Reliance Group Holdings Inc.: The New York...

Reliance Group Holdings Inc.: The New York firm, which owns several insurance operations, reported a fourth-quarter net loss of $45.5 million, contrasted with net income of $62.3 million in the year-ago period, which included an $85.7-million one-time gain from the sale of investments. Quarterly revenue was $745 million, contrasted with $1.20 billion in 1989. Full-year net income jumped more than 500% to $133.4 million because of a $381-million pretax gain from the sale of its General Casualty subsidiary. Revenue for the year was $3.68 billion, contrasted with $4.01 billion in 1989. The firm cited lower premiums because of the General Casualty sale and the decision to reduce new sales in its life insurance operations.

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