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October 19, 2005 at 08:00 PM
Report Says JPMorgan Seeks Buyer For Life Subsidiary
JPMorgan Chase & Co., New York, plans to sell its life insurance and annuity business, according to a published report.
Quoting an unnamed source, the Reuters news agency says JPMorgan is seeking to sell the operation, which was part of its acquisition of BankOne Corp. last year.
JPMorgan’s life business had $48 million in income on $393 million in revenue in 2004, according to a company spokesman, who declined to comment on the report.
BankOne bought the business in 2003 from Zurich Kemper Life, a unit of Zurich Financial Services, Zurich, for $1 billion. Zurich paid twice that amount when it acquired the business in 1996.
AIG Announces New Restatement
American International Group Inc. says it will be delaying the release of its third quarter earnings and restating all financial statements published since 2002 to correct accounting problems.
The problems relate mostly to accounting for derivatives, tax accounting and “reconciliation of certain balance sheet accounts,” according to AIG, New York.
