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 […]
Axalta 2022 Sales Up Over 10% Compared to 2021
Axalta Coating Systems Ltd. (NYSE:AXTA) announced its net sales for the fourth quarter ended December 31, 2022, increased 8.7% year-over-year, including a 5.4% foreign currency headwind. The strong year-over-year growth was driven by 11.7% higher average price-mix, and 2.4% better volumes. Performance Coatings net sales, which includes Refinish, increased 1.8% year-over-year, driven by constant currency growth of […]
PPG Reports Record $17.7 Billion Sales in 2022
Reports U.S. body shop activity continues to be robust. PPG (NYSE:PPG) yesterday reported net sales of $4.2 billion for the fourth quarter, up 5% in constant currencies driven by higher selling prices. Full year sales were approximately $17.7 billion, aided by 8% organic growth. Net sales were higher by 10% in constant currencies, including selling […]
GM Expects North American EVs to be Profitable in 2025 as Capacity Tops 1 Million
At investor meeting, vehicle manufacturer updates 2022 financial guidance and provides performance indicators through 2025. General Motors Co. (NYSE: GM) expects its growing portfolio of electric vehicles will be solidly profitable in 2025 in North America as the company scales electric vehicle (EV) capacity in the region to more than 1 million units annually, ramps […]
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