MetLife profits rise despite revenue decline
First quarter operating profits at MetLife have increased by 4.9 per cent despite revenue dipping slightly. The insurer announced its results after the market closed Wednesday with operating profit up to $1.64 billion and net income up to $2.13 billion from $1.3 billion in the same period last year. Interest rates and the strong US dollar have hit revenues slightly with a drop from $17.12 billion in the first quarter of 2014 to $17.03 billion for Q1 this year.
Zenefits sets up $500 million funding round
San Francisco based tech firm Zenefits has announced a funding round of $500 million as it bids to further disrupt the health insurance broker market. The news means that the firm has a market value of $4.5 billion. The company’s plan is to sell its software based service to every one of the 5 million US firms that have up to 1,000 employees and its growth has picked up pace; at the end of last year it had 2,000 customers and now it has 10,000. It also has thousands of critics with many insurance commissioners included. Utah’s governor recently signed an order allowing the firm to operate in the state having been banned by the insurance commissioner there.
Pet insurer reports 30 per cent revenue growth
Seattle-based pet insurance company Trupanion has reported its earnings for the first quarter of 2015 and revealed a 30 per cent boost in revenue (to $33 million) compared to the same period last year. The net loss for the quarter was the same as the 2014 first quarter at $4.9 million. Average monthly adjusted revenue per pet was $44.34, up 3 per cent. Darryl Rawlings, CEO of Trupanion said: "Importantly, the health of our core subscription business remains strong, as demonstrated by our robust year-over-year growth in subscription revenues and enrolled pets as well as our compelling retention rates.We're encouraged by our first quarter results and plan to continue to execute our business plans and financial objectives.” Trupanion expects full year revenue of $145-150 million.
New insurance company to begin writing new business
Monarch National Insurance Company, a joint venture between Federated National Holding Company, Crosswinds Holdings and Transatlantic Reinsurance Company has been granted a certificate of authority in Florida. Monarch will begin writing new business this month concentrating on homeowners’ insurance.
