Life insurance companies are being investigated by New York State’s top financial regulator in order to see whether they are hiding details about their financial position by moving liabilities to related firms, according to the Wall Street Journal report. Market leader Metlife Inc (NYSE:MET) and 79 other insurers have received letters from the New York Department of Financial Services, looking for details regarding their financial preparations with affiliated firms known as captive insurers, the newspaper reported citing people close to the investigation.
Genworth Financial Inc (NYSE:GNW)
Genworth Financial (NYSE:GNW) recently announced that its U.S. Mortgage Insurance (USMI) unit was retained by NAFCU Services Corporation as the Preferred Partner to offer mortgage insurance and related services to its more than 800 affiliated credit unions.
In last trading session, Shares of Genworth Financial Inc (NYSE:GNW) surged 4.85% following the news and closed at $4.32 with the overall traded volume of 18.26 million shares. GNW has earnings per share of $0.50 with the net profit margin of 3.80% and operating margin of 4.62%. Its price to earnings ratio ended at 8.64.
Metlife Inc (NYSE:MET)
MetLife, Inc. (MetLife) is a provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Metlife Inc (NYSE:MET) jumped +4.70% to close at $33.19 and its overall traded volume during last trading session was 11.42 million shares beating the average volume of 9.48 million. It has market capitalization of 35.25 billion.
MetLife (MET) reported its quarterly earnings data on Wednesday. The company stated $1.33 earnings per share for the quarter, beating the analysts` consensus ballpark figure of $1.25 by $0.08. MetLife`s revenue moved up 9% compared to the same quarter last year.
Lincoln National Corporation (NYSE:LNC)
Lincoln National Corporation (NYSE:LNC) gained +3.23% with the closing price of $22.03. The overall volume in the last trading session was 4.48 million shares. Its fifty two week range was $13.56-$27.53. The total market capitalization remained $6.29 billion.
LNC is ahead its 52 week low with 62.43% and its last month price volatility remained 3.76%. Its beta coefficient was 2.61 with a target price of $28.83. In its share capital LNC has 285.41 million outstanding shares while 284.31 million shares have been floated in market. LNC has insider ownership of 0.44% while its institutional ownership remained 85.10%.