Insurance and Investments also includes general insurance underwriting and broking (home, creditor, motor, travel, pet).

The company said the decline stemmed from lower financing income and earnings from insurance underwriting, which offset lower overall borrowing costs.

Banks interested in insurance underwriting and real estate development would have to set up separate affiliates.

Its activities are based primarily on insurance underwriting and other financial services, although it is also active in investments.

That step launched a successful business career that included insurance underwriting, oil well and orchard ownership, and large investments in the railroad business.

Some institutions, like Citigroup, already have banking, insurance and securities arms but could have been forced to divest their insurance underwriting under existing law.

It is also the latest sign that the concept of a financial services conglomerate - combining insurance underwriting with lending and commercial banking - has struggled.

The heart of insurance underwriting, he said, is risk selection, which means going after the healthiest customers.

Insurance firms, fearing competition, tore away insurance underwriting.

He had careers in advertising sales and insurance underwriting.