Nonprofit, nonpartisan journalism. Supported by readers.


Thursday A.M. Report

4Q reports: UnitedHealth profits up, TCF Financial down, and M&I reports loss. Also, UCare hires new chief medical officer, and Thrivent Financial’s Hewitt new CEO.

UnitedHealth 4Q profits up 30 percent: UnitedHealth Group’s profits were up a third for the final quarter of 2009, a year after the Minnetonka-based health insurance giant paid a $350 million legal settlement. UnitedHealth saw fourth-quarter earnings of $944 million, or 81 cents per share, versus $726 million, or 60 cents per share, for the fourth quarter of 2008. Much of the earnings jump came from a big one-time charge a year ago, caused by UnitedHealth settling class-action litigation involving the way its Ingenix subsidiary handled health care pricing databases. Read full story

TCF Financial 4Q profits down, but beat expectations: TCF Financial Corp. took a hit to its fourth-quarter profits as it continues to work its way through bad loans, but the Wayzata-based bank still beat analysts’ expectations. TCF earned $19.5 million, or 15 cents per share, in the final quarter of 2009, down from $27.7 million, or 20 cents per share, in the fourth quarter of 2008. Read full story

M&I reports $259M loss, improving asset quality: Marshall & Ilsley Corp. reported a net loss of $259.5 million for the fourth quarter and a loss for the year of $858.8 million, as the Milwaukee-based bank continued to work through its credit quality issues. The bank’s results compared with a net loss for the fourth quarter of 2008 of $1.9 billion and a net loss for the year 2008 of $2.1 billion. Read full story

UCare hires new chief medical officer: Minneapolis-based health insurer UCare said Wednesday that it’s hired an executive from a Wisconsin-based health plan to be its new chief medical officer. Dr. Russel Kuzel most recently was chief medical officer for Marshfield, Wis.-based Security Health Plan. He has 25 years of experience in health care. Read full story

Article continues after advertisement

Thrivent Financial COO Hewitt to become CEO: Thrivent Financial for Lutherans will promote from inside to replace retiring CEO Bruce Nicholson. The Minneapolis-based financial services company said Wednesday that Brad Hewitt, its chief operating officer, will succeed Nicholson as president and CEO, effective Feb. 1. Read full story