DTRIC Insurance ratings upgraded
One of the insurance industry’s leading rating agencies has upgraded the financial strength and issuer credit ratings for Honolulu-based DTRIC Insurance Co. and its affiliate, DTRIC Insurance Underwriters Ltd.
A.M. Best Asia-Pacific Ltd. upgraded the financial strength ratings to "A" from "A-," and the issuer credit ratings to "A" from "A-," according to a news release from DTRIC. The outlook for all ratings is stable.
The upgrade reflects "DTRIC’s adequate risk-adjusted capitalization, prudent catastrophe risk management practice and its strong presence in the Hawaii insurance market," according to the news release.
The ratings also consider the support from DTRIC’s Japan-based parent, Aioi Nissay Dowa Insurance Co.
BofA earnings soar as bank cuts expenses
NEW YORK » Bank of America said Wednesday that its second-quarter profit soared, welcome news at a bank where recent quarters have often been walloped by mortgage-related problems.
The earnings growth came largely because the bank cut costs and set aside less money for potential troubled loans. While earnings popped 70 percent, revenue was up just 3 percent. The results beat analysts’ expectations and were enough to convince investors that the bank is on the right path. Bank of America’s stock jumped nearly 3 percent.
Bank of America, the country’s second-biggest bank by assets, has for several years been slogging through problems left over from its 2008 acquisition of mortgage lender Countrywide Financial, a purchase that has brought lawsuits, regulatory investigations and quarterly losses. The bank has also been cutting jobs, expenses and entire business units to make itself more profitable and easier to manage.
Overall, Bank of America earned $3.6 billion in the quarter after payments to preferred shareholders, up from $2.1 billion a year ago.
Intel cuts sales outlook as PC sales slump
NEW YORK » Intel Corp., the world’s largest maker of chips for PCs, put a brave face on the decline of global PC sales earlier this year, saying it still expected its own sales to grow. On Wednesday, it backtracked, saying sales will be flat.
Intel is hoping that sales of processors for servers, tablets and smartphones will compensate for the drop-off in PC sales. The downward revision of the company’s outlook is an admission that Intel chips haven’t made it into many mobile devices.
The Santa Clara, Calif., chip maker said revenue for the April-to-June period was $12.8 billion. That was down 5 percent from a year ago and just below the company’s projections and analyst expectations of $12.9 billion, as polled by FactSet. Net income for the quarter was $2 billion, or 39 cents a share. That was down 29 percent from a year ago.
Mattel net falls as Barbie sales slide again
NEW YORK » Vampy teen Monster High dolls are taking a bite out of squeaky-clean Barbie.
Mattel said Wednesday its second-quarter net income fell 24 percent, hurt by a continued slide in Barbie sales and a $14 million write-down on the toy maker’s Polly Pocket line.
It was the fourth straight quarter of sales declines for Barbie, one of Mattel’s biggest and most iconic brands, and Mattel executives said their Monster High and other girls doll lines were likely taking away some sales from the 54-year-old fashion doll.
Monster High dolls, which are based on teen characters that are offspring of famous monsters, have been a huge hit for Mattel since they were introduced in 2010. Monster High sales have likely grown to more than $500 million in just three years of existence, while Barbie annual sales are about $1.3 billion.
IBM beats Street despite profit falling 17%
ARMONK, N.Y. » IBM said Wednesday that its second-quarter net income fell 17 percent as revenue slipped and it absorbed the cost of layoffs.
Net income came to $3.23 billion, or $2.91 a share, down from $3.88 billion, or $3.34 a share, a year earlier.
Excluding a $1 billion charge related to layoffs, IBM Corp.’s adjusted earnings came to $3.91 a share. That beat the $3.77 a share expected by analysts.
ON THE MOVE
Hawaii Dental Group has promoted Francene Batalon to dental plan specialist, and she will be the new point of contact for the Hoala Dental Program. She was previously a patient services representative for Hawaii Family Dental Centers.
Aloha United Way has announced Chris Benjamin as its 2013 campaign chair. He is the president and chief operating officer of Alexander & Baldwin.
D.R. Horton-Schuler Division has promoted:
» Bob Bruhl, who will now be responsible for overall operations. He has been with the company since 2003. He was previously responsible for statewide development.
»Alan Labbe, who will now be responsible for construction operations statewide. He has been with the company since 1997.
» Tracy Nagata, who will be responsible for statewide community planning, architectural and civil engineering design, construction contracting, permitting and procurement. She has been with the company since 2003 and was previously responsible for purchasing and designing at the company.
