from its $20.8 million loss a year earlier.
Consolidated operating revenue for the quarter ended Sept. 30 was $299.7 million, compared with consolidated revenue of $332.6 million a year earlier. The 1994 quarter included a charge of $20.9 million, or 47 cents a share, related to discontinued operations.
For the first nine months of 1995, A&A reported net income of $81.9 million, or $1.42 a share, compared with a net loss of $27.4 million for the same period in 1994. Consolidated operating revenue was $952 million for the first three quarters of this year, compared with $990.7 million for the first ninth months of 1994.
A&A this month completed its arrangements for buying most of the U.S. retail broking business of Jardine Insurance Broking International Ltd., at a maximum $48 million.
Revenue growth at the Alexander Howden Group, A&A's specialty- and reinsurance-broking unit, and higher fiduciary investment income, were offset by lower revenue from the company's risk-management and insurance-services operations as well as from the human-resource consulting group.
ST. PAUL REPORTS GAINS
IN QUARTER, 9 MONTHS
The St. Paul Cos. had higher net income for both the three- and nine-month periods ended Sept. 30, compared with the prior year.
For the quarter, St. Paul had net income of $142.4 million, or $1.54 a share, compared with net income of $129.8 million, or $1.45 a share, the prior year. Net income for 1995 included after tax investment gains of $17.3 million, or 19 cents a a share, compared with gains of $9.3 million, or 10 cents a share, for the same period in 1994.
"We had a solid quarter in terms of both growth and profits," said Douglas W. Leatherdale, St. Paul chairman.
For the nine months, net income rose to $366 million, or $4 a share, compared with $322 million, or $3.59 a share, the prior year. That included after-tax investment gains of $25.7 million, or 28 cents a share, for the latest quarter, compared with gains of $34.7 million, or 39 cents a share, for the prior year.
Premiums increased to $1.1 billion in the quarter, up from $1 billion the prior year. For the nine months, premiums went to $3.1 billion from $2.7 billion, the prior year.
"1995 catastrophes have cost the U.S. property-liability insurance industry close to $6 billion through the end of September - not including Hurricane Opal, which occurred in October," Mr. Leatherdale said.
Hurricane Opal, the worst storm of the season, could produce fourth-quarter pretax losses ranging from $25 million to $30 million for St. Paul and more than $2 billion for the U.S. property-liability insurance industry, he said.
St. Paul is a group of companies that provides property-liability insurance underwriting and insurance brokerage products and services around the world.
WESTERN NATIONAL NET DOWN AS FIRM
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