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UnitedHealth earnings up; Chubb cat losses; R&Q joint CEO out; top 5 risks


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UnitedHealth earnings up; Chubb cat losses; R&Q joint CEO out; top 5 risks

UnitedHealth Group Inc.'s fourth-quarter 2019 earnings from operations increased to $5.10 billion from $4.50 billion a year earlier. For 2019, the managed care giant pushed its earnings from operations to $19.69 billion from $17.34 billion in 2018, with both UnitedHealthcare and Optum providing significant contributions

Chubb Ltd. disclosed net catastrophe loss estimates of $430 million pretax, or $353 million after tax, for the fourth quarter of 2019. The losses are attributable to severe weather-related events around the globe, including tornadoes in Texas, wildfires in California and Typhoon Hagibis in Japan, as well as civil unrest in Hong Kong and Chile.

S&P Global Ratings maintained a stable outlook for the U.S. property and casualty insurance sector. The rating agency said the industry's capital strength, conservative investment strategies and underwriting discipline support its view. S&P also maintained a stable outlook on the U.S. life insurance industry for 2020 even though interest rates will likely remain low for the foreseeable future.

The insurance industry could sustain losses of between $3 billion and $4 billion from protests in Chile from October to December 2019, Insurance Insider reported. Treaty reinsurers are expected to incur substantial losses, according to the report.

Roger Sellek has resigned as executive director and joint CEO of Randall & Quilter Investment Holdings Ltd., effective immediately.

CNO Financial Group Inc. consolidated its business into two new divisions from three operating business segments as part of its efforts to reorganize the company into a more customer-centric structure.

Coastal Wealth LLC, MassMutual Southeast Coast and MassMutual South Florida are merging to form a single insurance and wealth management company in the southeastern U.S.

Lloyd's of London's performance management director, Jon Hancock, is leaving his role this year. Lloyd's in a statement on its website said Hancock would step down in 2020, although it did not give a firm date for his departure.

DARAG Group Ltd. concluded a transaction with a leading Lloyd's syndicate to provide reinsurance for a U.S. liability book.

Fosun International Ltd. is considering a potential sale, among other options, of its Germany-based insurance business, Frankfurter Leben Holding Gmbh & Co. Kg, Bloomberg News reported.

The top five risks over the next 10 years in the World Economic Forum's Global Risks Report 2020 are connected to climate change and the environment. These are extreme weather events; failure of climate change mitigation and adaptation; major natural disasters; major biodiversity loss and ecosystem collapse; and human-made environmental damage and disasters. The report was produced in partnership with Marsh & McLennan Cos. Inc. and Zurich Insurance Group AG.

Now featured on S&P Global Market Intelligence

Looming Demotech downgrades could trigger more Florida property insurance M&A: A preliminary agreement involving the transfer of policies from one Florida-focused property insurer to another may be a sign of things to come as the rating agency warned that some carriers will need to take action to avert downgrades.

In other parts of the world

Asia-Pacific: Thai bank eyes Myanmar bank stake; Australian banks want tighter fintech rules

Europe: Sweeping staff cuts at UBS; Italian banks' M&A view; Revolut to be valued at $5B

Middle East & Africa: QNB FY'19 result; Bank Audi's Egypt unit receives interest; Old Mutual wins case

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng declined 0.39% to 28,773.59, and the Nikkei 225 fell 0.45% to 23,916.58.

In Europe, around midday, the FTSE 100 gained 0.10% to 7,629.13, and the Euronext 100 was essentially flat at 1,157.62.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

On the macro front

The U.S. PPI-FD, the U.S. Empire State manufacturing survey, the Atlanta Fed business inflation expectations report, the U.S. EIA petroleum status report and the U.S. beige book are due out today.

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