Same-store sales up nearly 20%. Demand for collision repair services exceeded capacity. Boyd Group Services Inc. (TSE:BYD) today announced the results for the the fourth quarter and full year ended December 31. For the year, sales increased by 29.9% to $2.4 billion from $1.9 billion in the same period of 2021, including same-store sales increases […]
U.S. Property/Casualty Insurance Industry Projected to Suffer $26.5 Billion Underwriting Loss in 2022
The U.S. property/casualty (P/C) industry recorded a $26.5 billion net underwriting loss in 2022, a slide of $21.5 billion from the prior year’s underwriting loss, according to a new AM Best report. These preliminary results are detailed in a new Best’s Special Report, titled, “First Look: 12-Month 2022 US Property/Casualty Financial Results,” and the data […]
CCC Reports Revenue of $782 Million in 2022
Up 14% compared to the previous year. CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) announced revenue was $782.4 million for the full year 2022, an increase of 14% from $688.3 million for the full year 2021. For the quarter ended December 31, total revenue was $204.1 million, up 9.1% compared to $187.1 million for the fourth […]
Berkshire Hathaway Reports GEICO Collision Claims Severity 14-16% Higher in 2022 Compared to Previous Year
Collision claim frequency was also up last year as company reports auto insurance underwriting loss. Berkshire Hathaway reported its 2022 earnings, including details about its GEICO subsidiary, the second largest private passenger auto insurer in the U.S. on February 25. The company reported claims frequencies in 2022 were higher for all coverages, including property damage […]
State Farm Reports Record Underwriting Losses in 2022
Auto insurance business reports underwriting loss of $13.4 billion. In 2022, State Farm’s auto insurance companies reported record underwriting losses due to rapidly increasing claims severity and significant additions to prior accident year incurred claims. While State Farm experienced unfavorable operating results in auto, State Farm Mutual Automobile Insurance Company remains financially strong. State Farm […]
LKQ Corporation Reports Fourth Quarter Revenue of $3.0 Billion, $12.8 Billion for Year
Parts and services organic revenue increased 4.5%. LKQ Corporation (NASDAQ:LKQ) today reported fourth quarter revenue was $3.0 billion, a decrease of 5.8% as compared to $3.2 billion in the fourth quarter of 2021. On a constant currency basis, however, fourth quarter revenue decreased by just 0.1%. For the fourth quarter of 2022, parts and services […]
IAA Reports Fiscal 2022 Revenue Growth of 14.2% to $2.1 Billion
IAA, Inc. (NYSE: IAA) announced its financial results for the fourth quarter and full year fiscal 2022, which ended January 1, 2023. Consolidated revenues decreased 4.5% to $523.5 million from $548.1 million in the fourth quarter of fiscal 2021. Excluding the impact of the 53rd week from the fourth quarter of fiscal 2021, consolidated revenues […]
Driven Brands Reports Record Revenue and Profitability in 2022
Revenue increased 39 percent powered by 14 percent same-store sales growth and 9 percent net store growth. Driven Brands Holdings Inc. (NASDAQ:DRVN) today reported 2022 revenue of $2.0 billion, up 39 percent versus the prior year. System-wide sales were $5.6 billion, up 24 percent versus the prior year with 14 percent same-store sales growth and […]
Uni-Select Inc. Reports 2022 Sales Up 7.4%
Uni-Select Inc. (TSE:UNS) reported consolidated sales of $1,731.4 million in 2022, up $118.6 million or 7.4% compared to 2021. Sales increased by 11.7% excluding the impact of unfavorable fluctuation of the British pound and the Canadian dollar against the US dollar. The company reported organic growth of 10.7% with all three segments reporting positive organic […]
Allstate Reports Auto Written Premiums Up 13.3% in Fourth Quarter
Increase driven by significant rate increases in the Allstate brand and growth at National General. Auto combined ratio of 112.6 in the fourth quarter of 2022 was up 8.3 points from 2021 quarter. The Allstate Corporation (NYSE:ALL) yesterday reported total revenues of $13.6 billion in the fourth quarter of 2022, an increase 4.9% compared to […]
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