The 106-year-old Boston-based insurance company took a few hits in 2017, ultimately reporting a net income of $17 million for the 12-month period ending Dec. 31, 2017, $989 million less than in the same period the year before. The company blamed this partially on “record catastrophes”—its third quarter in particular was hit by the after tax impact of a devastating hurricane season. It also blamed “adverse development” on commercial automobiles and a charge affiliated with the change in U.S. tax law. The company is in the process of shaking things up, selling its life insurance arm to the Lincoln Financial Group in 2018.
Looking for leads, investment insights, or competitive intelligence?